27 May We bought 4 houses all at once!
We have been busy! A landlord was looking to sell four of his homes, as he had moved out of state a few years ago, and wanted to use the proceeds from selling these homes to invest in the area he is currently living in. Working with this seller proved to be a seamless process; we got to the closing table on time, and with no major hiccups! The seller knew what he wanted to sell these homes for, and it didn’t take long for us to come to a price that made sense for both sides. We had great communication back and forth along the way, to make sure that everything the title company needed was in order. We closed within thirty days of entering the contract to purchase, which was the plan from the beginning, and although we signed the closing documents separately from the seller, we couldn’t have been more pleased with working with him. We sincerely hope that he feels the same way about us!
This situation was unique for us, as the homes had tenants already residing there. This process can often be difficult for both the new owner and for the tenants, as it’s a big change for everyone. After a few days of communication with the tenants, we are thrilled that all of them will be staying in the homes! While we did have to raise the rents, we did provide a discount from the current market rent, because we knew the raise of rent would be a difficult thing for the tenants. Sometimes, difficult decisions need to be made when you’re running a business, but we also do our best to always remember and respect that we are dealing with people, not just houses and properties.
While these homes are in decent shape, we will likely need to do some maintenance and updates as we move forward. We don’t have a specific time-frame for all of this yet, but we will make sure that things get done as needed. All four of these homes are located in two different cities, Lincoln Park and Southgate. We already have homes in these areas, so we are ecstatic about adding these to our portfolio!
If you or someone you know is a landlord who is looking to sell their portfolio, in part or in whole, we would love to see how we can help! From a seller’s perspective, selling multiple properties to one buyer can make the entire process incredibly smooth and efficient. As with this purchase, we were able to use one single title company and therefore one title company processor handled all of the files. This makes the entire process flow well, and without unnecessary repetition. This purchase of four homes operated for the most part as one purchase, allowing for an easy transaction for us and for the seller.
Whew! This has definitely been an exciting purchase, and allowed us to meet and exceed a business goal we have had for a long time! It’s also been an incredible learning process for us. We are truly grateful for everyone involved!
If you’re considering selling a portfolio of homes, or even just one home, and you’re ready to get an offer, click here. Have questions? We’d love to book a call with you!
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