4 Things you can do with your Vacant Property

There’s a ton of reasons a property can become vacant.

There are properties out there that were inherited from parents or relatives. Maybe you moved to another state for better mobility and career opportunities.

No matter how you spin it none of us want these houses to sit empty and rot. A person who cares about the community and their neighbors wouldn’t want an eyesore such as a distressed property sitting in their neighborhood. These properties are often robbed, vandalized or pirated by people not fortunate enough to have their own home.

You have several choices if you have a vacant property here are 4 things you can do…

Rent it

Maybe you want to put a traditional tenant in the property. Typically you would sign a lease with a prospect for one year. You could manage this yourself meaning finding the tenant, responding to maintenance requests, knowing the tenant-landlord laws. That works for some and even better for those who live in close proximity to the property. If you cannot keep a regular check on things you will need to get a property manager you can trust.

Maybe you want to do a short-term rental, something like Airbnb or short-term rental targeting business professionals or travel nurses. This is a cool strategy but definitely will need systems in place mainly cleaning in between stays and quick access to handymen who can take care of guest problems fairly quickly.

Before you rent the property you will need to evaluate its condition. Does it need major or minor fixes? With it being vacant there is likely some deferred maintenance that needs to be done.

Lastly, you should get an idea of the numbers! How much will it cost to fix & how much money can you make monthly renting it? After getting gathering your research you may find the work you will have to put in may not feel worth what you will get in return.

Have a relative live in it

Owning property is one of the most powerful things you can have. When you own property you are in a position to help others maybe you have a relative who needs a place to stay be it to start a new career, needs housing for college, or just needs a financial boost. You as the owner are in the position to give that opportunity.

I will say regardless of it being family work out an agreement to outline the expectation of your agreement. If the house needs repairs maybe instead of paying rent they are required to fix up and maintain the home. Nothing wrong with visiting more frequently either.

Donate It

Pick a nonprofit that resonates with you. Call your tax professional to get full guidance make it happen.

Sell It

When it comes to selling today you have more options than ever before. You can do a traditional sale on listing your home on the MLS, this will expose your vacant house to everyone looking in your market. However it will come with commission to realtors like me however thats not the worst thing in the world. You have someone to help get you to the finish line and protect your interest in the process. Putting it on the MLS could result in it taking longer to see since its much more likely a bank will be involved.

You could try and sell it on your own also know as For Sale By Owner (FSBO) you will likely attract some investors looking to buy your home cash. It may sound too good to be true and it could be you will have to vet the buyer and their entity yourself. Not all investors are actually buyers. Some of the investors tie your property up with a marketable contract where they will sell their position in the contract on whats called an assignment.

Lastly you could try a IBuying Platform like OfferPad. However if you want multiple cash offers because you’re smart enough to know that all of these companies have their own way of valuing property. For that you would want to try a platform called Express Offers by eXp Realty.

The Bottom Line

Do not let anyone claiming to want to help you make you believe they are your only choice. If you inherit a property you have options, just have to choose which