Selling a rental with tenants in it

You own a rental in St. Louis and you’re ready to be done with it. Maybe the tenants are great and you just want out of being a landlord. Maybe they’re months behind. Either way, you can sell it without emptying it first.

We buy occupied rentals, from single-family houses to duplexes, four-families and apartment buildings. Sometimes we’re the buyer and sometimes we bring you an investor’s offer. You’ll also see what it would bring listed, so you can compare.

Call or text Adam at 314-210-5115. Seven days a week, no obligation.

You can sell with the tenants in place

A sale doesn’t end a lease. The lease transfers to the new owner, the security deposit transfers with it, and the tenant keeps living there under the same terms. For a lot of rentals, selling with tenants in place is the simplest route there is. Nobody has to move, and the buyer gets a property that’s already earning rent.

Two ways to sell an occupied rental

Sell it to an investor, tenants and all

This is usually the fastest route, and it’s how most occupied rentals are sold to cash buyers. You don’t need the unit empty, painted or shown on a weekend. Investors look at the rent, the lease and the condition and make an offer on that basis.

Wait for it to be empty, then sell to anyone

An empty, fixed-up house can sell to an owner-occupant, and that often brings more. The cost is time: the lease has to end, the unit has to be turned, and you carry the mortgage, taxes and utilities while it’s empty. Ending a tenancy also has to follow the lease and Missouri law. It isn’t something to improvise.

We’ll price both ways for your property and show you the difference, written down. Here’s how the two numbers work.

If the tenant isn’t paying

This is one of the most common reasons landlords call us. A few things worth knowing:

You can still sell. A cash buyer can price in a tenant who is behind. It changes the number, but it doesn’t stop the sale.
Be upfront about it. Tell any buyer about back rent, a pending eviction, or a dispute. It will come out at closing anyway, and hiding it causes more trouble than it saves.
Get legal advice on the eviction itself. We’re real estate agents, not attorneys. If you’re partway through an eviction, ask your attorney how a sale affects it before you sign anything.

What to gather before you call

None of this has to be perfect, but it helps:

The lease, or a note of the rent and when it’s paid if there’s no written lease
The security deposit amount
Whether the tenant is current, and if not, roughly how far behind
Anything you know needs repair

When we’re the buyer, we tell you up front

Hermann London is a licensed Missouri brokerage. If we’re the one making the offer, we tell you in writing, before you sign anything, that we’re licensed agents buying for ourselves. You’re welcome to have your own agent or attorney review it.

Not sure you want to sell?

Plenty of landlords who call us don’t actually want to sell the property. They want to stop managing it. Hermann London also manages St. Louis rentals: tenant screening, rent collection, maintenance and the late-night calls. If that’s the real problem, we can talk about that instead. Property management in St. Louis

Questions we get asked

Do I have to tell my tenant I’m selling?

You don’t need their permission to sell. You’ll need to give proper notice before anyone enters the unit, following the lease. Once it closes, the tenant is told who the new owner is and where to pay rent.

Can I sell if the lease has months left on it?

Yes. The lease continues under the new owner.

What happens to the security deposit?

It’s transferred to the buyer at closing, and the new owner becomes responsible for it.

Do you buy multi-family buildings with tenants?

Yes. Duplexes, three- and four-families, and larger apartment buildings. More on selling multi-family property.

Is there any cost to find out what it’s worth?

No. The call, the walkthrough and both numbers are free.

Tell us about the rental

The address, what’s going on with the tenant, and when you’d like to be done is plenty to start.

Call or text Adam at 314-210-5115. Seven days, no obligation.