What do I do with this nightmare property?
Hello folks, this is my first post and I would really appreciate some thoughts on my situation... I could probably write a novel on the backstory, but I will do my best to stick to the relevant information...
I own a house in Matthews, NC (Charlotte market) that is in very bad condition. It needs HVAC work, band sill repair, it has a soft floor in one bathroom while the other one is half finished. It needs ALL flooring, needs all new Windows, could use a new roof, needs to be painted, needs a kitchen remodel and the detached garage is literally about to collapse and needs to be torn down. My rough estimate is that it will take around $60,000 to make the house right.
The one thing this house has going for it is that it is in a very good location where there is a shortage of homes for sale. I owe $115,000 on it and eappraisal website estimates its value at $165,000. Zillow says $182,000.
We no longer live in this house as we have bought another and moved the heck out. It has been empty for 1 year. The mortgage is current. What should I do with this thing? It is way too messed up to rent and I don't think there is any money to pay a real estate agent commission if I want to sell it as is, not to mention its condition would disqualify most buyers. Any suggestions? I am open to all ideas. Thanks, Marc
Most Popular Reply
I'd contact a loan officer and see if you could refi into a rehab loan. Once fixed, you could buy to rent out or if the ARV is good enough, sell for a profit.