Robert had been a Battle Creek landlord for 18 years with three properties — a duplex and two single-family homes. One property had a non-paying tenant with an active eviction filed. Two properties needed significant deferred maintenance. Robert was ready to exit landlording completely and consolidate into retirement savings.
The non-paying tenant situation made traditional listing nearly impossible — an occupied property with a pending eviction scares off conventional buyers and their lenders. The deferred maintenance on all three properties would have required $60,000-80,000 in work before listing. Robert needed out without managing months of construction.
7 Lakes Properties evaluated all three properties in a single site visit. We made a portfolio offer of $387,000 — allowing Robert to close all three simultaneously and transfer them all in one closing. We took over the existing landlord-tenant relationships, including the pending eviction, at closing.
All three properties closed in a single transaction 45 days after the initial offer. Robert's net proceeds after mortgage payoffs on two properties: approximately $198,000. He used the proceeds to fund a retirement account and purchase a Florida condo. The eviction was resolved by 7 Lakes Properties's property management team after closing.
"7 Lakes Properties bought my entire portfolio — problem tenant and all — without flinching. I got my life back."— Robert K., Battle Creek MI
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