I’ve been handed the reins of a struggling rental business that had been in the process of selling off properties and dissolving.

I wanted to see was it possible to sell the property to an investor with the current tenant, so I can make an assignment fee, and get some cash flow, or Equity Financing.

A LOT of distrress is leading to mergers and firings, in just the last few weeks, this happened: (Big credit to @NewsLambert)Lower to acquire Universal Lending retail and wholesale operations (11/1/23)Trustar Mortgage acquired by Archer Mortgage, LLC (11/1/23)People’s Bank of Commerce to exit residential mortgage lending (10/27/23)BMO Bank cutting 228 jobs in Northern California (10/25/23)Homestar Financial to wind down operations (10/25/23)City National Bank layoffs in Los Angeles total 71 (10/23/23)Hometown Lenders layoffs (10/12/23)First Savings Bank to lay off 135 mortgage workers (10/4/23)Wesley Mortgage absorbs competitor Colten Mortgage (10/4/23)Cenlar to lay off 85 in Ewing, NJ (10/2/23)Rithm Capital to acquire Computershare Mortgage Services Inc. (10/2/23)Wells Fargo cut 525 jobs in South Carolina (9/28/23)Better Mortgage lays off additional employees (9/22/23)The Graystone Company has acquired Direct Mortgage (9/13/23)Flyhomes to purchase certain assets of Home Sale Assured (9/13/23)Divvy Homes to cut 95 jobs in San Francisco (9/11/23)Farmers-Merchants Bank to sell three branches to focus on core mortgage business (9/11/23)It goes on…..The mortgage industry is in a starkly deep recession.And RIP refinances, unless you are holding an even higher interest rate loan (like a construction/bridge loan or hard money, or perhaps you just fixed your credit.

The biggest challenge was deciding to sell one property to generate more and better opportunities.

Im in no rush to sell and in no need to sell.

The owners tried to sell this 1.5 acre property, with 5 small rentals plus one main house back six months ago.

Even the multi-family units are selling quickly, regardless of condition. 

I was thinking about traveling down there to actually see the property in person this spring to sell it.

Another option is selling one of the houses to recoup some cash, but that's a bit more involved.

I am actually looking to sell my current manufactured home as a subject 2.