Accidental Wholesale Inventory - I need help

[Marie S.]

Let’s just say I settled into a buy and hold strategy and never thought twice about taking another route until now.

My husband recently hopped on my REI train after helping me prep and fill a vacancy. We decided to find a project to work on together for the summer. We found five houses that would need work. We could see ourselves living in them short term to save some money. Then leasing when we’ve recouped.

Well, my letters went out Saturday and 4 of the 5 called back this evening. The owners just didn’t want the property.

They didn’t know what to do with the places. They were happy to dump it on me because they were tired of paying taxes and getting fined by the city for random stuff. (Plus a lot of personal issues that are completely irrelevant to me.)

We settled on me paying the liens on two of the places (all less than $1,700 total). I’ll do the leg work, and upon closing day I’ll hand them $1000 cash.

All of the taxes are paid for the year on all of them.

All of the properties would bring in about $4800 a month, not including the commercial space. (I’ve never rented a commercial space before so I honestly couldn’t tell you what it would yield.)

The problem is that there is no way we could renovate all four of these properties at once. I got a little too excited, I know. We’re not looking for another loan as we took that route with another property and need to pay that off.

This brought me to the conclusion to sell them off. It’s technically wholesaling right? Except I don’t have a buyers list! I had no intention of wholesaling, but now that I have the places it seems like a good opportunity to learn something new.

I know it’s going to take time to close these deals, but now what do I do? I’ve been scouring through this forum but I haven’t quite found which way to go. It seems I might be following the rules of wholesaling backwards.