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Holli Phillips
  • Residential Real Estate Broker
  • Westfield, IN
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Bought properties at a surplus sale and can't unload them

Holli Phillips
  • Residential Real Estate Broker
  • Westfield, IN
Posted Jan 14 2015, 09:58

My husband and I decided to invest in some properties last summer from our county surplus sale.  We had a "mentor" that got us into this and charged a fee for his guidance.  The whole idea behind these were to buy them and then sell them on contract.  I had posted about my experience with this in another post and was told to ditch this mentor.  Which, I have since done!

I am now finding myself in a situation where we have 2 out the 3 investment properties left and I can't sell them to any wholesaler around for anywhere close to what we paid for them.  It blows my mind what wholesalers buy or offer to buy properties for.  I thought we got a great deal at the sale on some of ours, but I am seeing things differently now.  I have a wholesaler telling me to take their offers because we are going to lose money regardless and the longer we hold them, the more we will lose.  

One house is a 2brm house in a decent area, not super distressed, comps showing in the high 20's.  I can't even get $6000 for this house..

The other one came with two parcels, one with a 1bdrm house and one with a converted garage stripped down to the studs.  This one comps out around the same for each lot.  I can't get close to $7000 for both combined.  

Am I missing something here?  

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