Stuck in a never ending renovation, anyone want to subject to?

Stuck in a never ending renovation, anyone want to subject to?

Member since 2021 · 38 posts · 2 votes

Hello Everyone! Hope you are doing well. 

I finally took action and bought a house  mid last year in twenty-nine palms on 5 acres of land as a first-time home buyer with plans to live and rent out as a short-term rental. After a contractor screwed me over, it started a domino effect and an endless renovation. I am running out of funds and stressing myself out so much trying to find a contractor that will actually finish the renovation. 

I am thinking of selling this via subject to as half the renovation is still remaining, but this would make a great short term rental. Would anyone have any recommendations or know of interest in this?

4 bed 2 bath, 295K mortgage, $400K selling price (ideally)  

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Shehryar Iqbal:

Well, you aren't making it sound very appealing.

If you owe $295 and the final value is $400, how much will it cost to renovate? The market is falling and I don't think there's enough meat on the bone.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Shehryar Iqbal:

    Well, you aren't making it sound very appealing.

    If you owe $295 and the final value is $400, how much will it cost to renovate? The market is falling and I don't think there's enough meat on the bone.

    The DIY Landlord Book4.7243 Reviews
  • Broker / Investor · Tewksbury, MA · Member since 2008 · 1k+ posts · 351 votes
    3y

    Get the project done. Beg barter and borrow money from whoever you know until it is finished. Sell, even if you are slightly in the green after paying off all your debtors you still win with a good learning experience. A builder isn't going to do a subject 2 deal. They have money to buy these things and get them done. The people who need subject 2 deals are people who do not have the finances necessary to buy these properties and renovate them.

  • Member since 2021 · 38 posts · 2 votes
    3y
    Quote from @Rich Hupper:

    Get the project done. Beg barter and borrow money from whoever you know until it is finished. Sell, even if you are slightly in the green after paying off all your debtors you still win with a good learning experience. A builder isn't going to do a subject 2 deal. They have money to buy these things and get them done. The people who need subject 2 deals are people who do not have the finances necessary to buy these properties and renovate them.

    Will try to do my best! Thanks 
  • Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Work a novation agreement with a investor, what will you be all in when you finish the project? 

  • Member since 2021 · 38 posts · 2 votes
    3y
    Quote from @Eliott Elias:

    Work a novation agreement with a investor, what will you be all in when you finish the project? 


     Like $100K

    Close to $400K total 

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