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Are you an Out-of-State Landlord? It Could be Time to Sell to Another Real Estate Investor

Why would anyone choose to be an out-of-state landlord? Wouldn’t it be easier to manage properties locally? The answer is always yes, however, most out-of-state landlords don’t become so by choice.

Some properties are inherited as assets of an estate after a family member passes. Unless these homes are sold and assets are liquidated, the properties remain in the hands of heirs. Other times the once-local homeowner moves to another city or state but for any number of reasons, holds onto the property.

If a homeowner is unable to sell an existing property before escrow closes on a new residence, he or she is left with decisions about what to do with it. Not too many people want to pay two mortgages, so rather than leave the home vacant many decide to lease it for income until they decide what to do with it. The income generated will at least to pay the mortgage.

Are you in this position and ready for some relief? If you’d like to capitalize on the equity of an income property, talking to a real estate investor is one of the quickest ways to free yourself from the responsibility and stress of managing it.