Can I Sell My 2-Flat With Tenants in It?

Yes. Two-flats sell with tenants in them every week in Chicago, and good tenants can make your building worth more, not less.

The leases go with the building. In Illinois, selling does not end a lease. The buyer becomes the new landlord and the leases keep running exactly as written. Your tenants do not have to move out for you to sell.

The deposits go too. Security deposits transfer to the buyer at closing, and the tenants get a written notice about it. Chicago closings run through attorneys, and yours handles this paperwork as part of the deal.

Showings are simple to do right. Plan on about two days' notice to your tenants before each showing. For most rentals in Chicago that notice is the law, and either way it works. A tenant who feels respected keeps the place ready and says good things in the hallway.

Two kinds of buyers will want your building. Investors buy the income, so tenants who pay on time are a selling point and you change nothing. House hackers, buyers who will live in one unit and rent out the other, need a unit opening up around closing, so that pool fits best when one lease is ending on its own. Chicago has notice rules for that, and we build the sale calendar around them. Which pool we aim at depends on your leases, your rents, and your timing. That is the main decision in this kind of sale, and we figure it out with you. You do not have to solve it tonight.

What if my rents are low? Tell us. Buyers look at what each unit earns today and what it can earn next. A building with room to raise rents is a story investors like, and we price it on the full picture.

Ready when you are. Whether you are selling this spring or just wondering what the building is worth, reach out. You do not need a plan yet. Most owners who reach out do not have one, and that is exactly why they reach out.