Thank you for the answers.
Here is a little bit more information:
The condos are located in Grand Junction, Colorado. It is a natural gaz / oil boom and bust town, that is going through a down turn right now. The 2000-2007 strech was fantastic though!
Today, I can still find renters, but I barelly break even with my mortgage + HOA fees (far from the 50% theory).
APT#1 rents for $975, Market value $135000, HOA $240/mth, owe $78Gs, mortgage $640/mth
APT#2 rents for $820, Market value $115000, HOA $240/mth, owe $81Gs, mortgage $$650/mth
The neighborhood is beautiful and most neighbors are quiet and clean.
I’ve had a 3rd condo for sale (traditional with realtor) since February at or slightly bellow market price, but the HOA killed the deal every time. Current Sales value $114000, HOA $240/mth
I just tryed to offer 1 year free HOA, and additional 1/2 point to buyer agent at 3.5% to see what happens. I need the cash on this one to pay a I owe U note to a familly member.
The foreclosures in town and exodus of oil workers (and the people/business they supported) don’t help of course.
So here I am trying to figure out if I should Lease to own my places, or offer an owner carry, and try to cash flow the places. Of course i’d have to learn about all those because I am brand new to this.
Or hold until things get better, sell for cash, and use the equity to buy more places in Denver, where I currently live.
Thank you all for your advice.
Alex