[sling438]

I just closed on a patio villa. I've been able to get the house rented quite easily for Jan-March of 2015. The problem is that my wife is now having second thoughts about our financial situation and is begging me to sell this house. Does anyone have any experience with a house being sold while under lease? I have collected deposits from both renters.

[Living a Fantasy]

You will need to disclose to the realtor and buyer that there are leases in place. That may actually work to your benefit for a potential investor buyer. Another alternative is to approach the lessee and explain the situation and that you, in turn, will search for a comparable home for them to lease with the same terms. If the new lease is more money, offer to pay the difference.

[njbchbum]

I'd suggest that you advise your tenants that the house will be going up for sale and they will be responsible to keep the house in top notch condition for showing. And your realtor should be made to schedule showings with your tenants.

[CFrance]

In 2007 we leased, for winter 2008, a house that was for sale on Anna Maria Island. The owner told us that under Florida law, if the house was sold beforehand, our lease would have to be honored. The house did sell, and our lease was honored.

[Indydealmaker]

Try sitting down with your wife and going back over all of the justifications that you used in your original decision to purchase. It is likely that you will incur significant costs to flip it so quickly. Those costs need to be quantified to help in your decision.

[asianthree]

Won't the rent cover most of your cost on the house..take a step back. You will lose money in the end if you sell so quickly

[sling438]

Originally Posted by asianthree

Won't the rent cover most of your cost on the house..take a step back. You will lose money in the end if you sell so quickly

If I can get it rented for more than just Jan-March, I'd be ok. The problem is the rest of the year. I've got a friend who just moved to The Villages. He was able to keep his house rented most of the year. I've not been able to replicate this, at least not yet.

[Bonanza]

If you sell your property with a lease in place, by law, a new owner must honor the terms of the lease.
You can ask your tenant if they would be willing to find another property to rent,
but they are under no obligation to do that since you already have a fully expedited lease.

Tenants can make it very difficult in showing a property that is for sale.
In a case such as yours, where it is rented as a seasonal rental,
your tenants are basically renting it like a vacation property.
They may not be agreeable to making it easy for showings,
particularly with spur-of-the-moment appointments,
and probably would not like having a lockbox on the door.

You really need to discuss your situation with your tenants before doing anything else.

[CFrance]

Originally Posted by Bonanza

If you sell your property with a lease in place, by law, a new owner must honor the terms of the lease.
You can ask your tenant if they would be willing to find another property to rent,
but they are under no obligation to do that since you already have a fully expedited lease.

Tenants can make it very difficult in showing a property that is for sale.
In a case such as yours, where it is rented as a seasonal rental,
your tenants are basically renting it like a vacation property.
They may not be agreeable to making it easy for showings,
particularly with spur-of-the-moment appointments,
and probably would not like having a lockbox on the door.

You really need to discuss your situation with your tenants before doing anything else.

I agree with this. When I rented the same house for several winters in Key West, I was working from there 40 hrs. a week. The rental agency never bothered me. But when the owner changed rental agencies, the new one started calling me up asking to show the house. I did it once, then told them I would not do that anymore because it was interrupting my workday.

[maddie101]

Did you intend to move here in the future? Or was this strictly for rental income?
If you rented for only a few months, is it furnished?
Did you buy this brand new? If so, I think you have to wait one year before selling??

[sling438]

Originally Posted by maddie101

Did you intend to move here in the future? Or was this strictly for rental income?
If you rented for only a few months, is it furnished?
Did you buy this brand new? If so, I think you have to wait one year before selling??

We bought with the intention of using it as a vacation home / rental until I retire (10 years from now). Probably too soon. It is fully furnished (very nice furniture) and it was built in 2012 (one owner).

I want to hold it until the tennants are done in March, then re-evaluate. Getting a lot of pressure from the other half, though.

[asianthree]

Originally Posted by sling438

We bought with the intention of using it as a vacation home / rental until I retire (10 years from now). Probably too soon. It is fully furnished (very nice furniture) and it was built in 2012 (one owner).

I want to hold it until the tennants are done in March, then re-evaluate. Getting a lot of pressure from the other half, though.

Best time to own a second home is while you are still working..look at 10 houses in same area. Lower you rent by $100 a month com paired to other rentals., put an ad in the daily sun. Takes work to rent off season but it can be done.