We buy · Tenanted rentals · California
Our offer comes from your rent roll.
Not from what we could flip it for. Other buyers price your house empty and fixed up, and treat your tenant as a cost. We keep the house rented, so the rent sets our number. Send the address and the rent, and get a written offer in 24 hours.
1 · Why the other offers came in low
Two buyers. Two sums. One of them has your tenant in it as a cost.
Nearly every cash buyer runs the same sum. It is a fair sum for a house somebody plans to empty and flip. It is the wrong sum for a working rental.
The flipper’s sum starts with a house you do not own: the one that exists after your tenant leaves and the kitchen is redone. Then it takes off the repairs you were never going to make.
We are not flipping it, so none of that is in our sum. No renovation line, because we are not renovating. No vacancy line, because we are not emptying it.
2 · The arithmetic, shown
We keep it rented, so we price what it earns.
Wexmoor buys rentals to hold them. We put our own money down and borrow the rest against the rent. So the rent decides what we can pay.
The rent on the lease
$4,000 a month
What your tenant actually pays. Not what a website guesses.
Less taxes and insurance
About $920 a month
These are paid whoever owns it.
Left to carry a loan
About $3,080 a month
A lender asks one question: does the rent cover the payment, the taxes and the insurance?
What the rent can carry
About $630,000
A loan of about $440,000, plus about $190,000 of our own cash.
That is the ceiling. Our offer is never above it, and it can come in lower.
An example, not an offer. Your numbers depend on your house, and you see every line.
A working rental
We buy the house the way it is today.
Rented, lived in, not fixed up. The lease and the tenant come with it.
Irakli Ezugbaia
Managing Member
3 · The questions sellers ask
You can sell with your tenant in. Most buyers just do not want you to.
Three questions come up on almost every call. Here are the short answers.
“Do I have to get my tenant out first?”
No. We buy it with the tenant in. The lease comes with the house, and your tenant pays us instead of you.
“Will they lowball me because of the tenant?”
A flipper might, because his sum needs the house empty. Ours needs the rent. Your tenant is the reason the deal works.
“Do I have to tell my tenant?”
Not to get a number from us. We price from the lease and the rent. Nobody knocks on the door to send you an offer.
4 · Your tenant
Your tenant is the reason it works.
Most of what landlords fear about selling with a tenant comes from buyers who want the house empty.
- The lease survives the sale. A new owner takes the house with the lease in it. That is fine by us, because we want it.
- Selling is not, on its own, a reason to evict. In much of California a long-term tenant can only be asked to leave for a reason the law lists. We never ask you to try.
- No showings, no lost month. No Saturday tours around somebody else’s furniture, and no month of empty rent waiting for a buyer.
General information, not legal advice. For the details, read what California law says about selling a house with a tenant.
5 · What happens
Three steps. You can stop at any of them.
1
Send the address and the rent
Two lines. Nothing signed, nothing ordered, no credit checked.
2
A written offer in 24 hours
With every line of the sum. If the rent does not carry it, we say so, and we say why.
3
You pick the closing date
We pay the closing costs. The lease and the tenant move with the house.
6 · What we promise
What we promise, and what we will not.
Other buyers lead with a number of days. We lead with a number you can check.
We promise
- A written offer within 24 hours of the address and the rent
- Every line of the sum, not just the total
- No commission and no fee to you
- We pay the closing costs
- You pick the closing date
We will not
- Ask you to empty the house first
- Take off repairs you were never going to make
- Send a number with no working behind it
- Promise a day count we cannot keep
7 · What we buy, and what we do not
A short list on purpose.
We would rather tell you no today than waste three weeks of yours.
We buy
- Single-family houses that are rented, or ready to be
- Los Angeles, Orange, Riverside, San Bernardino, Ventura, Kern and Santa Barbara counties
- Houses with a tenant in place — the lease comes with it
- Landlords who are tired of it, moving on, or settling an estate
We do not buy
- A home in foreclosure that the owner still lives in. California writes that contract for you, and it is not one we do this way
- Mobile homes and manufactured housing
- Anything where the rent cannot carry the house
That first one is the opposite of a brush-off. When an owner in default sells the home he lives in, a California statute sets the contract and lets him unwind the sale for two years. It is the right law. If that is your situation, talk to a lawyer before you talk to any buyer — including us.
Selling a lot or a teardown? That has its own sum, priced from the house that can go on it. See how we buy land.
8 · Who reads your file
A person reads it. Not a form.
Wexmoor Circle buys for its own account and holds. We are not brokering your house to somebody else.
Irakli Ezugbaia
Managing Member, Wexmoor Circle LLC · CA DRE #02271654 · NMLS #2728634
We are not hiding behind a form. Here are the four of us, with names and faces.
9 · Questions
What landlords ask before they sell.
In the words they use when they search. General information, not legal or tax advice.
I inherited a rental. Can you buy it?
Yes. The person with the right to sign can sell it, tenant and all. Read selling an inherited house in California first.
Do you charge a fee?
No. No commission and no fee. We also pay the closing costs.
How fast do you close?
You pick the date. The written offer comes within 24 hours of the address and the rent.
What about taxes on the sale?
Ask your CPA before you sign anything. We do not give tax advice, and the answer depends on how long you held it and what you do next.
Send us the address and the rent. Get a written offer in 24 hours.
Two lines. No fee, no commission, and your tenant stays. If the rent does not carry it, you hear that too, with the reason.
