What do this with this property?
I am new to biggerpockets and have been learning a tremendous amount from this site. I just came upon a property which I need advice from the mastermind group (you guys).
Question
A relative purchased this property on eBay.
908 Clay Ave, Toledo, OH 43608 for $3,500.
My relative is from California yet the property is in Ohio so managing it is a problem and has had a change of heart and wants to get rid of it now. I am in the process of starting my wholesale business started and thought because of the price I could do a quick wholesale assignment for a small fee $500-$1500 just to get my feet wet . I researched the property online to get comps and got an ARV estimate of about 17.5k and similar homes rent for $500/month.
We had someone go out to the property to give us a repair estimate of about $31,301!!!
The main items on the estimate are:
- New roof
- Clean out trash (excessive)
- Back porch concrete decks needs to be replaced
- Replace all kitchen cabinets/sink/faucet/countertop
- Replace bathroom cabines
- New how water tank
- New paint/carpet/tile
- Fix broken/loose trim and paneling
- Replace hot/cold water lines to the main tank
- Kitchen/bathroom drains need to be repaired/replaced
- New furnace
- Fix broken windows
- Replace fascia and missing soffit on front porch
I am now scratching my head not knowing what to do with this property. I can't wholesale it to another investor, flipping it would make me lose money. This property is free and clear but I am unsure of what exit strategy to recommend to my ailing relative.