Kansas City Rental Owner Looking to Retire - Seller Finance
Common story, but I will tell it. I have owned rentals since 2004 and was able to retire from the day job in 2014 as a result. I am looking to maintain a cash flow from my rental properties but I am willing to shrink that cashflow by becoming a Seller-Finance Lender only. I currently have nine (9) single family homes in KC MO and due to a rare perfect storm, two (2) have just been remodeled turn key and are ready for tenants, three (3) are ready to either be remodeled to turn key with my contractors (one is a light remodel after a tenant vacates 01-31-2019), or they could be sold AS IS (discounted) to someone who is either handy or has their own crews. The other four (4) are recently remodeled (2017-2018) and rented at $850 to $900/Mo.
Total monthly cash flow when all 9 are rented is just under $8000/Mo, but we all know that never happens. I almost always have at least 1 or 2 properties in transition, so $7000/Mo is a more achievable gross revenue number.
The goal (if I don't sell) is to have all nine (9) rented out at an average of $850/Mo. Because two (2) are turn key remodeled (vacant and ready for tenants or resale) and three (3) are at a crossroads (needing remodel), I thought now was a good time to put this out to someone who wants to start or grow their cash flow empire.
I hate banks with a passion and I am looking to Seller-Finance for a minimum of 20% down on each, or several (or all) of the properties so I can still have a modest monthly income without any management tasks. I have a Loan Originator company and a Loan Servicing company lined up to roll with a Qualified Buyer(s). If this is something that interests you, please let me know.