Investment property
Selling a Rental Property With Tenants in Mississippi
A tenant-occupied rental sells on its paperwork. Leases generally survive a sale, so the buyer is purchasing your lease terms, your deposits and your payment history along with the building.
The lease travels with the property
A buyer stepping into an occupied property is stepping into the existing agreements. That makes the lease terms part of the price. A below-market lease with a long remaining term is a discount the buyer will ask for.
The package buyers ask for
Have this assembled before marketing the property. Missing paperwork reads as risk and gets priced as risk.
- Executed leases for every unit
- Rent roll with current rents and due dates
- Payment history for the last twelve months if available
- Security deposit amounts and where they are held
- Any notices, disputes or pending actions
- Recent repair and turnover history
Access and showings
Occupied properties limit access, which limits the buyer pool to people comfortable buying with fewer walkthroughs. Interior photos, a maintenance summary and a clear condition description substitute for repeated showings.
Deposits and prorations at closing
Security deposits are generally transferred or credited to the buyer at closing, and rent is prorated. Get that agreed in the contract rather than at the closing table.
Related guides
- Selling a House in Tupelo, MississippiThe full sequence of a Tupelo home sale, from deciding which route fits to what happens between contract and closing.
- Investment Property in Tupelo: What the Numbers Hinge OnWhere local rental math actually gets made or lost.
- Selling a Vacant House in North MississippiEmpty houses deteriorate on a schedule. Here is what to control while it sells.
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