I have a client that is looking to sell his 40 rentals in virginia. He wants to do a 1031 exchange and move down further South, He is elderly and needs to liquidate.
Terms, he is asking 3.2 million, he is willing to hold a note with at
least 10% down. I have personally gone thru each house. This is what I
can tell you 99% of them have new roofs, HVAC, appliances, windows,
ect. The ones that do not have these things did not need them He takes
care of each of these properties like he lives in them. They are all
in higher end neighborhoods and at least 10 of the tenants would like
to opportunity to buy them with owner financing.
If you are interested in more information please let me know. I
created a spreadsheet with actual numbers income (355,800) and
expenses (34,953) I also had him create a list of updates to the
homes. I have a copy of all but 4 of the leases. Most of them need to
be renewed (I told him not to renew so who ever buys them could draw
up the new lease).
CONTACT WAYNE SANDERS