What are the best options?

[Ben Roberts]

An out of state investor contacted me about a home he recently purchased in north Memphis, TN.  It's a 4/3 about 1800 sq ft, with a garage. Built in 2006 in a heavy rental area, a B class neighborhood.  He bought the home in 2014 for $81K and has not had a pleasant experience with his current prop management company.  He's at the point that he just wants out of the house.  There's really no equity here, the home is probably worth $81-$83K.  Rents in the area for comparable homes are $900-$950. 

He doesn't want to sell with an agent because he'd have to up with cash out of pocket.  I thought about trying to do a 'subject-to' agreement then renting the house out myself or offering it as lease-to-own.  Are there any other options that I'm not considering? Even if I don't make money on the deal, what sort of options can I offer or advice can I give him?

Thanks

Ben

[Curt Davis]

@Ben Roberts

Sadly it doesnt sound like there is anything you can really do for him.  I would think the best advice is to get this investor with a different management company.  Just bc things have not been going as planned doesnt mean he should want to jump ship.  He needs to know that if he plans on selling, especially this soon after buying the place he will not do so well.  If owning rental properties were easy and perfect then everyone would do it.  Sadly sometimes you have to feed the investment. 

Good luck