Case Study: Sell My Investment Property Fast
Eric Sztanyo Video Transcript:
Are you a landlord thinking, “I’m ready to sell my investment property.”? The last year has been a difficult one for real estate investors and you may be fed up with tenants. There are tax ramifications to think about if you are saying, “I want to sell my investment property“, but if you are done being a landlord and want to sell the rental property quickly, you may want to consider a cash buyer. That’s what we’re going to talk about in this video.
Hey, guys, welcome back. It’s Eric Sztanyo from webuynkyhouses.com, where we buy houses for cash in Cincinnati and Northern Kentucky. We’ve been buying and selling houses for cash in Cincinnati and Northern Kentucky for the last about three years now. Go check out our Google Reviews, check out our testimonials. You’ll see the numbers kind of keep stacking up. We’ve got happy sellers where we’re able to buy houses for cash quickly and with very, very, very little hassle, if any, for the seller. That’s a big advantage of when you’re selling your house quickly for cash is speed and no hassle. Otherwise, if you want to put it out on the market, you can do that, but it’s going to take a little bit longer, a little bit more of your time and effort.
So what I wanted to do was a few case studies of who are these people that we’re actually buying houses from? A lot of people when they’re driving down the road, they see we buy houses sign, and they think, “That’s probably a scam,” or, “I could never trust somebody who tacks a sign up on the side of the road.” And I’m with you on that, which is why I do all my marketing online and YouTube. So by the way, if you like this video, please click like and subscribe. We’d love to have you on this channel and comment below.
Condo Rental Property in Cold Spring, KY
I wanted to do a case study of a home we bought recently in Cold Spring, Kentucky. It was actually a condo and we bought it from a real estate investor, someone who’d owned this property since 2014. He called us up and we actually met his daughter at the property. And when I went in the property, it was a disaster.
Now this was a condo, fairly close to NKY’s campus, Northern Kentucky University. And the tenants who were there I believe were college students, but it was just a disaster. It smelled terrible. They had pets that had soiled all the floors. I mean, it was just like everything you think about with a bad tenant, they had. I know they had a pest control come in. The HOA had to force them to have the pest control to come in. When we ended up buying it, we had to do more extermination because there was a lot of pests everywhere. It was absolutely disgusting.
Fix Rental And Re-Rent Or Sell Rental And Be Done?
And so the owner had a choice. This happens a lot. I’m a real estate investor myself, I own rental properties. And I understand that as you get busy in life, as you’re working your other job, maybe you’re just a part-time investor and you’ve got a lease, a tenant, in your property, but you don’t get in there very often to make sure everything’s going okay. They pay you the check. Great. Everything’s good.
Well, then one day the check stops, the tenant bounces, and you’re left with an absolute mess. And while you’ve had that cash flow over the last several years potentially, now you’ve got thousands of dollars of repairs and updates to make because no amount of down payment or deposit from your tenant is going to cover what just happened in this property.
Making The Decision To Sell My Investment Property Quickly
So that’s where we were with this owner. His name was Doug. And so he called us up. He’s like, “Look, I don’t want to mess with it. I just want it to be done.”
So, we came out and walked through the property. And the process is always pretty much the same every time. We come out, we look at the property, we do some research on what could we resell the property for if we fixed it up. We call that our ARV, our after repair value, and then it’s just simply a math problem. We back out the repairs, we back out some of the fixed costs we have in the transaction like insurance and utilities and all that stuff that you’re aware of if you’re an investor, and then we back out the profit we want to make in the deal. And that’s it. That’s the number, that’s the cash offer. For Doug that number was good for him. We negotiated a little bit, but we came to a number that we were both happy about.
And as you go through 2020, there’s a lot of investors who have had a hard time with a lot of tenants because tenants aren’t getting paychecks, a lot of people are out of work, you’ve got all these crazy laws that are happening, you’ve had to apply with the government. It’s all very complicated. And so a lot of investors are just saying, “You know what? Enough’s enough. I don’t want to deal with this anymore. I’ll cut my losses. I’ll move on. I’ll stick my money back in the market or my business or some other investment.” And that makes total sense.
So just wanted to give that case study. I think we closed in just under two weeks or so with this condo in Cold Spring, like I said, right up by NKU’s campus. Doug was happy. You could see the testimonial with him and his daughter up on our website. So he got his cash. He was able to move on and move on to the next investment, whatever that is.
More Seller Case Studies To Come
So I want to do more case studies like this going forward of who are these sellers who might want to be selling for cash, and a little bit more about our company, We Buy NKY Houses. So you guys can see us, understand the process better. We always want you to feel fully able to trust us. And we’re an open book. We always show you the numbers, and we’re happy to discuss and answer any questions that you might have.
So I hope this video was helpful for you. If you are an investor in Cincinnati or Northern Kentucky, and you’ve got a property and you’re like, “You know what? I’m done with the headache. I just want to get rid of it. I’d like to sell my investment property quickly and move on with my life.” Give us a call. (859) 412-1940. Thanks so much for watching! We’ll see you next time.