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Updated over 7 years ago,
Manage 55+ rentals, how do I start selling pieces of it off?
So it has taken me a few years but I now have 55 annual rentals and a few seasonal rentals that I manage, here and there I will also rent a unit for someone and let them manager it thereafter. I truly like managing rentals because it is passive income as long as you can pick up the phone and have a good handyman on staff. My system is very old school as I use google docs to track everything and my tenants all pay directly through my companies bank account and I just track it. I do not use quick-books or quicken because I honestly dont have the time to figure it out. This brings me to my problem if I were to sell say 25 houses as a management business how do I pass on everything? Is this limiting how much I can sell for because I dont have an updated process I use?
How does this work for the owners, do they need to sign a contract that I am allowed to sell their rentals as part of a business?
I a currently building up a portfolio of high end seasonal rentals I will most deff sell off once I have them built up and booked.
I am good at selling homes, I am clearly confused on how to sell a business! Please help!