Updated over 10 years ago on . Most recent reply
Selling Low income houses
2 years ago I purchased a package of low income houses from a friend in the business. All together the houses were around 85k. There not in terrible shape but are low income.
When I bought the houses, I inherited a property manager who took care of all issues.
after several times of being screwed over by tenants and eventually having to fire my property manager, i'm pretty burnt out. I can usually keep two houses filled at any given time but now i'm getting close to running out of money in my business account due to several repairs.
I put the houses to sell on craigslist and am only getting responses from investors who want the houses for 50% what I paid for them.
I've considered Rent-to-Own but would like to simply get out of the business if possible.
So i have a few questions:
* is this just a phase for new investors? I feel overwhelmed and that I made a terrible mistake.
* Is lease to own a better option if I can't sell them for what I paid for them?
* where can I find some specific resources to help with this issue?