Closing next week on two more with even better numbers.

During the pandemic I was working with several traveling nurses who were looking for short term rentals in the area, close to hospital systems, and were willing to pay 50-70% over market rent for 3-6 month leases. 

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Purchase Price:Total: $1,985,000.Deposit: $10,000 (First Deposit) within 3 days, additional $30,000 (Second Deposit) within 30 days.Seller Financing: $297,750 (15%), 5-year term, 20-year amortization, 6% interest.Balance: $1,647,250 to be paid at closing.

We're considering selling the property due to challenges of long-distance management.We're still interested on investing out of state and plan to gradually scale our investments over the next few years, focusing on areas close to Illinois, like Wisconsin or Indiana.Any suggestions on how to approach selling our multifamily property and buying in Wisconsin or Indiana in the current market would be greatly appreciated.

Hi Adelaide,For STR - you are going to get most of your business from all the sports events -- racing - Indy 500, football -Colts, NBA - Pacers, WNBA - Fever (Caitlyn Clark), We just hosted the Olympics swim trials, other events include Big Ten Championships, NCAA tournaments (NCAA headquarters here), and the Combine (recruitment for NFL).We also have a pretty busy convention center -- not huge like Vegas or Orlando, but it is solidly booked year round with events like ComiCon, GenCon, Firefighters Association, Future Farmers of America, Candy Expo, and various others.For MTR, you are looking mostly at traveling nurses and medical personnel, you also may get contract workers for the larger corporations like Lilly, Sales Force, or Rolls Royce.Happy to hop on a call and discuss further.

He’d then make offers on property for sale that advertised or indicated seller financing available - using one or more of these lots as a down payment (exchange) - at full assessed value.  

Should I just go back to getting the property rented out completely and then market it for sale?

With the loan transfer from yourself to LLC you never had the bill due on sale/transfer happen to you? 

Something to consider is with $30K (which is no small amount of money), you will need to factor in closing costs and repairs (unless you can negotiate with the Sellers).