Patricia had built a 5-property rental portfolio in Jackson, MI over 25 years. At 67, she was ready to retire. Three properties were occupied (one with a difficult non-paying tenant), one was vacant and needed significant repair, and one was occupied and in good condition. Total monthly rental income was $4,100 but expenses and management headaches made the net return minimal.
Selling 5 properties individually is complex, time-consuming, and would require the non-paying tenant situation to be resolved before listing. Managing multiple listings, multiple closings, and multiple title processes while still serving as landlord was overwhelming. Patricia needed one clean transaction.
7 Lakes Properties evaluated all 5 properties in a single site tour. We made a portfolio offer of $478,000 — all properties, all tenants, all conditions, one close. We took over all landlord-tenant responsibilities at closing, including the non-paying tenant eviction.
All 5 properties closed simultaneously 60 days after offer (additional time needed for title research on two properties with older ownership history). Patricia received net proceeds of $312,000 after mortgage payoffs. She retired to Florida the following month. 7 Lakes Properties resolved the eviction and began renovations on the vacant property within 30 days.
"One sale, five headaches gone. 7 Lakes Properties handled everything. I can't imagine a better way to retire."— Patricia H., Jackson MI
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