Stuck with a money drain property, How to turn it around?
My husband "won" his last marital home in a community property dispute. His ex-wife effectively vandalized it legally before eviction.
We attempted to do some reno on the property to get it rented but after 25k, its about halfway there, and are having trouble getting the rest finished (garbage contractors/garbage property managers/financial drain). We unfortunately are trying to do this 5000 miles away because the military has us in Alaska and its located in Louisiana.
We have discussed selling it as-is and taking a possible loss. But Real Estate agents are few in the Ft. Polk area and don't like to return phone calls if the home value is less than 200k.
Now we are discussing "slum lording" it in attempt to cushion our current monthly loss.
I am looking for creative suggestions on how to turn this around, minimize loss or turn it into passive income.
If renovated and at full rental value it would make passive income, but the fact is its taking far too much TIME because of contractors. (currently 10 months vacant)
We have been dying to get into a 4-plex or more to off-set living costs, but even with our great credit, our debt to income (because of this property) has been screwing us with lenders.