Difficulty selling rental properties at loan amount

[Sabrina Brown]

I own 3 rental properties in Memphis and have been renting them out since I got them.  However, last year I tried to sell them at 25% below market value and still only got offers for less than the loan amount.  I ended up having to put tenants in it again after not receiving any income for a year in addition to putting in another 20K to fix these properties up to make them turn key.  I can't refi because I am self employed and I can't do a short sale or approach the banks as to not to jeopardize my excellent credit rating.  

I would like to sell these properties as a package. They generate at least 1K/month in net profits (after PITI and management fees) and don't need any repairs.

Is there any other strategy I could use to offload these properties at a minimum of breaking even or just a tiny bit of a profit?  

I am currently looking for MFH's in CA and would also consider an exchange or other unique options.  Please advise!

[Tou V.]

I’m fairly new to RE investing, but if I bought $215k worth of properties for zero down and was able to cash flow $1000 month for most of the last 5 years, I’d be pretty happy.  Would even be thinking why didn’t I buy more, say 5 times the amount, $1 million worth of properties to get $5000 monthly cash flow. While I’d agree that pricing a house for 25% less than the average retail should result in a sale.  There’s so many other variables to determine why a house sells and another doesn’t.

This is just an assumption, but if you still owe $215k on the properties and paying a conservative (it's probably more) $1300 in monthly PITI, added with the $1000 net monthly cash flow. Your 3 properties would be making a NOI of $27,600 which I'd consider pretty good.

[Alex Craig]

[Alex Craig]

Originally posted by @Alex Craig:

 @Chris Clothier

[Alexander A.]

Originally posted by @Alex Craig:

Originally posted by @Alex Craig:

 @Chris Clothier

 hahahaha, sorry this was just too funny for me to to say anything.

[Sabrina Brown]

@Chris ClothierWhen looking up PremierManagement at http://www.premierpropertymemphis.com/about_us.htm... the "Clothier Family" is listed. Is this your family?  Are you "affiliated" with them? If not, why would Nate send you the details about the circumstances?  If your family does indeed own PremierManagement, I am just wondering why your company would offer someone like me to manage the property when you do NOT manage out of state investors NOR manage in the area?  I know there was a discussion about it back then and yes, they did me a favor taking over but in the end it all backfired.  I would just like to understand this.  I take responsibility for agreeing and not seeking any other professionals in Memphis because I did not know anybody else at that time.  Premier Management made good markups on the repairs, too, which I paid for so it was all squared away.

Since you asked, the increase in management fees was just one excuse for me not to renew with Premier. There were numerous issues that piled up during that time.  I don't want to list further details here to stop the going back and forth.  Other posters will just have to understand that.  I have my notes and proof and you have yours. I don't want to get into a fight because it is senseless.  It's done and over with.  

To other posters:  

My mortgage total per month is about $1,700 as interest rates were much higher back in 2010, even though I supposedly got the best rate with my excellent credit rating.  

Yes, the properties are a good investment with $1,000/month in cash flow IF I didn't have bad luck with about half the time losses spread among all 3 properties due various factors and utilizing numerous "professionals". I unfortunately didn't find out about the "bad apples" there until it was too late. Hindsight is 20/20. I would still hold onto my properties if issues didn't continue. I just don't want to be in the business of owning SFH's. I learned my lesson and got more knowledge down the road (and paying for it!).

I am/other initial investors are no longer associated or doing business with the affiliate marketing company who "kicked" all initial investors out that helped her get her business going by leading us to this initial TK provider and making good money on us. She continues to pursue beginning investors to do business with her and her company/ies. 

Just to clarify, I met with the initial TK provider in Memphis and everybody else involved.  Everyone was very nice as they all are when they want your business.  I even looked at my first property Kings Arms, which was initially rented out with a lease option tenant who then broke the agreement just after a year into it.  Things looked great in the beginning.  Now ironically, the most challenging property at Chelsea has a tenant in it who considers a lease purchase option, and my best property at Lazzini is vacant (for sale or rent - after losing yet another tenant because a repair was not completed by yet another management company I just fired last week). 

I am looking for a solution. After reading all the posts and just going by the current situation, market should pay close to what I am asking. I may have not used the proper previous 3 listing agents before (including numerous phone calls to other realtors who confirmed some of the information, whereas some were just advising to offer at a loss or walk away, which is not an option), but if I listed the properties again, isn't that just going to be a repeat of a repeat? Aren't there Memphis companies that already have buyers on waiting lists looking for certain properties such as mine? I am okay with investors wanting to buy from me, not just OO, if it is within reason (not as if my properties were distressed).

[Sabrina Brown]

@Alex Craig that was indeed funny!  It reminded me of the corporate world...I am not here to get into fights even though it is very stressful dealing with this situation.  I also didn't want to disclose THIS much detail about my specific properties (only in private) but then public records were pulled up and other personal things mentioned that I had to respond to.  Heads started heating up...oh boy!  Hopefully we can all get along as adults and know where to keep the limits!

[Michael Mcghee]

@Sabrina Brown if you took a hit on the Chelsea Hill property it appears the other 2 properties will be stronger. Sometimes we have to purge a bad investment to make the whole portfolio perform as expected. That appears to be the problem property so deal with that one immediately and get back to investing. Also any property is susceptible to get vandalized so it comes with the territory.

[Account Closed]

Originally posted by @Derek B.:

 .......The west coast $$ is trying to get in the game and they aren't stopping to think about how they will get out of the game. 

And I agree with you. CF only looks good on paper. 

 I want to give props to this thread as it may help others to stop and think about their (eventual) exit on a turnkey (or any "cash flow" rental).  This has been a very interesting read/ride for me.  Had it been a typical "my properties are't selling, why do I do", the typical BP response is the "price is too high".  The answer here is the same, but with all of our opinions about how the purchase was wrong.  Props to @Michael Lauther for calling attention to the fact that 1) the OP isn't out of pocket any cash, and 2) even with a difficult rental history, the OP appears to still be in the black on these properties.  The debt burden and stress is real.  Not so much any actual financial loss.  

So the OP can find help selling at break even (or a little better), or not. The loan products available when she purchased and refinanced are enviable in a situation like this.  It's the ultimate test of the cash flow question.  Are you really buying for cash flow? Or did you buy for back end rewards?  I've sold a lot of properties to buyers swearing to the former, but it was oh-so-obvious what the truth was when they sold for profit pre Bubble, and for a loss post crash.

[Jay Hinrichs]

@Chris Clothier   My main points and maybe I am not conveying them well is my confusion with Mid west valuations and appraisals.. as You know I funded at least 200 million of these deals in my days... and I relied on 3P appraisals.  what I could not understand is how I could get these 3P appraisal values yet when I ended up owning the asset I could not sell for anywhere near the appraisal value regardless if I went in and did a full rehab which I did to the tune of millions of dollars.

The reality was without a highly tuned and financed resale outlet like a turn key company the appraisals were in fact meaningless to me personally. So regardless if Sabrina bought the homes and put no money down she got some national lender to lend her 75% LTV . so now 5 years later its OH Sabrina that area is a dog.. OH Sabrina this one is over priced what were you thinking etc etc.. my comment is not aimed at a company or individual its aimed at the whole mid west.. Deep south and rust belt.

And my conclusion is if one wants to buy in these areas they need to back into the 2% rule and own them basically forever.. the resale is the 2% rule because as individuals you don't have a highly financed TK company marketing your product and the MLS is useless in most instances .

In the day  in CA you had to do a public report to sell bare land.. and part of the disclosure was it would be very difficult to impossible to resell for what you paid because your buying from a highly organized and funded marketing company IE Boise Cascade.. Now this is before most of you folks were born.. but I was raised in it.

Now these developments turned around but it was literally 40 to 50 years before the values EVEN IN CA got to were folks that bought in the 60S could sell for what they paid.. SAme with Florida land.

I see mid west rentals the same way. that's all I am trying to say.. If you want cash flow buy cash flow but don't plan on selling in the next 10 to 20 years and getting what you paid for them... These areas are all rental areas will be rental areas and the big money is made by those that buy and resell them as turn key.. those are the companies that make the big dollars.. Like Curt said 15k a house minimum .. this I agree with I see the HUD's day in and day out.. Now some of my boutique guys make far less and give some pretty fair deals but you have to hunt for those. LOL.

Its just so foreign to how a west coast investor thinks about liquidity. IE we list sell in 60 days and are done.

that's my point

[Account Closed]

Originally posted by @Tou V.:

I’m fairly new to RE investing, but if I bought $215k worth of properties for zero down and was able to cash flow $1000 month for most of the last 5 years, I’d be pretty happy.  Would even be thinking why didn’t I buy more, say 5 times the amount, $1 million worth of properties to get $5000 monthly cash flow. While I’d agree that pricing a house for 25% less than the average retail should result in a sale.  There’s so many other variables to determine why a house sells and another doesn’t.

This is just an assumption, but if you still owe $215k on the properties and paying a conservative (it's probably more) $1300 in monthly PITI, added with the $1000 net monthly cash flow. Your 3 properties would be making a NOI of $27,600 which I'd consider pretty good.

Are you an engineer or trained in a profession requiring rationality, by any chance?  I feel like I went down into the rabbit hole of assumptions about the big bad TK purchase, only to come out on the other side feeling the way you do,  And no one in my family thinks of me as the rational type.

BTW, the cash flow wasn't $1K per month per the OP.  The OP knows there is limited cash flow due to her expenses, debt service and PM.  And she must have had zero CF during the months when the properties were listed and vacant.  Regardless, no money out of pocket is enviable.  In her shoes, I'd probably make it work, regardless of value, unless a muni was coming down on me hard for compliance issues or something bureaucratic beyond my control.  Bad tenants and PM are not beyond my control.

[Tou V.]

Originally posted by @Jay Hinrichs:

@Chris Clothier   My main points and maybe I am not conveying them well is my confusion with Mid west valuations and appraisals.. as You know I funded at least 200 million of these deals in my days... and I relied on 3P appraisals.  what I could not understand is how I could get these 3P appraisal values yet when I ended up owning the asset I could not sell for anywhere near the appraisal value regardless if I went in and did a full rehab which I did to the tune of millions of dollars.

The reality was without a highly tuned and financed resale outlet like a turn key company the appraisals were in fact meaningless to me personally. So regardless if Sabrina bought the homes and put no money down she got some national lender to lend her 75% LTV . so now 5 years later its OH Sabrina that area is a dog.. OH Sabrina this one is over priced what were you thinking etc etc.. my comment is not aimed at a company or individual its aimed at the whole mid west.. Deep south and rust belt.

And my conclusion is if one wants to buy in these areas they need to back into the 2% rule and own them basically forever.. the resale is the 2% rule because as individuals you don't have a highly financed TK company marketing your product and the MLS is useless in most instances .

In the day  in CA you had to do a public report to sell bare land.. and part of the disclosure was it would be very difficult to impossible to resell for what you paid because your buying from a highly organized and funded marketing company IE Boise Cascade.. Now this is before most of you folks were born.. but I was raised in it.

Now these developments turned around but it was literally 40 to 50 years before the values EVEN IN CA got to were folks that bought in the 60S could sell for what they paid.. SAme with Florida land.

I see mid west rentals the same way. that's all I am trying to say.. If you want cash flow buy cash flow but don't plan on selling in the next 10 to 20 years and getting what you paid for them... These areas are all rental areas will be rental areas and the big money is made by those that buy and resell them as turn key.. those are the companies that make the big dollars.. Like Curt said 15k a house minimum .. this I agree with I see the HUD's day in and day out.. Now some of my boutique guys make far less and give some pretty fair deals but you have to hunt for those. LOL.

Its just so foreign to how a west coast investor thinks about liquidity. IE we list sell in 60 days and are done.

that's my point

 Jay, you're always insightful on these subjects. I've also wondered why there are so many cheap houses in the Mid-West and there must be a catch to buying something for $40k and renting for $800.  The numbers say it's a slam dunk great deal.  Then I wonder why people would rather rent for $800 then take a $40k home loan.  Even if you worked minimum wage, a $40k house is well within your price range.  Then it occurred to me many people in these cities don't care about home ownership.   Some people just don't want to own a home no matter how much cheaper it is then renting. That's maybe why there's a huge rental market, but not resale.  Most decent size cities on the west coast, anything 25% cheaper is gone in 60 seconds.  Like they stole it.  Just my rookie thoughts.  

[Tou V.]

The houses may very well appraise for what you think it's worth and the numbers work out, but there may just not be enough buyers.  If there were buyers, out of state investors would not even get a chance.  

[Tou V.]

Originally posted by @Account Closed:

Originally posted by @Tou V.:

I’m fairly new to RE investing, but if I bought $215k worth of properties for zero down and was able to cash flow $1000 month for most of the last 5 years, I’d be pretty happy.  Would even be thinking why didn’t I buy more, say 5 times the amount, $1 million worth of properties to get $5000 monthly cash flow. While I’d agree that pricing a house for 25% less than the average retail should result in a sale.  There’s so many other variables to determine why a house sells and another doesn’t.

This is just an assumption, but if you still owe $215k on the properties and paying a conservative (it's probably more) $1300 in monthly PITI, added with the $1000 net monthly cash flow. Your 3 properties would be making a NOI of $27,600 which I'd consider pretty good.

Are you an engineer or trained in a profession requiring rationality, by any chance?  I feel like I went down into the rabbit hole of assumptions about the big bad TK purchase, only to come out on the other side feeling the way you do,  And no one in my family thinks of me as the rational type.

BTW, the cash flow wasn't $1K per month per the OP.  The OP knows there is limited cash flow due to her expenses, debt service and PM.  And she must have had zero CF during the months when the properties were listed and vacant.  Regardless, no money out of pocket is enviable.  In her shoes, I'd probably make it work, regardless of value, unless a muni was coming down on me hard for compliance issues or something bureaucratic beyond my control.  Bad tenants and PM are not beyond my control.

 I'm in the Computer sector so it's garbage in garbage out.  Although I've heard many horror stories about TK, there's also been just as many positive one.  One thing I will agree on is if you can get in with little or no money and cash flow, then it's a win win.  If any TK offered me the same opportunity I'd be all in.  

[Tou V.]

Originally posted by @Sabrina Brown:

In an earlier post I read something about a "street to street" issue where one street would be monopolized (my words but this is how I interpreted it) by a TK provider whereas an adjacent street would just be a "regular sales" street.  Is this true?  If so, it makes complete sense why this "game" has been played with 3 different values as correctly pointed out before: wholesale, retail, and TK.

Based on prior posts, my asking price is not too far off from what I should be able to reasonably get the properties for.  I believe that I should still be able to get the loan amount, plus closing fees, plus a little "cushion", while the properties still generate more than enough cash flow for someone else to be able to make a profit on it.  Or am I missing something here?

I don't think you're missing anything. Your assumption makes sense if it was a seller or neutral market. The mid-west looks more like a huge buyers market. Where many properties listed on the MLS or publically available would cash flow based on price / rent ratio. Thus buyers are only picking the best and the rest goes unsold. Note, I can search on the Internet for Memphis properties and see hundreds on possible cash flowing properties. Naturally I'd only pick what I'd think are the very best.

[Dean Letfus]

"there must be a catch to buying something for $40k and renting for $800. The numbers say it's a slam dunk great deal."

Memphis is the only market I know inside out and all I can say is there are very few slam dunks in town especially at that low price.  There are just so many funky areas and one side of a street can be great and 6 doors up is terrible.

I can't comment on other cities but ours requires huge local knowledge and expertise to succeed.  Why we have so many turnkey providers is totally beyond me.  I guess it's because our percentage of renters is so high.

It takes a particular mindset to succeed in Memphis. My original mentor always used to say that when you buy anything here think of it like a tattoo, you're going to have it for life :-)

[Sabrina Brown]

@Tou V.

You are so right on!  My experience has been (after a painful time of finding this out) that most tenants there don't care that if they get evicted there or move numerous times during existing rental agreements.  They don't want or need to own a home or can't own a home due to prior evictions/bad credit, etc.  They don't take good care of someone else's properties.  Even if you get a judgment against a prior tenant, they know that once you go after one employer via wage garnishment, they will just quit and move on to another.  As I mentioned a few times, this is one of the reasons I lost a lot of money.  TK providers have the best insight but yet, many providers still promote mostly to out of state investors!  TK providers "own/monopolize" certain streets/areas.  No matter how you look at it, it is the best investment for TK providers and mostly a dud for investors.  As this long thread shows, too, is that no matter what you look at, there are issues left and right.  Since these properties are not my first and only investments, they are definitely the most challenging.  

I am not a completely clueless investor, although my mistake was to trust these professionals.  Coming from Europe where money advisors and people falling into this category have the highest integrity, it just baffles me that there are no stricter rules by the government.  I actually commented on another post thread about a "$50,000 lie" and it wraps smoothly into this overall topic, too.

It is easy to see the red flags from an outsider perspective.  If TK providers had presented it to one of you posters here, it would have sounded good to you, too, and all of your online research and talking to other "professionals" would have pretty much confirmed that as well.  There is very general info online and each TK provider's website comes across as very sincere and legitimate, they may even be nice in person, on the phone, on location, etc.  What was promoted though is that these TK properties could EASILY be sold if one so desired, even sooner than 10 years because prices are stable in Memphis due to great presence of Fedex, medical industry, and many other big employers.  Nobody can predict the future but I bet that the "tricks" are being played in Memphis are nothing new there.  Of course, nobody tells you about this upfront.  The more you look at it, the more it is a scam, although some try to do some honest business in the mix.  It is almost impossible to do business in Memphis without getting screwed over at least by one company or individual at one point.  I know too many, even outside of the large group of investors that signed up with the same affiliate marketing company as me back then, that are and have been going through the same.  Once again, Tou, you are right on.  I just elaborated a tad bit more on it :-)

[Sabrina Brown]

@Dean Letfus yeah, I wish I had known all of this beforehand.  And if you read through my prior post, many TK providers count on out of state investors knowing that this Memphis market is unique and tough!

[Ben Leybovich]

Originally posted by @Jay Hinrichs:

@Chris Clothier   My main points and maybe I am not conveying them well is my confusion with Mid west valuations and appraisals.. as You know I funded at least 200 million of these deals in my days... and I relied on 3P appraisals.  what I could not understand is how I could get these 3P appraisal values yet when I ended up owning the asset I could not sell for anywhere near the appraisal value regardless if I went in and did a full rehab which I did to the tune of millions of dollars.

The reality was without a highly tuned and financed resale outlet like a turn key company the appraisals were in fact meaningless to me personally. So regardless if Sabrina bought the homes and put no money down she got some national lender to lend her 75% LTV . so now 5 years later its OH Sabrina that area is a dog.. OH Sabrina this one is over priced what were you thinking etc etc.. my comment is not aimed at a company or individual its aimed at the whole mid west.. Deep south and rust belt.

And my conclusion is if one wants to buy in these areas they need to back into the 2% rule and own them basically forever.. the resale is the 2% rule because as individuals you don't have a highly financed TK company marketing your product and the MLS is useless in most instances .

In the day  in CA you had to do a public report to sell bare land.. and part of the disclosure was it would be very difficult to impossible to resell for what you paid because your buying from a highly organized and funded marketing company IE Boise Cascade.. Now this is before most of you folks were born.. but I was raised in it.

Now these developments turned around but it was literally 40 to 50 years before the values EVEN IN CA got to were folks that bought in the 60S could sell for what they paid.. SAme with Florida land.

I see mid west rentals the same way. that's all I am trying to say.. If you want cash flow buy cash flow but don't plan on selling in the next 10 to 20 years and getting what you paid for them... These areas are all rental areas will be rental areas and the big money is made by those that buy and resell them as turn key.. those are the companies that make the big dollars.. Like Curt said 15k a house minimum .. this I agree with I see the HUD's day in and day out.. Now some of my boutique guys make far less and give some pretty fair deals but you have to hunt for those. LOL.

Its just so foreign to how a west coast investor thinks about liquidity. IE we list sell in 60 days and are done.

that's my point

 Another great post, Jay. I disagree with 1 point. There is a way to buy in the Mid-West - it requires value add. You MUST have value add.

Warren Buffet says diversification is protection against ignorance. I say appreciation is protection against ignorance, and we don't have any for many reasons. As such, to be safe, we must create our own appreciation.

So - there is a way to buy. But, you can't afford to buy TK in Mid West and expect anything positive on your balance sheet. And if nothing positive happens on the balance sheet, then you're bouncing on ****..lol TK cash flow in Mid West is phantom, especially if you give a pice to the TK company up front, and a management fee out of CF. no magic to this, guys...

YOU NEED AN EXIT BEFORE YOU GET IN - period! Underwrite to the IRR. know your stuff or get the hell out before your life hurts

[Ralph R.]

@Sabrina Brown

Thanks for Starting this thread Sabrina.  I have been getting hounded by TK providers from Memphis.  I could not get any of their numbers to work for me (to much down payment to get a cash flow), and I could not figure out a decent exit strategy.  These are basic rules I see on bigger pockets every day.  I thought I was making a mistake not looking into them further.  This thread has proved my instincts correct, and I am grateful.  It is interesting to note one of the people posting on this thread represents the TK company that has been trying to get me to invest with them.

The markets where I normally invest are pretty lean right now and trying to find properties is tough at best.  I have to admit its tempting to try a TK, but this thread has opened my eyes a bit.  I think any investor needs to remember the basics before entering into any deal and out of state investors need to do as much or more due diligence on the people they will be working with as they do on the deal itself.  That's what makes out of state investing so challenging.     

  Thank you so much!!

RR        

[Sabrina Brown]

@Ralph R.

Thank you, Ralph, and I am glad it was helpful to you, although I am still not sure what else to do what I haven't already tried out. I did my research ahead of time. I guess the biggest dilemma is that one would not know what areas are considered "TK monopoly area" or not. A "TK area" is definitely a higher challenge finding OO or getting closer to retail value. The comps just won't allow it. My investments did well in the first 1 1/2-2 years but then it just turned into one issue after another from all angles. In addition to professionals screwing people over almost as part of a game, tenants not caring about being evicted or switching jobs, etc., Memphis has been the biggest challenge. I don't have any of these issues anywhere else. I just wonder if all these other cities are going to catch onto this game because it appears that Memphis properties and practices have been chewed, spit out, eaten again over and over again...

[Pam Schuster]

I too find this tread very interesting.  I bought my first property in Memphis from a TK this past march.  Everything was going great for 4 whole months when the renter of a 2 year lease left a 2.5k mess for me.  It's only money but so glad I only bought 1 property.  I will be the first to say it's a great idea if I ever get that lucky.

[Aaron B.]

As a new investor, I am in no position to provide advice. That said, I will note this thread should be required reading.  I am an avid keyword search "turnkey" reader.  This has been one of the more informative threads especially insightful is the reactions of the Turnkey community.  This is a solid reminder of best practices. 

[Sabrina Brown]

@Pam Schuster and @Aaron B. I am glad I could provide some insight.

To all:

I wanted to clarify this one more time:  The deal looked like a great deal from the beginning. The exit strategy was to either increase rents or sell for profit.  This is being promoted by TK providers (and after all, my properties showed 75% equity when I financed it - in hindsight I wonder if the initial mortgage company was also a scam as it no longer exists!). What they failed to say that the area was a TK dominated area, thus, one could never get retail or find buyers with credit to qualify for financing.  If rents had been paid on time and professionals didn't screw me over, all would be fine and dandy, like it should be.  I know, I know, as an investor leasing to tenants is always an issue.  However, the issues there are so much greater than any other rental properties/deals I have known.  It's almost like a "pest in Memphis" for anybody not having lived in Memphis.  I did my due diligence in the beginning.  I flew out there, met with the team, drove around, saw multiple properties and areas, calculated, chewed up the numbers from every angle - everything looked fine but one will never see what's really going on until it's too late.  Add that with not being in the same area to remedy issues right away because information has been held back from you, then it turns into a complete disaster.  At one point it was good that I had 3 properties so if one tenant moved out, the cash flow from the others would cover the losses.  But that was very short lived.  I never once took out funds for my personal needs, instead, I consistently transferred thousands of dollars into the account to pay for everything that built up.  In the meanwhile, I am trying to list the properties myself to see what response I may be getting.  I have rented out 2 of the 3, with the 3rd one in the prime area showing great interest for rent while the 2nd tenant is already giving me another headache only after 1 month of living there (this is a BAD tenant from the prior management company!).  So the saga continues...

[Account Closed]

Originally posted by @Sabrina Brown:

I own 3 rental properties in Memphis and have been renting them out since I got them.  However, last year I tried to sell them at 25% below market value and still only got offers for less than the loan amount.  I ended up having to put tenants in it again after not receiving any income for a year in addition to putting in another 20K to fix these properties up to make them turn key.  I can't refi because I am self employed and I can't do a short sale or approach the banks as to not to jeopardize my excellent credit rating.  

I would like to sell these properties as a package. They generate at least 1K/month in net profits (after PITI and management fees) and don't need any repairs.

Is there any other strategy I could use to offload these properties at a minimum of breaking even or just a tiny bit of a profit?  

I am currently looking for MFH's in CA and would also consider an exchange or other unique options.  Please advise!

 Is there an address for each of the properties and any meaningful financials?

[Sabrina Brown]

@Account Closed

Hi Greg,

Yes, there is (since one of the prior posters already disclosed it).  

I just lowered the price on 2 of the 3 properties again. You may have your own criteria in evaluating the property. If there is specific information you need, such as insurance cost, etc. I can provide that as needed. If you are talking about financial statements under the LLC these properties are in, yes, I have accurate Quickbooks records.

Please let me know if you are interested or have any questions. 

Thank you.