Lots of Northwest Indiana landlords reach a point where the late rent, repairs, and phone calls aren't worth it anymore. The good news: you usually don't have to empty the house to sell it.
Can I sell a house with tenants in it?
Yes. A lease generally stays with the property when it's sold, so the new owner takes over as landlord under the same lease. Check your lease for any terms about a sale or showings.
Your options
- Sell to an investor with tenants in place. The easiest route. No vacancy, no showings to coordinate, and no eviction.
- Wait for the lease to end, then sell vacant. A vacant house is easier to show and fix up, but you carry the costs while it sits empty.
- Offer the tenant cash to move out early. Sometimes called "cash for keys." It's voluntary, and the terms should be in writing.
- Offer to sell to the tenant. Some tenants would love to buy, if they can get a loan.
What about tenants who don't pay?
Evictions in Indiana go through the local court and take time. Don't change the locks, shut off utilities, or remove belongings yourself, since self-help evictions aren't allowed. Many investors, including us, will buy with a problem tenant in place and handle it after closing.
What buyers will want from you
- Copies of the leases, rent amounts, and security deposits
- Who pays which utilities
- Any repair problems you know about
At closing, security deposits are typically transferred to the new owner.
Taxes
Selling a rental can bring capital gains and depreciation recapture. Talk to your tax professional before you sell.
How we help landlords
We buy single-family rentals, duplexes, and small apartment buildings across Lake, Porter, LaPorte, and Jasper counties, with or without tenants, in any condition. Call (219) 308-9106 for a no-obligation offer.
This guide is general information, not legal or tax advice. Talk to an Indiana attorney or tax professional about your situation.