Selling a rental property for cash

At one point, I decided that rental properties were a great investment.

My plan was to buy up numerous single-family and multi-family homes in need of updates and repairs at an affordable price.

Since I’m quite skilled in construction, I had no issues with handling the renovations. I bought a house, fixed it up super cute and advertised it for rent. The problems began as soon as I attempted to rent the property. I wasn’t overly happy with the list of interested renters. However, I couldn’t afford to have the house vacant while paying the mortgage and utilities. The renters moved in and immediately began calling me with complaints and requests. I got called because the dryer wasn’t working properly. When I checked out the dryer, I found that the renter had failed to clean out the lint trap. I got called because of poor water pressure. The cause was a dirty aerator. Between wasting my time and constantly spending money on repairs, the rental properties turned into a nightmare. Eventually, the renters stopped making their monthly payments. It took nearly eight months to evict them. When I got a look inside the house, I discovered extensive damage. There were holes in the drywall, missing light fixtures and lots of garbage. The appliances were mostly destroyed. The sinks, tubs and toilets were disgusting. I just didn’t have the ambition to start again. The house was in too bad of shape to list on the market for sale. My best option was to contact a cash buyer. The process was simple, quick and such a relief. I filled out an online contact form that included a list of questions. I received a cash offer within an hour. There was no obligation to accept. I was able to think it over. Once I agreed to the offer, the closing happened very quickly.

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