Updated about 7 years ago on . Most recent reply
Bad Deal Exit Strategy
Looking for advice. In a nutshell, I purchased a home in Indianapolis from Morris Invest in the blind with zero due diligence for about $48K. None of the promised rehab was completed. Morris Invest told me flat out they will not reimburse me or have the rehab completed - I'm on my own. [On a side note, I'm filing a complaint with the AG, but that's not relevant to this specific post]. The house is uninhabitable, full of trash and fire damage. Would take maybe $30-35K to get it rent ready. I spoke to a local property manager who said that neighborhood is known for squatters, break-ins, and high crime. It's technically in a "C" neighborhood but that's being very generous. I was quoted about $8K to clean it out, and be able to sell the home for maybe $15K. Looking for advice as to whether I should try to sell as is at a huge loss to a wholesaler, or clean out the home and then sell at a huge loss. Obviously, it would come down to how I could recuperate more money. Has anyone experienced this or been involved in a similar situation? Thank you in advance.