By: Eric J. Pifer

Rental property is a great vehicle for obtaining wealth or just supplementing your income. Real estate can be a great investment. But what happens when it doesn’t work out, and the property has once again, been destroyed by tenants? You fixed it up several times only for it to be vacant and rundown once again. You arrive at a point when you are just burned out on that particular property or perhaps all your rentals and just want to unload them. You decide to sell them, but how?

You could not possibly list these types of properties with a realtor on the MLS without dumping more time and money into them first. Even in a seller’s market traditionally the people who are looking for property with realtors are not looking for property that needs any work let alone the renovation necessary to restore most rental properties to retail condition. In most cases there is a good amount of work required to get them back to rental grade. So in a buyer’s market, like the one we are in today, where there is an overabundance of inventory there isn’t really any point in listing them in that condition.

In the mean time the property is too rundown to get any decent tenants to occupy it, maybe it’s not even fit to live in if it has been sitting long enough. And the last thing you want to do with this headache is put more money into it. You are stuck paying the taxes, insurance, utilities and the mortgage if you have one. Many landlords share this frustration at some point, and some are prepared for it. While others just want to find a way to be free of the burden of and move on, but aren’t sure how to go about it.

So what is the best solution to selling a problem house like this quickly in “as is” condition? Selling the property to another investor, who will take over the distressed house and put their money and time into it, is probably the quickest and easiest solution.

Where do you find an investor who is willing to purchase a property that needs a lot of work and money put into it? These folks can be found online and often have signs hanging on telephone poles. You have probably seen them before “we buy houses.” They are experienced with taking over distressed property and will know the best way to resolve your problem. The most convenient way to contact these types of investors is by submitting information to their website.