In every real estate investor’s life, there comes a time when you may consider selling some or all of your properties. But, if you have tenants who are currently residing in a property that you’re hoping to put up for sale, should you – or by law, can you – move forward with the deal to sell your investment property?
As the owner of the property, you do have the right to sell it – regardless of whether or not it is rented at the present time. However, your tenants also have certain rights in this type of a situation.
For example, in the state of Florida, if you have a yearly lease with your tenants, then you must provide them with a minimum of 60 days notice in order to terminate the lease. If, however, the lease that you have with your tenants is month-to-month, then a period of not less than 15 days is required. (If you are terminating a lease for non-payment of rent, though, you are only required to provide three days notice, excluding weekends and holidays, for a termination of lease notice in Florida).
If the primary reason that you are selling a property is because the maintenance and tenant management are taking up too much of your time, you could opt to keep the property (and the investment income that you’re receiving from it), and simply turn over the time-consuming details to a property manager.
When doing so, you could essentially hand off a long list of duties, such as repairs, rent collection, and even finding new tenants when your current ones move out. If you own rental property in Orlando and / or the surrounding vicinity and you would like more information on the benefits of working with a property manager, give us a call today.