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Updated over 10 years ago on . Most recent reply

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15
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2
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Thomas Stanley
  • Real Estate Investor
  • Wichita, KS
2
Votes |
15
Posts

Selling Low income houses

Thomas Stanley
  • Real Estate Investor
  • Wichita, KS
Posted

2 years ago I purchased a package of low income houses from a friend in the business. All together the houses were around 85k. There not in terrible shape but are low income. 

When I bought the houses, I inherited a property manager who took care of all issues. 

after several times of being screwed over by tenants and eventually having to fire my property manager, i'm pretty burnt out. I can usually keep two houses filled at any given time but now i'm getting close to running out of money in my business account due to several repairs. 

I put the houses to sell on craigslist and am only getting responses from investors who want the houses for 50% what I paid for them. 

I've considered Rent-to-Own but would like to simply get out of the business if possible.

So i have a few questions:

* is this just a phase for new investors? I feel overwhelmed and that I made a terrible mistake.

* Is lease  to own a better option if I can't sell them for what I paid for them?

* where can I find some specific resources to help with this issue?

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