So my story starts with me. I'm currently in the Navy and i'm stationed in Spain and I only have 1 and 1/2 years remaining in the Navy, at that point I would like to be debt free bc i'll be attenting college. With that in mind, here is my story. I bought a home for $12k with a $30k worth. It needs repairs of est. $15k; however, my current debt is $26k without the extra $15k for repairs. The neighborhood isn't great. It's a very small retirement community in south Ga. SO, should I sell as is, fix repairs and sell, or does anyone have any other ideas. I'm brand new to Real Estate and I need some solid advise. I do not plan on ever living in south Ga again. I'm open to all ideas!!!
I'm currently serving in the Navy stationed in Spain. I have $26K debt and I would like to be debt free within a year and a half. with that in mind. I purchased a cheap family-owned prop for $12K and it is worth $30K, but needs about $15K in repairs. I would like to know if I should do the repairs or sell it now before I get over my head. The home is located in south Ga. in a small retirement community. I start college when i get out in 1 1/2 years, so I don't want to have debt at that time. I also don't plan on returning to south Ga. Anyone have some valuable advise for me??
It sounds like you got stuck with a pig my brother. I would not put another 15K into a loser, unless you think with the reno you can get your money back fairly quickly by renting, but that's just me. But then you will still be an absente LL with not much in the way of reserves once you start college. I would put it on the market and just take what I could get for it and accept any loss as a cost of learning.
Get out of it unless you really want to keep it, just get the most you can and eat the loss. just my 2 cents
Thanks! I appreciate the input, that's the way things are looking.
My husband is active duty and we have bought houses all over and rented them out. The key for us has been to get the nicer homes that appear to a higher clientele. This allow us to self manage from afar. I have unfortunately learned the hard way over the years. That sometimes it just make sense to cut your losses :(.