I'm here seeking advice.
My father bought a property about a decade ago and just wants to get out of it and pay off his mortgage balance. The property doesn't seem to have appreciated, but there is potential with the land and location (i.e. it is zoned for a second house, and backs a 19 acre orange grove).
What would you folks do? Should I post it in the marketplace here or try craigslist? He's not going to do a subject-to or owner finance, he's old school and just wants the cash to pay off the mortgage balance. He has an agent, but they're as responsive as the gravel on your driveway. He has also tried renting it out over the years, but tenant quality has been low, and the property managers that he's hired, have given up. The property management count in that region seems to be very small.
@Jacob Vincent Do you see the property as something that will help you expand your property? You say he is old school which makes me think he will love to see you succeed and you might have a great opportunity to get a good property with great financing. Old school parents, to me, want to leave their children with more then they were given.
If your father just wants to exit the property then I recommend he contact an investor/agent who can give him some solid free no obligation advice. Depending on where the property is located perhaps there's money to be made improving the existing home and or adding another as you mentioned. I'm not sure where you're located but if you want to talk to an agent in our network who's been heavily vetted then message me all the info and I'll have one call you. Again no cost or obligation whatsoever. You could prescreen for your dad.
Either way good luck!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.