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I own 5 fully renovated, updated and excellent tenant occupied (1000-1500 square feet) rental properties in the DFW area - 3 houses, a townhouse and a condo. Three are worth about $90-$100K, one is worth about $80K and another about $65K. In the next 24 months I will be moving out of the area and am wrestling with what to do with the properties. I don't have any mortgages on these places, but they are in excellent condition and I will never sell any of them at wholesale prices. The best I would do is directly sell them at a discount to reflect not using a commissioned real estate agent.
Just looking for suggestions. I am not attempting to market them at this time. Should I just sell each individually at retail by not renewing leases and getting them vacant for MLS sales, or is there a better way? Again, I absolutely will not deeply discount these properties. I am not in a desperate situation and they are all in beautiful condition and updated.
Are they all here in the North Irving area ? I just had a client buy a $115k home and they are so hard to find. I sold my 4 just by putting FSBO signs in the yard and through word of mouth.
Just sent a DM. I have a lady friend talking about buying an investment home (s).
I own 5 ...Three are worth about $90-$100K, one is worth about $80K and another about $65K.
...they are in excellent condition and I will never sell any of them at wholesale prices.
...wrestling with what to do with the properties.
You have sorta painted yourself into a corner there.
Not that it's a bad way to go but all you have left is retail.
One at a time... with price, timing and terms based on the merits of each property.
If you have the time... do your own advertising and selling.
But I'd start by asking the existing tenants if they want to buy.
Didn't you ask about this a month or so back?
Good luck.
Just list them all for sale. Individually. No one buys a 5 pack of homes. I really don't understand why you would list them at a discount vs a realtor. If you discount $5k or pay a realtor $5k what's the difference? You will probably sell them faster with a realtor as they will coordinate the showings. Showing 5 houses with multiple units would be a full time job for you. Sell the houses with the tenants in place.
Are they all here in the North Irving area ? I just had a client buy a $115k home and they are so hard to find. I sold my 4 just by putting FSBO signs in the yard and through word of mouth.
Just sent a DM. I have a lady friend talking about buying an investment home (s).
2 in zip code 75061
2 in zip code 75060
Condo in zip 75220
You have sorta painted yourself into a corner there.
Not that it's a bad way to go but all you have left is retail.
One at a time... with price, timing and terms based on the merits of each property.
If you have the time... do your own advertising and selling.
But I'd start by asking the existing tenants if they want to buy.
Didn't you ask about this a month or so back?
Good luck.
My tenants in 3 properties want to buy owner finance. Tho they have all been excellent tenants, none have significant down payment funds so I see no benefit of doing a sale where I no longer control the property and their skin in the game is minimal.
Nope, didn't ask about this specifically.
Wondering if it makes sense to package them or even hold and use a property manager, or do an owner finance to another investor who has significant down payment funds, or other ideas.....
Just list them all for sale. Individually. No one buys a 5 pack of homes. I really don't understand why you would list them at a discount vs a realtor. If you discount $5k or pay a realtor $5k what's the difference? You will probably sell them faster with a realtor as they will coordinate the showings. Showing 5 houses with multiple units would be a full time job for you. Sell the houses with the tenants in place.
I wouldn't discount at full commission value. That would be a no win for me. but if I did FSBO, I would discount 2-3%
Why would you complicate your life with such problematic solutions?
Just sell them the old fashion way. Sell them to someone who can get afford a real bank loan.
you are probably right except that someone might have input I haven't thought about.....
And I have not deciphered tax consequences of options available....
My tenants in 3 properties want to buy owner finance. Tho they have all been excellent tenants, none have significant down payment funds so I see no benefit of doing a sale where I no longer control the property and their skin in the game is minimal.
Nope, didn't ask about this specifically.
Wondering if it makes sense to package them or even hold and use a property manager, or do an owner finance to another investor who has significant down payment funds, or other ideas.....
If you own the properties free and clear and you're leaving the area, why don't you just hire a property management co?
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