Sell Your Rental Property in Indianapolis or Fort Wayne, Tenants and All

Tired of being a landlord? You are not alone.

Most landlords we meet did not plan to get out. They bought a rental to build something for their family, and for a while it worked. Then came the late rent, the tenant who stopped answering, the furnace that died in January, and the turnover that ate a whole summer of income. One day you look up and the rental is running you instead of the other way around.

Simple Quarters has bought houses in Indianapolis and Fort Wayne since 2014, and rentals are a big part of what we buy. We also own and manage rentals ourselves, so we know the grind from the inside. This guide walks through your options, how selling with tenants in place usually works in Indiana, and how to get out on your terms.

Signs it may be time to sell your rental

• Repairs and turnover are eating most of the cash flow
• A tenant is behind, or you are dreading another eviction
• The house needs a roof, a furnace, or work you do not want to fund
• You live out of town and managing from far away is wearing you down
• You inherited a rental and never wanted to be a landlord
• You want to free up cash or time for something else

Your options as a tired landlord

1. Keep it and hire a property manager. A good manager can take the calls and the turnovers off your plate. Expect to pay a monthly fee plus leasing and repair markups, and you still own the big decisions and the big bills.

2. Wait for the lease to end, then list it. If the house is in good shape, a vacant house shown by an agent can bring the highest price. That usually means waiting out the lease, paying for a turnover, making repairs, and carrying the mortgage, taxes, and insurance with no rent coming in while it sells.

3. Sell it as is, tenants and all. If you want to be done now, a cash buyer who buys rentals can close with the tenants still living there. No vacancy, no showings to strangers, no repairs, and no waiting for a lease to run out.

We will always tell you honestly which option we think is best for you, even when it is not selling to us. Our founder is also a licensed Indiana real estate broker, so we are glad to walk through the numbers on each path.

Can you sell a house with tenants in it in Indiana?

Yes. Selling a rental with tenants in place is common. Every lease and situation is different, so talk with a real estate attorney about yours, but here is how it usually works.

1. The lease usually stays in place. In most cases a sale does not end a lease. The buyer takes over as the new landlord under the same terms until the lease ends.
2. Month to month tenants. If the tenant is month to month, either the new owner keeps them or proper notice is given under Indiana law and the lease.
3. Security deposits move with the house. In Indiana the deposit is either transferred to the new owner or returned to the tenant at closing, and the tenant is told who holds it now. The title company helps make sure this is handled.
4. Rent is split at closing. Rent for the month of closing is usually prorated, so you keep your share and the buyer gets theirs.
5. Tenants get a fair heads up. Respect the notice terms in the lease before any walkthrough. We are happy to work around the tenant's schedule and keep it short.

How we buy rental properties

Tenants can stay. We buy occupied houses all the time. If the tenant pays and takes care of the place, we are often glad to keep them.

Behind on rent or a problem tenant. We can still buy the house. You do not have to finish an eviction or clean up the situation first.

No repairs, no turnover. We buy the house as it sits today, deferred maintenance and all. Skip the contractor bids and the make ready.

One house or a small portfolio. Whether you have a single house or several doors, we can look at them one at a time or all together.

Flexible terms. On some rentals we can buy on terms and pay you over time instead of all at once. Talk with your CPA about whether that fits your tax picture.

You pick the closing date. Close in about two weeks, or later if you need time to plan.

How it works in 3 simple steps

1. Tell us about the rental. Enter the address above or call or text us at 317-886-1824. Share the rent, the lease terms, and anything the house needs. It takes about two minutes.
2. Get a fair cash offer. We look at the house with you, respecting your tenant's notice, and give you a written offer with no obligation and no pressure.
3. Close on your date. The title company pays off any loan, handles the deposits and rent, and you walk away done being a landlord.

Why Indiana landlords choose Simple Quarters

• A local Indiana company buying houses in Indianapolis and Fort Wayne since 2014
• We own and manage rentals ourselves, so we understand tenants and leases
• We buy as is, occupied or vacant, with no repairs and no cleanout
• No agent commissions when you sell to us
• Honest advice, even when the best answer is not selling to us

Selling a rental property in Indiana: FAQs

Can I sell my rental property with tenants still living there?

Yes. In most cases the lease stays in place and the buyer becomes the new landlord. We buy occupied rentals often and work around your tenant's schedule.

What happens to the security deposit when I sell?

In Indiana the deposit is either transferred to the new owner or returned to the tenant, and the tenant is told who holds it. The title company helps handle it at closing.

Do I have to evict a bad tenant before I sell?

No. We can buy the house with the tenant in place, even if they are behind on rent. Ask your attorney about any eviction already in process before closing.

Will the tenant have to move out?

Not right away. A sale usually does not end a lease. If the tenant pays and cares for the house, we are often glad to keep them.

Can you buy more than one rental at a time?

Yes. We can make an offer on one house or a small group of rentals together.

How fast can you close?

About two weeks from signing to closing is normal, and we can wait longer if you need time to plan.

Other situations we help with

Inherited a rental? See selling an inherited house in Indiana. Behind on the mortgage? See what to do if you are behind on mortgage payments. Facing foreclosure? See how to stop foreclosure in Indianapolis. Going through a divorce? See selling your house during a divorce. Or get your cash offer and call or text us at 317-886-1824. No pressure and no obligation.

This page is general information to help you understand your options. It is not legal or tax advice. Every lease and situation is different, so please talk with a real estate attorney or tax professional about yours.