What will you do with two dead ducks?
I have two houses in Puerto Rico that I can't think of no exit for the next 5 to 10 years.
One I own free and clear but it is located in a non desired area. On top of this, the way it is constructed makes it hard to get conventional financing so it can only be sold to a cash buyer. I have rented in the past but it has been vacant for the last 5 months.
The other is a condo that it is currently rented and I owe half of it. It is currently rented but I will love to find a creative way to get rid of both of this properties.
What makes the exit hard, is the current economic situation of Puerto Rico, Government Bonds were classified as Junk bonds and most of the people in the Puerto Rico are employed by the Government.
The current trend is a sharp decrease in population and unemployment well above the double digits. There a hundreds of vacant homes and rents are at all time low.
I have offered seller financing, made attempts to swap my house for a house, land or even an RV in the US but no luck. I can not even take the equity out by re financing since no bank in the US will make the loan.
I have offered Agents $5,000 bonus on top of the commission for the sale, attempt to rent it as a vacation home, etc..
Has anyone found themselves in a similar situation and found a creative way to get rid of a house?
My current strategy is to buy more houses to make up for the negative ROI but it really sucks to have two properties making you no money.
I need a brilliant Idea to turn this around since I have run out of them