Tired landlords are everywhere in 2025.

Eviction moratoriums may be over, but the damage isn’t.
Tenant turnover is up.
Cash flow is down.
And rental fatigue is very real.

You’ve probably talked to some of these landlords already.
They’re not desperate… but they’re fed up.

They don’t want a lowball cash offer.
They don’t want to fix things.
They definitely don’t want to list with an agent.

But they still want full price, or close to it.

Which is exactly why they’re perfect for a novation deal.

Who Are “Tired Landlords,” Exactly?

We’re not talking about mega landlords with 40+ doors. 

We’re talking about:

• Small landlords with 1–4 units

• Accidental landlords who inherited a rental

• Burned-out investors from the 2010s boom

• People who’ve been managing one problem tenant for too long

• Out-of-state owners who’ve lost control of their property

These folks usually say things like:

• “I’m done being a landlord.”

• “The tenant stopped paying, and I just want out.”

• “I’ll sell if the price is right, but I don’t want to fix anything.”

• “I’m not in a rush, but I’m not doing this another year.”

They’re not broke. They’re just over it.

What Makes Them Ideal Novation Sellers?

1. They want to be done, but not ripped off

Tired landlords want out. But they still want a good price.
They feel like they “earned” it, especially if they held the property for years.

Cash offers feel like a slap in the face.

Novation lets you offer full retail numbers (or close), without repairs or listing, and that checks every box for them.

2. They don’t want to deal with tenants or listings

You say “list with an agent,” and they hear:

• Repairs

• Showings

• Tenant complaints

• Delays

• Drama

Novation avoids all that. You can structure the deal without disturbing tenants, and without forcing the seller into landlord mode one more time.

3. They’re used to net numbers, not gross sales prices

Landlords think in net cash flow. So when you show them they can get their number net, with no commissions, repairs, or surprises, they get it.

This makes novation easier to pitch than you might think.

They don’t need to understand legal jargon.
They just need to understand they get what they want, and you handle the rest.

Real Novation Pain Points These Sellers Face

Let’s break down why these landlords are more likely to say “yes” to novations than any other seller type:

The property needs light-to-moderate work

Maybe the tenant trashed it.
Maybe it’s just dated.
Maybe the seller never updated anything during their 10-year hold.

They don’t want to fix it. But they know it won’t sell for top dollar in its current state.
That’s where your pitch comes in.

They don’t want to displace tenants

Many tired landlords still feel a moral obligation to the tenants, especially if they’ve had them for years.

They don’t want to evict just to list.
But they also don’t want to keep managing.

With novation, you can structure the deal around the lease or even work with the tenant, so the seller walks away clean, without guilt or hassle.

They’ve already tried to sell, or thought about it

Check for expired listings.
Look for FSBO attempts.
Ask, “Have you talked to any agents yet?”

Many tired landlords have already dipped their toe into the idea of selling, but didn’t like what they saw.

That’s your opening.

What to Say to Pitch a Novation to a Tired Landlord

Here’s how to break it down without sounding like a lawyer or guru:

Opening Line: Start With Empathy

“Totally get it. Tenants can wear you down, especially after a few years of juggling repairs, late payments, and calls at midnight.”

“I talk to a lot of landlords in the exact same situation. You’re not alone.”

Transition: Introduce a Better Exit

“The traditional way to sell would mean evicting the tenant, fixing things up, staging it, listing it, and hoping it closes.”

“Or I could offer you something cleaner. You’d get your number, locked in, without doing any of that.”

Set Expectations Clearly

“I’m not a realtor, and I’m not giving you a lowball investor offer either. What I do is step in, line up the retail buyer, and take care of everything.”

“You still own the property until closing. But I handle the cleanup, the marketing, and the negotiations.”

“You walk away with the number we agree on, nothing hidden, no surprises.”

Emphasize Non-Disruption

“You wouldn’t need to kick out the tenant. You wouldn’t need to show the property. You wouldn’t pay for repairs or commissions.”

“Everything runs through a title company, and you’re protected the whole way.”

Ideal Filters to Find Novation-Ready Landlords

When pulling lists or talking to sellers, look for:

• Absentee owners (especially out-of-state)

• Non-owner-occupied properties held for 7+ years

• Older landlords (60+) with small portfolios

• Recent eviction filings

• Code violations or deferred maintenance

• Properties that recently failed to sell (expired, withdrawn)

• Single-family homes with month-to-month tenants

Bonus points if:

• It’s not listed

• It’s got equity

• It’s in an appreciating or active retail market

Red Flags to Watch Out For

Not every landlord is a match.

Be cautious if:

• The property is rent-controlled or in a tough legal eviction zone

• There’s major structural damage

• The tenant is non-cooperative

• The seller is emotionally attached and unrealistic about the price

• There’s zero equity and no retail exit

Novation needs room for margin. If the spread isn’t there, or if the seller won’t budge, move on.

Novation Exit Options for These Deals

Depending on the deal, you can exit through:

Wholetail Sale

Clean the property, relist it retail, and sell to a retail buyer. Great for light fixers.

Listed Novation

Partner with a retail agent and list under a novation structure. You act as the project manager and retail flipper.

Retail Buyer with Financing

Find a buyer using conventional or FHA/VA financing. The seller stays on title until the end, but you structure your fee in escrow.

This is the Low-Hanging Fruit of 2025

Tired landlords are motivated, but not desperate.

That’s why they don’t take your cash offer.
But they will say yes to novation if you explain it right.

They want out.
They want peace.
They want simplicity, not another project.

And novation gives them exactly that.

So if you're skipping these conversations because the seller “wants too much”…
You're probably skipping the easiest deal of the year.