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rental property

Dec 2023

Selling Your Long Island Property in Retirement

2024-04-18T09:35:42-04:00December 1, 2023|rental property, Sell My House|

Are you considering selling your property in Long Island as part of your retirement plan? If so, you might be wondering if now is the right time to make that move. In this article, we’ll delve into why the current market conditions present an opportune moment to sell your Long Island property, whether it’s land, a home, or a commercial space.

Why Now Is the Best Time to Sell Your Property

The Long Island real estate market has shown stable trends with prices hitting a plateau in recent months. As of October 2023, the average home price in the city was around $1.1M, which is a 19% increase from year to year.

This stability in pricing suggests a favorable environment for sellers looking to capitalize on their property investments. By selling now, you can potentially benefit from this equilibrium and secure a fair market value for your property.

Benefits of Selling Now for Cash

Opting to sell your property for cash offers several advantages, especially for retirees looking to optimize their financial situation and streamline their transition into this new phase of life.

Fast Transactions

Cash sales typically proceed much faster than traditional real estate transactions. By opting for a cash sale, you can avoid the prolonged waiting periods commonly associated with mortgage approvals, appraisals, and other contingencies. This rapid process allows you to access the proceeds from your property sale promptly, facilitating a quicker transition into retirement.

Certainty and Convenience

Cash offers provide a level of certainty that might not be present in deals contingent on mortgage approvals or third-party financing. With a cash sale, you eliminate the risk of potential complications arising from loan rejections or renegotiations due to the financial setbacks of the buyer. This certainty brings peace of mind, ensuring a smoother and more convenient selling experience.

Avoidance of Repairs and Renovations

Selling for cash often means selling your property in its current condition. Unlike traditional sales, which might require repairs or renovations to attract buyers, cash buyers typically purchase properties as-is. You won’t need to undergo costly and time-consuming home improvements, saving you both money and effort.

Elimination of Holding Costs

By selling your Long Island property for cash, you can swiftly free yourself from the ongoing expenses associated with property ownership. These expenses might include mortgage payments, property taxes, insurance premiums, maintenance costs, and utilities. A cash sale allows you to stop these recurring expenses sooner, providing immediate relief and financial freedom.

Plus, with cash sales, you don’t have to worry about additional fees often associated with traditional methods. Unlike contractual real estate transactions that require 6% realtor fees, around 1 to 2% closing costs, and 1 to 2% concessions, cash sales don’t have any hidden fees.

Competitive Offers and Fair Market Value

Reputable cash buyers aim to provide fair market value for your property. Although the sale might be faster, it doesn’t mean sacrificing your property’s worth. Instead, cash buyers offer competitive prices based on the current market conditions and the property’s value. The right buyer will match the price.

Sell It Fast to Handsome Homebuyer

At Handsome Homebuyer, we specialize in providing hassle-free cash offers for properties on Long Island. We aim to assist homeowners in making a seamless transition into their retirement by offering fast and competitive cash deals.

Read Our Reviews

If you want further reassurance of how reliable our services are, read through our reviews from homeowners who have experienced our seamless process firsthand. We take pride in our commitment to delivering top-dollar offers while ensuring a stress-free selling experience.

At Handsome Homebuyer, we understand the value of your Long Island property and strive to offer a fair and lucrative cash deal. Contact us today for a free instant cash offer to unlock the true worth of your home, land, or commercial property.

Request a Free Quote Today!

Selling your Long Island property in retirement shouldn’t be a daunting task. With the current market stability and the convenience of a cash sale, now could be the ideal time to make that move and embark on your retirement journey without stress.

As the Long Island real estate market maintains its stability and pricing reaches a plateau, selling your property in retirement presents an advantageous opportunity.

Understand the rewards of this approach and make the most of the current market conditions — request a free instant cash offer to ‘sell your house fast in Long Island NY‘ from us today and take the first step toward a seamless property sale in your retirement plan.

Nov 2023

Long Island Tenant Rights When a Landlord Sells New York Property

2024-04-16T14:26:17-04:00November 7, 2023|rental property|

If you’re a landlord in New York looking to sell your rental property, you might be wondering about your tenants’ rights in this process. The state of New York has strict laws in place to protect tenants, and it’s crucial to understand these regulations before selling your property. Learn how you can protect yourself and your tenants during the sale process.

What Are Long Island Tenants’ Rights?

According to statistics, the majority (76.75%) of New York real estate properties are rental units. However, economic downturns forced many landlords to lower the average asking price to $3,775. In terms of sales, the average selling price of real estate in New York is $720,000, which is lower than last year.

Long Island, as part of New York State, follows the same general regulations regarding tenants’ rights when a landlord decides to sell their rental property. Here are some key points to keep in mind:

  • Notice Requirement: In New York, landlords must provide written notice to tenants if they intend to sell the property. The message should include details about the impending sale, the new owner, and other relevant information.
  • Lease Agreements: If your tenants have a fixed-term lease, the property sale generally doesn’t change their lease terms. This arrangement means the new owner must honor the existing lease until it expires.
  • Month-to-Month Tenancies: For month-to-month tenants, the new property owner must adhere to New York’s regulations regarding notice to terminate a month-to-month tenancy, which is typically 30 days.
  • Security Deposits: The landlord must transfer the security deposit to the new owner, who is responsible for returning it to the tenant when they move out.
  • Tenant’s Right to Stay: Under New York law, tenants can continue living in the property until their lease term expires, even if the property is sold. This rule provides stability for tenants during the transition period.

Other Considerations: Residential Versus Commercial Tenant Issues

In New York, it’s crucial to distinguish between residential and commercial tenant issues when selling a property. The regulations differ for each type of tenant:

  • Residential Tenants: As mentioned above, residential tenants have specific protections to ensure their rights are upheld during the property sale. Lease agreements and notice requirements play a significant role in this process.
  • Commercial Tenants: When dealing with retail tenants, the lease agreement often determines the rights and obligations. The property sale doesn’t typically affect commercial leases, but reviewing the lease terms and discussing the deal with the tenant is vital.

Sell It Fast to Handsome Homebuyer

If you’re a landlord looking to sell your rental property in New York, especially if you want to do so quickly without needing to undergo repairs or renovations, consider working with Handsome Homebuyer. We specialize in buying houses as-is for cash, making the process hassle-free for you:

  • Quick Sale: We can close your property in less than a week, saving you time and money.
  • No Repairs or Renovations: We buy properties in their current condition, so you don’t need to invest in costly improvements.
  • Cash Offers: Our all-cash offers provide you with financial flexibility.
  • Simplified Process: We handle the paperwork and legal requirements, making selling your property seamless.

Read Our Reviews

Don’t just take our word for it. Before making any decisions, we encourage you to read our reviews from satisfied sellers who have experienced a seamless and stress-free property sale with Handsome Homebuyer. Our track record speaks for itself, and we take pride in our commitment to delivering a positive experience to our clients.

Request a Free Instant Cash Offer

Understanding tenants’ rights and the legal framework surrounding property sales in New York is crucial for landlords looking to sell their rental properties quickly. This preparedness protects you and your tenants during the ownership transition.

If you’re ready to sell your rental property in New York without the hassle of dealing with repairs, renovations, and tenant issues, get in touch with Handsome Homebuyer today. We provide free instant cash offers to help you make a swift and smooth transition.

Contact us now to begin the process and take the first step toward a stress-free property sale to sell my house fast Long Island New York.

 

Aug 2023

We’ll Buy Your Long Island House If You Owe Back Taxes

2024-04-17T16:33:57-04:00August 14, 2023|commercial property, property management, rental property, Sell My House, We Buy Houses|

Selling a home can sometimes feel like swimming against the current, especially when unpaid taxes are involved. Imagine your house as a ship navigating the real estate waters, with the weight of overdue financial burdens threatening to sink it. It would help to have a reliable and experienced crew to rescue you in such a situation. At Handsome Homebuyer, we are the crew you can count on to help you sell your Long Island property quickly and effortlessly, even if you owe back taxes.

Back Taxes

Life’s twists and turns can sometimes lead us to overlook financial responsibilities, and unpaid taxes can accumulate over time. Americans owe back taxes, penalties, and interest amounting to a whopping $120 billion. This is further exacerbated by the three percent increase in taxes imposed on single-family homes in 2022. If you are trapped in such a situation, acting promptly and seeking a solution to protect your equity and financial stability is essential.

Access Trapped Equity

Your home is a valuable asset. Even with unpaid taxes, substantial equity may be tied up in it. In 2023, the average homeowner possesses over $274,000 in home equity. Unfortunately, this amount can get trapped.

Traditional methods of selling a property can be time-consuming and costly, requiring repairs, renovations, and real estate agent fees. However, by working with Handsome Homebuyer, you can unlock that trapped equity and turn it into cash quickly and efficiently. We specialize in purchasing properties as-is, eliminating the need for repairs or additional expenses.

Sell It Fast To Handsome Homebuyer

Our Handsome Homebuyer team knows that selling a house can be overwhelming, especially when facing back taxes. Thus, we’ve developed a seamless and stress-free process enabling you to sell your property quickly.

  • Contact us: Feel free to reach out via phone or our website to express interest in selling your Long Island commercial property, land or home. Our friendly team will guide you and answer any questions.
  • Property assessment: We will schedule a visit to evaluate your home’s condition, size, and location for an accurate cash offer.
  • Receive a fair cash offer: We’ll present a transparent and competitive cash offer based on the assessment and market conditions.
  • Acceptance of offer: Take your time to review the offer without pressure and decide if it meets your needs.
  • Agree on the closing date: Choose a closing date that suits your schedule, whether you need a quick sale or more time.
  • Paperwork and documentation: We handle all paperwork efficiently, making the process seamless.
  • Closing the deal: We’ll meet on the agreed date to finalize the sale, providing cash payment and transparently handling all legalities.

Sell It To Us for Cash Quickly

Handsome Homebuyer offers cash purchases, unlike traditional buyers who might need bank financing and lengthy closing procedures. This approach allows us to close deals swiftly, sometimes in as little as seven days. When you need to sell your property fast to address back taxes, we are here to streamline the process, offering you a fair cash offer for your home’s true market value.

Read Our Reviews

We understand that selling your home is a significant decision, and you want to work with a reputable and trustworthy buyer. Our track record of satisfied customers more than speaks for itself. By reading our clients’ testimonials, you can see firsthand how we have helped numerous homeowners in Long Island resolve their back tax challenges and move on to a brighter financial future.

Final Thoughts

Selling your Long Island house when you owe back taxes might seem impossible, but Handsome Homebuyer is here to make the process smooth and hassle-free. We buy houses in Long Island if you owe back taxes and need to sell my house fast Long Island. Let us help you determine your property worth and take the first step toward a brighter financial future. Reach out to us today for a free instant cash offer, and let’s set sail toward a successful home sale together!

Jul 2023

Selling Your Long Island Rental Property

2024-04-17T10:04:05-04:00July 20, 2023|house selling tips, rental property, Sell My House, We Buy Houses|

Owning a rental property is like being a ship captain. You’re responsible for navigating the waters, maintaining the vessel, and ensuring the well-being of your passengers. However, after years of sailing the seas, you may find yourself exhausted and longing for change.

Selling your Long Island rental property is like docking your ship and stepping onto solid ground after all those years out at sea. It’s a chance to step away from the constant maintenance and responsibilities of being a captain.

Like passing the helm to another seafarer, selling your property lets you transfer the landlord’s duties to someone else. You get to avoid the demands of property management while embarking on a new journey.

This post explores why you would sell your rental property and how to use the cash for your next venture.

Why You Might Want To Sell Your Long Island Rental Property

You can sell your Long Island rental property if you’re tired of being a landlord. There may have been multiple factors that contributed to this. Being a landlord can be stressful, from dealing with tenants and maintenance issues to navigating financial considerations.

In 2020, 31% of landlords received less than 90% of the rent collected the year before. Other common reasons may indicate that selling your rental property will be beneficial.

Save Time and Effort

Managing a rental property is a time-consuming endeavor. It involves advertising vacancies, screening potential tenants, collecting rent, and addressing maintenance requests. Additionally, staying updated with changing rental property laws and regulations would be best.

The constant demands on your time can be exhausting. You likely have little opportunity to focus on other aspects of your life. By selling your Long Island rental property, you can free up your time and enjoy life outside landlord responsibilities.

Save on Extra Payments

Rental property management includes various expenses, including property taxes, insurance, repairs, and regular maintenance. In addition, vacancy periods can impact your income as you may face months without rental payments. About 6% of rentals remain unoccupied.

Furthermore, having a mortgage on the property would mean monthly payments. These payments can put a strain on your finances. Selling your rental property can provide you with a lump sum of cash to pay off debts, invest in other opportunities, or provide financial stability.

Maximize Fluctuating Market Conditions

Real estate markets are known to fluctuate. However, current statistics show selling a Long Island rental property to be a favorable option. In particular, the demand for housing in the Long Island area has increased.

The median price for properties in Nassau County has reached $660,000. With limited inventory and increasing property values, this favorable market condition means you can sell your rental property competitively.

Focus on Your Changing Goals and Priorities

As time goes by, personal circumstances and long-term goals can change. You may find that the rental property you once saw as a sound investment no longer aligns with your objectives. You may want to downsize, relocate, or invest in a different property type.

Selling your Long Island rental property can help you realign your goals and priorities, allowing you to pursue new opportunities. Considering New York is one of the most challenging places to flip houses, selling property for cash may help you reach your new goals.

Emotional and Personal Factors

Being a landlord often involves dealing with several challenges. Tenants who fail to pay rent, property damages, eviction processes, or the poor condition of your property can take an emotional toll. This can lead to stress and burnout.

The constant responsibilities and emotional strain may affect your well-being. Likewise, your overall enjoyment of being a landlord will suffer. Selling your rental property can relieve these burdens, allowing you to focus on your physical and emotional well-being.

Sell Your Long Island Rental Property to a Reputable Home Buyer Quickly

When selling a rental property, finding a reliable homebuyer is crucial. Regardless of code violations or elemental damages that your house may have, a good company can offer a fair cash price.

Read Our Reviews

While you can do your best to avoid scams, reading reviews and testimonials can provide valuable insights into the experiences of previous sellers. That way, you can make an informed decision. Confirm your decision by reading some testimonials about Handsome HomeBuyer.

Get Started: Request a Free Instant Cash Offer for Your Long Island Rental Property

Selling your Long Island rental property has several benefits, from saving time and effort to adapting to your new goals. If you are ready to sell your Long Island rental property, request a free instant cash offer from Handsome Home Buyer because we buy houses Long Island.

Our team of experts will assess your property, provide you with a fair cash offer, and guide you through the selling process if you want to sell your house fast Long Island. Seize the opportunity to sell your rental property and embark on a new chapter.

Jun 2023

Pay-Off Tax Liens By Selling Your Long Island House For Cash

2024-04-16T14:38:19-04:00June 20, 2023|house renovation, property management, rental property, Sell My House, We Buy Houses|

For most people owning a home is a dream come true. However, life can sometimes throw you unexpected challenges. One such challenge is the burden of tax liens. If you’re facing tax liens in New York, specifically on Long Island, there is a solution that can help you regain control of your financial situation. This blog post will explore paying off tax liens by selling your Long Island house for cash.

Tax Liens: What, How, and Why They Happen in NY

Tax liens occur when property owners fail to pay their property taxes. In New York, local governments can impose tax liens to collect unpaid property taxes. In February 2021, this amount was $1.3 billion.

These liens can become problematic for individuals as they accrue interest over time, leading to penalties and legal complications. If left unresolved, tax liens can result in the eventual foreclosure of your property. It’s important to promptly address tax liens to protect your financial well-being and home.

Pay It Off With Equity

There are various ways to resolve a tax lien. Some homeowners pay off the liens with their own cash, while others utilize the equity in their Long Island houses. Equity is the difference between the amount you owe on your mortgage and the market value of your home. When you sell your house for cash, you can unlock the equity and use it to pay off the tax liens.

This move can help you eliminate the burden of tax debt and regain control of your financial situation. However, it can also be a long, complicated process. Working with a reputable real estate agent or buyer is a must to ensure you get the best deal for your home and receive the payment quickly.

Benefits of a Cash Sale With Your Home

Selling your Long Island house offers several advantages when paying off tax liens, but you must also be aware of the risks and how to find the right buyer. It’s important to consider that many people have been leaving the city since the pandemic. Remote work has become the norm, and people are seeking bigger homes in suburban areas. However, this year’s median price of closed home sales is down 3% from January and 1.5% from February 2022.

On the other hand, the median home sale price in Long Island is around USD 600,000, with the median sale price per square foot at $390 USD. These numbers indicate a robust real estate market, which means competition can be fierce. When relying on real estate agents, finding a buyer and closing the deal can take months, meaning paying off your tax lien can take longer than you plan.

Fortunately, cash home buyers can help homeowners sell their homes quickly. Instead of relying on a real estate agent, selling your Long Island house directly to an investor for cash guarantees the following benefits:

  • Speed and Convenience: Traditional home sales can be time-consuming and involve numerous complexities. However, you can expedite the process when you sell your house for cash. Cash buyers like Handsome Homebuyer can provide a quick and hassle-free sale, allowing you to address your tax liens promptly.
  • No Repairs or Renovations: Selling your house as-is means you won’t have to invest time or money into repairs or renovations. Cash buyers are often willing to purchase homes in any condition, saving you the stress and expense of preparing your home for the market.
  • Avoiding Foreclosure: Selling your house for cash can help you avoid foreclosure due to tax liens. By selling quickly, you can settle your debts and prevent the loss of your home.

The challenge with selling your Long Island house for cash is falling for scams, which try to exploit desperate homeowners. It’s important to use a trusted home buyer with experience in cash sales, like Handsome Homebuyer.

Sell It To Us for Cash Quickly

Handsome Homebuyer is a reputable cash home-buying company helping homeowners facing Long Island tax liens. Our team understands the urgency of your situation and is committed to providing a fair cash offer for your property. By selling to Handsome Homebuyer, you can take control of your financial future and pay off your tax liens in a timely manner.

We buy homes as-is, so you don’t have to worry about making any repairs or renovations before you sell. Even if your home has fire damage or code violations, you can still receive a fair cash offer for your property. All you have to do is let us know you have a house for sale, and we’ll give you a cash offer based on the market value and condition. Should you say yes, you can pay off your tax liens in a matter of days instead of waiting months for a traditional sale.

Handsome Homebuyer helps homeowners struggling with bankruptcy, divorces, medical bills, and other financial hardships. We offer a stress-free solution to selling your house fast so you can get rid of debt and move forward.

Read Our Reviews

At Handsome Homebuyer, we understand that every situation is unique and we can help you to sell my house fast Long Island. You can read what others have said about working with us and see why we are the most trusted option.

Whenever you’re ready to pay off your tax liens and discover the actual value of your Long Island house, our team is prepared to help you. With our expertise and commitment to fair and transparent transactions, you can count on us to provide the absolute best value for your home. Request a free instant cash offer from Handsome Homebuyer today!

Apr 2022

The Top 3 Subsidized Rental Programs on Long Island

2024-01-06T12:49:48-05:00April 5, 2022|rental property, section 8|

As an indication of my belief in the value of subsidized rentals, approximately 85% of my rental portfolio consists of tenants that are subsidized. There is a misconception that “Section 8” encompasses all subsidized housing, but Section 8 is a specific program with unique criteria for becoming a Section 8 landlord.

With that in mind, the Top 3 subsidized rental programs are (in no particular order):

  • Section 8 Section 8 is a voucher-based program which is held individually by each township. Islip has its own Section 8, Brookhaven has its own, and so on. I’ve previously written at length about why working with Section 8 tenants is great for investors. Local agencies frequently hold forums where you can learn more about how the program works.
  • CDC – Community Development Corp. This is a not-for-profit agency funded by the government. Their tenants can be placed anywhere in Nassau or Suffolk County. This is an excellent subsidy, and many of my tenants come from this program. The overwhelming majority of them are excellent tenants. You can find out more about this organization here.
  • Options for Community Living – This is another not-for-profit agency funded by the government, particularly receiving funds through Medicare and Medicaid. Typically, they rent whole houses and place individuals in each room. The tenants have caseworkers that oversee them, and the organization offers many different programs. They’re an excellent organization to work with, I’ve rented entire apartment buildings to them with great success. Find out more about them here.

These programs are the best on Long Island, but there are many other excellent organizations worthy of your consideration.

One additional note: There are negative stigmas that surround Section 8 and other forms of subsidized housing, but these are overstated and the benefits of working with housing subsidies greatly outweigh any potential problems you might encounter.

Apr 2022

Why Real Estate Investors Love Section 8 Tenants

2024-01-06T12:49:29-05:00April 5, 2022|property management, real estate investing, rental property, section 8|

Section 8 tenants have negative stigmas associated with them. Investors fear that Section 8 tenants will be destructive and lead to costly property repairs. Another concern is getting less than the market rate for rental units, reducing income, or that collecting rent will be problematic. However in the vast majority of cases the potential downsides of renting to Section 8 tenants are greatly outweighed by the benefits.

The past few years, many landlords have had significant impacts on their rental incomes due to the COVID-19 pandemic. But for landlords renting to Section 8 tenants, the government is paying the majority of the rent. The tenants themselves are typically responsible for an amount equivalent to 30% of their income, in most cases just a few hundred dollars. The portion paid by the government is sent directly to the property owner at the beginning of every month, ensuring timely payment of the majority of rents without spending time on collection.

Another benefit of renting to Section 8 tenants is the involvement of case workers. Most Section 8 tenants have a caseworker who advocates on behalf of both the tenants and the landlords. They act as a bridge between both parties and help to resolve problems in a proactive manner which can prevent the types of landlord/tenant conflict that can occur in private rentals.

Most Section 8 tenants who secure housing through these programs were on waitlists for many years (in some cases as long as 7 years) before they get their vouchers. This makes them highly motivated to maintain positive relations with their landlords and avoid any actions which could result in the loss of their housing voucher. Additionally, the average Section 8 tenant stays in a rental unit for 11.5 years, as compared to approximately 2 years for tenants in private rentals. So, while monthly rental income is reduced somewhat by working with Section 8 tenants, consider how much greater the loss of income is from vacancies.

Section 8 (and other government program) including lease back “sell my house fast Long Island” tenants are worthy of your consideration as a real estate investor. Get in touch with local agencies which frequently hold forums for landlords to explain the programs and specifics such as pricing and how to meet the requirements for becoming Section 8-approved.

Feb 2022

Top 5 Ways to Guarantee That Your Tenants Will Pay Rent

2024-04-18T09:35:03-04:00February 17, 2022|property management, rental property|

Collecting rent from your tenants can come with challenges but by employing some proactive strategies you can make rent collection less of a source of stress. These are the 5 ways you can guarantee that your tenants will pay their rent every month:

  1. I rely on a 3x Net Rent Rule to help ensure that paying the rent won’t be a problem for the tenant in question. As an example, if I’m renting out a house for $2,000, the net income of the occupants needs to be three times that amount on a monthly basis, or $6,000. If this threshold isn’t met by a potential renter, I decline to rent the property to them.
  2. Go with your gut! Listen to your intuition, if something in the back of your mind is giving you the feeling that a potential tenant will be the kind to give you problems about paying the rent, turn them down. Especially as an experienced landlord, you’ll develop a sense for whether people will be the type to cause problems.
  3. Work with a rental agent. A good rental agent will be aware of all the available programs out there and help you get set up with good tenants. It’s in their best interest to make sure that they don’t place anyone in your properties that will give you a hard time about paying rent, and an experienced rental agent will also act as a filter when they can sense that someone will be the type to not pay.
  4. Background and credit checks are a great way to get an overall picture of someone’s financial health and see if they have any history of non-payment with their other debts. This won’t tell you everything you need to know about a potential new tenant, but it can help you avoid anyone with obvious red flags.
  5. Quarterly inspections. Every three months members of my property management team conduct full inspections of our properties. Not only does this help uncover any maintenance items that need to be taken care of, it also sends a positive message to the tenant: We care about the property, so they should also care about the property – good tenants will be happy to have a proactive landlord that takes care of the place that they’re renting, and happy tenants are far more likely to pay rent.

Issues can arise for even the best tenants due to extenuating circumstances, but by taking the steps outlined above you can steer clear of many potential problems and enjoy long-term, profitable relationships with your tenants to avoid having to sell your home fast in Long Island.