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Being a landlord sounds simple in theory — collect rent, build equity, retire wealthy. The reality is often very different. After years of dealing with tenant turnover, property damage, midnight maintenance calls, and rising property tax bills, many Ohio landlords reach a breaking point. The rental property that was supposed to be a wealth-building asset has become a full-time job that barely breaks even.
If any of these sound familiar, you are not alone — and you have options.
You have tenants who stopped paying rent, damaged the property, or refuse to leave. Ohio evictions take 4 to 8 weeks minimum and cost $500 to $2,000 in legal fees. Meanwhile, you are paying the mortgage, insurance, and taxes on a property generating zero income.
Rising insurance premiums, property tax increases, and maintenance costs have turned your once-profitable rental into a money pit. When the rent check does not cover expenses, every month you hold the property costs you money.
The roof needs replaced. The furnace is 25 years old. The plumbing is original from 1960. When $30,000 to $50,000 in repairs are staring you down, selling as-is starts looking very attractive compared to pouring more money into a property you want to leave.
You inherited a rental property in Dayton but live in Florida. Or you moved out of Ohio but kept the rental. Managing a property from 500 miles away through a management company eating 8 to 10 percent of your rent is exhausting and expensive.
You have been a landlord for 10, 15, 20 years and you are simply done. The late-night calls, the turnover every 12 months, the constant small repairs — it has worn you out. You want your equity and your time back.
The city has issued violations — broken windows, overgrown landscaping, structural issues, lead paint, or habitability concerns. Fixing them costs thousands. Ignoring them leads to fines and liens. Selling eliminates the problem entirely.
Call Preston directly. No pressure, no obligation. Just a fair number from a licensed Realtor who buys rental properties regularly.
(937) 907-1743 Get My Offer OnlineOne of the biggest concerns landlords have is: "Can I sell with tenants still living there?" The short answer is yes. Here is how Ohio law handles it.
Existing leases transfer to the new owner. Under Ohio landlord-tenant law (Ohio Revised Code Chapter 5321), when a rental property is sold, any existing lease agreement transfers to the new owner automatically. The tenant's rights under the lease do not change. They keep their lease terms, their security deposit obligations transfer, and they cannot be evicted simply because the property was sold.
Month-to-month tenants. If your tenant is on a month-to-month agreement (no active lease), the new owner can terminate the tenancy with 30 days written notice. This is standard in Ohio. Many cash buyers — including Hillard Home Solutions — are comfortable buying with month-to-month tenants because the transition is straightforward.
Tenants with active leases. If your tenant has a fixed-term lease (for example, a 12-month lease with 6 months remaining), the new owner must honor that lease through its expiration. We factor this into our offer. In many cases, we actually prefer tenants with active leases because it means immediate rental income for us after closing.
Non-paying or problematic tenants. If your tenant has stopped paying rent or is violating the lease, you do not need to resolve that before selling. We buy properties with problematic tenants regularly. We handle the eviction process or negotiate a cash-for-keys agreement after closing. You walk away clean.
Security deposits. Ohio law requires you to either return the tenant's security deposit or transfer it to the new owner at closing. We handle this as part of the transaction — your closing attorney or title company will coordinate the transfer so you do not have to chase it down.
Tenant notification. While Ohio does not require you to give tenants advance notice of a sale (unlike some states), it is good practice to inform them once the sale is under contract. We can help you draft a simple notification letter if needed.
A straightforward process designed for landlords who want out — without the hassle of listing, showing, or evicting.
Preston Hillard is a licensed Ohio Realtor with eXp Realty and an experienced cash home buyer based in Centerville. He has purchased dozens of rental properties across Montgomery, Hamilton, Butler, Warren, Greene, Clark, and Clermont counties. Here is what makes working with him different from other cash buyers or listing with an agent.
He shows you all your options. Before making an offer, Preston runs the numbers three ways. What would a cash sale net you today? What would listing on the MLS net you after repairs, vacating the tenants, agent commissions, and 90 to 120 days on market? Are there creative terms — like seller financing or a lease-back — that might make more sense? You see every number and decide which path works for your situation.
He handles tenant situations. Whether your tenants are paying on time, behind on rent, or actively hostile — Preston has dealt with it. You do not need to evict, negotiate, or even talk to your tenants about the sale if you do not want to. He manages the entire transition after closing.
He handles title problems. Rental properties often come with title complications — liens from unpaid contractors, tax delinquencies, code violation liens, or ownership disputes between family members. Curative title resolution is Preston's specialty. Most buyers walk away from these deals. Preston solves them.
He buys in any condition. No repairs needed. No cleaning. No staging. Whether the property has $5,000 in deferred maintenance or $50,000, the offer accounts for it and you are not responsible for fixing anything.
Share the property address, tenant situation, and why you want to sell. No commitment required.
Preston researches your property using county records, rental comps, and MLS data, then presents cash, listing, and creative options with full transparency.
Accept the offer and pick a closing date. As fast as 7 days. We pay closing costs, handle tenant transition, and resolve any title issues.
We buy single properties and entire portfolios. If you are ready to exit your Ohio rental holdings, Preston can make offers on all of them at once.
Call (937) 907-1743 Try Our Cash Offer CalculatorSelling a rental property has different tax consequences than selling your primary residence. Understanding these before you sell can save you thousands of dollars and help you make a more informed decision.
Capital gains tax. When you sell a rental property for more than your adjusted cost basis (purchase price plus improvements minus depreciation), the profit is subject to federal capital gains tax. If you have owned the property for more than one year, it qualifies for long-term capital gains rates — currently 0%, 15%, or 20% depending on your income bracket. Short-term gains (properties held less than one year) are taxed as ordinary income.
Depreciation recapture. If you have been claiming depreciation on your rental property — and you should have been — the IRS requires you to "recapture" that depreciation when you sell. Depreciation recapture is taxed at a flat 25% federal rate, regardless of your income bracket. This often catches landlords by surprise. If you depreciated $40,000 over the years you owned the property, that is $10,000 in depreciation recapture tax alone.
Ohio state tax. Ohio taxes capital gains as ordinary income through its tiered income tax system. As of 2024, the top Ohio income tax rate is 3.75% on income over $115,300. There is no separate capital gains rate in Ohio.
Net Investment Income Tax. If your modified adjusted gross income exceeds $200,000 (single) or $250,000 (married filing jointly), you may also owe the 3.8% Net Investment Income Tax on the gain from the sale.
A 1031 exchange (named after Section 1031 of the Internal Revenue Code) allows you to defer all capital gains and depreciation recapture taxes by reinvesting the proceeds from your rental property sale into another "like-kind" investment property. Here is how it works.
The timeline is strict. From the date of closing on your sale, you have exactly 45 days to identify up to three replacement properties and exactly 180 days to close on one of them. Miss either deadline and the exchange fails — you owe the full tax.
You need a Qualified Intermediary (QI). The sale proceeds must go through a QI — you cannot touch the money directly. The QI holds the funds and disburses them to the replacement property closing. Preston can recommend QIs he has worked with in Ohio.
The replacement property must be equal or greater in value. To defer 100% of the tax, the replacement property must cost at least as much as the property you sold. You can "trade up" from a $100,000 Dayton rental to a $250,000 Cincinnati rental, for example, and defer the entire gain.
Should you do a 1031? It depends on your goals. If you want to stay invested in real estate but in a different property or market, a 1031 exchange makes sense. If you want to exit real estate entirely and access your cash, a 1031 exchange does not help — you will owe the tax eventually. Preston can walk you through both scenarios so you can make an informed decision. Always consult your CPA for tax advice specific to your situation.
No more tenant headaches. No more maintenance calls. No more negative cash flow. Get a fair cash offer and close on your timeline.
Get My Cash Offer Call (937) 907-1743Common questions from Ohio landlords about selling their rental properties.
Get a fair, no-obligation cash offer within 24 hours. Tenants in place? No problem. Deferred maintenance? We do not care. Call Preston directly or fill out the form.