Selling My House Quick: Finding an Exit From Failing Investment Properties
The property industry saw a resurgence thanks to reality TV and the epidemic of housing shows, as well as the ability for anyone online to push their real estate investment strategies. It has also led to serious financial struggles for many hopeful investors.
Many have run into issues, but of course those stories don’t make great headlines for industry salespeople. In fact, a sizable percentage of homes being sold today are the result of failed investments.
It happens. What is important is that no matter how ugly and desperate the situation appears, or how much you’d like to make it work, is taking action to resolve the situation by know how to sell your house quick.
The Trouble Real Estate Investors Can Find Themselves In
New and even experienced real estate investors can find themselves in frustrating and distressed situations for a variety of reasons.
- Rehab cost overages
- Title issues
- Natural disasters
- Bad tenants
- Personal crises
- Issues with partners
- Faulty deal evaluations
- Declining rents or values
Just one bad deal can tank an entire portfolio. All it takes is one dead weight property that costs money to hold every month to drain your earned income, and positive cash flow from other investments. Here are the steps to a fast exit if you find yourself wondering, “I need to sell my house quick!”
Step 1: Know Your Numbers
Know what financial situation you are really in, what the holding costs are, and how long you can maintain.
Step 2: Know Your Buyers
What will make the deal work for end buyers? What do they want? What type of numbers or terms will they need to buy in?
Step 3: Know Your Selling Options
Is selling a home without a realtor a must? What options for selling your home quick yourself are likely to fit into your schedule, budget, and timeline? Where can you get fast home offers for your property, as-is, and from buyers who are most likely to understand your challenges?
Step 4: Review & Try Again
After you sell your house quick and get a moment to breathe, take a moment to review what went wrong, what you did right, and how you can do better next time. Then take that knowledge and brave the market again.
Real estate investors can find themselves in failed deal situations for any number of reasons. What’s important is to analyze the situation and act fast, before it takes you down. Then review, recalibrate, and reinvest in the market, smarter.