All Forum Posts by: Danielle Wolter

I work for an investment firm here in the Memphis Area. I would be more than happy to connect with you and see if the property is something that we would be interested in!

I'd love the connect. It's a commercial property - 3 units in a building.

0 Votes

Memphis, Tennessee

Quote from @JD Martin:

Quote from @Danielle Wolter:

I'm actually more than happy to sell at a discount. I'm basically willing to sell it for what I owe on it. Like I said, it's not in a great area, but that said I always thought there would be someone willing to buy in these areas. So far, it's been negotiation, but like I said, I'm perfectly happy to take a loss.

You're not happy enough to take an actual loss beyond your sunk costs, since you're only willing to sell it for what you owe on it. Apparently it's not worth what you owe on it or it would be sold already. So take less than you owe and bring a check to closing. Sometimes that's what happens on a loser property. Forget about the psychology of past actions, because you've already spent that money carrying it and are not getting that back. If it's really that bad of a setup - no one to rent to, no one interested at basic appraised value - then you need to sweeten the pot, which usually means pricing in a discount large enough to create movement.

Think of house sales on a continuum, from let's say $1 to $1 billion dollars. If you offered this house for sale for a dollar, you'd have a line 10 feet deep down the street to buy it. If you offered it for a billion dollars, you'd sit on it for 40 more years. All you need to do is find the sweet spot where there's enough interest to pay for it.

I'm more than willing to take a loss. I think I'm struggling with getting offers on it at all. Maybe I need to change my approach. Appreciate the insight!

0 Votes

Memphis, Tennessee

Quote from @Terez Jones:

Hi Danielle...I work in the Memphis market and yes - there are some areas that can be a hard sell. I work for a PM company and we manage many doors. I may have some investors that may be interested. I would love to chat and see what we could come up with. Just let me know if I can be of any service. Thanks!

I'd love to connect and see if there is interest.

0 Votes

Memphis, Tennessee

I'd love the connect. It's a commercial property - 3 units in a building.

0 Votes

Memphis, Tennessee

0 Votes

Memphis, Tennessee

I've been investing out of state for several years now. Most of my properties are great. However, I have one that I bought in a bad area (crime, etc). I've tried to get rid of it, but have not been able to sell it for my life. I've been shouldering the payments for over 2 years now and can no longer afford it. I've been in touch with several wholesalers and it always end with them deciding not to move forward with it.

Any suggestions for getting rid of this property? If I can't sell soon, I'm just going to have to let it foreclose with will really hinder any further investing I do in the future. (FYI I own 11 other properties in the same part of the country). Thanks!

2 Votes

Memphis, Tennessee

I'd keep looking for other banks. I just closed one last week with no issues at a great rate.

1 Vote

My goal is to have income of $20K/month without having to work for someone else. I enjoy working very much, and run a couple businesses on the side that bring in income, but not $20K worth. I'll probably quit my day job before I hit $20K, as I believe between real estate investments and having the ability to spend more time on my businesses, I will be able to grow it to $20K. Anything above that is just a bonus :-) Not too concerned about the actual net worth number.

1 Vote

Finishing up a rehab this week - haven't had any issues so far. Closed a deal last week. I'll be getting an appraisal next week - we'll see if I have any issues then....

0 Votes

Memphis, Tennessee

@Davis Doan Welcome to BP! I also live in San Diego and invest out of state. PM me if you ever want to chat.

1 Vote

All Forum Posts by: Danielle Wolter

Danielle Wolter has started 10 posts and replied 288 times.

Post: Selling a Poor Performing Property

Post: Selling a Poor Performing Property

Post: Selling a Poor Performing Property

Post: Selling a Poor Performing Property

Post: Selling a Poor Performing Property

Post: Selling a Poor Performing Property

Post: Cash-out refinancing gone?

Post: What Is Your Net Worth Or Passive Income Goal?

Post: Anyone getting any appraisals?

Post: New Member from San Diego, CA