Need to sell some or all of my TX portfolio, or partner with TX investor

[Steve Burleson]

Hi guys.  I need some help, and maybe this is a good opportunity for you as well.  I am an Oregon and Texas investor, but based in Oregon.  I have one small mobile park in Corpus Christi, and 4 other multifamily properties in Livingston, TX, a lake town about 90 minutes north of Houston.  I have significant equity in the properties.  I would prefer to add in a partner at whatever % level is desired, however, I am open to selling one or all of the properties at a fair or slightly discounted rate.  I currently have 15 year notes on all the properties at 5% interest on four of them, and 5.5% on another.  I am 5 years in on three of the properties, 3 years in on one, and 2 years in on another.  

This is the situation:  about a year and a half ago, I had a property manager who found his way back to drugs and alcohol, and embezzled significant funds from me.  All the while, I was paying for units to be fixed, but they were not.  Vacancies increased to the point where the properties, which were profitable when I purchased them, no longer were generating enough money.  Some of this is my fault, as accounting is my kryptonite, and when I brought in a professional management company to turn things around, a lot of the damage (and losses) had already been done.  I have spent the last year working on getting things turned around.  The crew I have out there is wonderful, very loyal to me, and understands that we still have a lot of ground to make up.  

I have used up my personal funds and have been paying the crew out of the rents, and have done that even when it caused me to miss a mortgage payment, because I needed more units to be completed and occupied.  I was able to keep up with things until the last few months and honestly, I need help.  I don't want to lose what it took me 30 years to acquire.  As mentioned above, I'd love to partner with someone who could help with a cash infusion and being somewhat local would be helpful.  Until funds ran dry, I was flying out every 8 weeks for a week or two over the last 5 years.  However, I know that not everyone wants to partner, and I would rather see my people out there stay employed and working on the properties, so if you wanted to purchase a property from me, I would be open to that.

Corpus Christi - Multifamily/Mobile/RV.   21 units on 2 1/2 acres,  5 houses (old), 6 RV spaces (room for a few more), and the rest are old single wide mobiles.  Rents vary from 500 (RV spaces) to 700-1500 (mobiles and houses)

Livingston - 1) Mixed use building, 30,000+ sq ft.  14 Office/professional spaces below, 7 residential above  

2) Tiny home community.  15 units on 3/4 acre.  Rents average $650  

3) 5plex.  rents currently average $700.  This property is currently listed for $450k

4) Mobile Park.  17 single wides (mostly 1980s) and 1 stick built home.

I haven't been on this forum in probably 4 or 5 years, so I don't know the rules.  Moderators, if this should be in a different section, you are welcome to move it.  I will welcome replies and will answer any questions you might have.  Thanks for reading.