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Updated over 6 years ago on . Most recent reply

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Ayman Elmasik
  • Investor
  • Houston, TX
18
Votes |
52
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Houston flood home that would not sell - exit strategy ALF

Ayman Elmasik
  • Investor
  • Houston, TX
Posted

Hello,

I have a house that was flooded in Harvey (Aug. 2017) for the first time (to my knowledge as I bought it from a wholesaler with no disclosure) .

The house is one story with three bedrooms (one of them is a master suite) with a very reasonable living space and backyard.

I rehabbed the house and it looks great now, ....nobody would buy it :0(

The house is near the medical center in Houston (in a subdivision called parkwest near Westbury)

If I rent it it will create a -ve cash flow of about $300

I'm thinking to turn it into Senior independent living but it seems to be very complicated strategy with the best yield.

Any experience in doing this in Houston would e appreciated?

Cheers,

Most Popular Reply

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Ryan Dossey
  • Real Estate Broker
  • Indianapolis, IN
2,426
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3,406
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Ryan Dossey
  • Real Estate Broker
  • Indianapolis, IN
Replied

What's the address? Can you provide pics of the property? If it's not selling (even in a flooded area) it's most likely an issue of price if there's no serious defects in the renovation. 

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