Question:
“As I told you, I’m going to have you sell that rental house I own on [address removed]. The tenant moved out last week. Once we get a buyer, what do you think of having them move in early so I can get some rent going?”
Answer:
Risky!
Sure, everything could work out great. But here are three scenarios that have actually happened, with #3 the most likely:
- After moving in and “test driving” the home, the buyers decide they don’t like it and want to cancel.
- The buyers start remodeling or even demo work, then the sale falls through.
- The sale falls through and the buyers don’t want to or can’t move. Suddenly they have all the rights of a tenant, perhaps aren’t paying you rent, and won’t get out.
Am I being over-cautious?
Perhaps, but I’d just play it safe if I were you.
