secure property financing<\/a> or a clean environmental assessment.<\/p>\n\n\n\n14. Environmental Assessment<\/h3>\n\n\n\n
The buyer usually orders an environmental site assessment that involves a licensed professional to come out to the property to perform a physical inspection of the likelihood for contamination. These can be called a Phase 1, Phase 2 or Phase 3. Note that these are often a requirement to secure a commercial loan.<\/p>\n\n\n\n
15. Close the Sale<\/h3>\n\n\n\n
Complete any final repairs or preparations, transfer ownership to the buyer, and receive payment for the property.<\/p>\n\n\n\n
16. Use of Sale Proceeds<\/h3>\n\n\n\n
Selling a property can net you a large amount of capital if there is equity in the property. It is best to have a plan ahead of time of what you plan to do with the money, before it hits your bank account. Maybe consider a 1031 exchange<\/a> if you still plan to keep growing your rental property portfolio.<\/p>\n\n\n\n<\/div>\n\n\n\n
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The #1 Rental Property Newsletter<\/h3>\n\n\n\n\n
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Once a month, we send out an exclusive Rental Property Market Update with top stories, current mortgage rates, building products, and more. No spam and unsubscribe anytime.<\/p>\n\n\n