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Updated almost 6 years ago on . Most recent reply
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Difficulty selling rental properties at loan amount
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!