We have purchased our first real estate investment in June of this year in southern Colorado. To say the least this has been extremely stressful on me as we have removed all trouble tenants mostly through litigation. At any rate working on turning this park around has been too much stress on my family and I. I would like to ask of this forum for two things, one a rough evaluation for a quick sell, and two if its feasible to sell without a realtor. Below are the current numbers for the park.
Total Month $2597 Yearly $31158
(No management added as I am doing this myself)
#11 Vacant lot
#15 $500 (doublewide)
#16 $700 (doublewide on large lot with garage)
Gross Rent: $5605 Yearly $67260
This park has 2 double wides, one with a large private lot and two car garage. Rents nearby for SFH 2 bed 1 bath go for $800-1000. Needless to say we are way under market. We have multiple people interested in renting but dont have the capital to turn around our vacants. Park is yet to be submetered and could use rent increases. As I said I’m not cut out for the stress of landlording and would like to sell. A Denver brokerage advised a selling price of $450-480,000 would be possible. Our plan was to list on this site and loopnet for $430,000 in hopes for a quick sale.
First question is this a good price based on the information?
Being that we’re dropping the price to $430 we would like to do it on our own in order to save the realtor fees. Is this something an average Joe can pull off?
Thanks all in advance!