The leases survive the sale
This is the part most landlords are surprised by: in Texas, a valid lease generally survives a change in ownership. The new owner steps into the landlord's role and the tenant keeps their rights under the lease.
Practically, that means you don't have to wait for a lease to end or push anyone out to sell. We take over as landlord at closing.
Why selling a tenant-occupied rental is hard on the open market
- Showings require notice and cooperation. A tenant who doesn't want to move is not motivated to keep the place showable.
- Most retail buyers want to move in. An occupied property with a lease running eight more months eliminates most of the buyer pool.
- Investor buyers want a discount anyway, and often need financing that scrutinizes the tenancy.
- Condition. Rentals see harder wear than owner-occupied homes.
Situations we regularly buy in
- Tenant in place, current on rent, lease running
- Tenant behind on rent
- Month-to-month with no written lease
- Eviction already filed or in process
- Property vacant and needing significant work
- Inherited rental you never wanted to own
- Multiple properties at once
If you own several and want out of all of them, tell us up front. We buy portfolios and it simplifies things for everyone.
What we need from you
Less than you'd expect. Copies of the leases, a rough rent roll, and honest information about the tenants and the condition. If a tenant is difficult, tell us, it's not a deal breaker and we'd rather know going in.
We can often assess a property with minimal disruption to tenants. In some cases we can work from photos and the walkthrough of one unit rather than disturbing every tenant.
What about the security deposits?
Deposits are typically transferred to the new owner at closing and accounted for in the settlement statement. Your title company will handle the mechanics. Keep your deposit records, that's the one piece of paperwork worth locating early.
Being a landlord is a job
Most of the landlords we buy from aren't in financial trouble. They're tired. The 11pm call about a water heater. The turnover costs. The tenant who was fine for three years and then wasn't.
There's no shame in being done. If that's where you are, we can make the exit straightforward.