Investor · Cleveland Oh · Member since 2017 · 4 posts · 0 votes
Need advice on getting rid of a vacant distressed property that the rehab is more than the house is worth, plus it's 1700 miles from where I live. Can a piece of real estate be donated?
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
9y
@Michelle Cohen without seeing the property it's hard to tell if it's absolutley a tear down or if it could be liquidated somehow. Sometimes it's worth to "pre-hab" a property - meaning you clean it up, have trash removed and take care of the biggest issues like leaky plumbing, two broken windows etc, anything that makes the house un-inhabitable, remove everything that's really bad (like stained carpet, trashed kitchen), maybe have the interior painted white if the walls are very dirty and then sell it retail. It may not work for an investor, but it may still work for a handy contractor who needs a roof over his head or someone who has a handy family. A lot of people will actually accept conditions that's less than nice in exchange for homeownership and the chnace to fix it up over time. Their own labor is free and they don't need to make a profit, so it will still be worth it for them. You can even offer owner financing. And helping someone with little ressources to become a homeowner is actually a really rewarding thing to do.
Real Estate Professional · Dublin, OH · Member since 2013 · 251 posts · 165 votes
9y
@Michelle Cohen send me your contact and I'll forward you to a local franchise. I'm with HomeVestors, the "We Buy Ugly Houses" guys. Should add though that we're not miracle workers and often homes are simply too far gone for anything to be done. Worth a call of having someone take a look at least.
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
9y
@Michelle Cohen without seeing the property it's hard to tell if it's absolutley a tear down or if it could be liquidated somehow. Sometimes it's worth to "pre-hab" a property - meaning you clean it up, have trash removed and take care of the biggest issues like leaky plumbing, two broken windows etc, anything that makes the house un-inhabitable, remove everything that's really bad (like stained carpet, trashed kitchen), maybe have the interior painted white if the walls are very dirty and then sell it retail. It may not work for an investor, but it may still work for a handy contractor who needs a roof over his head or someone who has a handy family. A lot of people will actually accept conditions that's less than nice in exchange for homeownership and the chnace to fix it up over time. Their own labor is free and they don't need to make a profit, so it will still be worth it for them. You can even offer owner financing. And helping someone with little ressources to become a homeowner is actually a really rewarding thing to do.
Investor · Gilbert, AZ · Member since 2015 · 145 posts · 48 votes
9y
Hi Michelle, I'm originally from So Cal now living in Springfield, MO. About 3 hours or so from St. Josephs, MO. I have a great network of people (wholesalers/investors) in the St. Jo area. If you want me to have one of them check out the home, I'd be happy to help. Just shoot me a PM and/or send a colleague request.
Investor · San Antonio, TX · Member since 2016 · 242 posts · 126 votes
9y
I'd do what Marcus said if you can make it liveable. We do a lot of owner financing and it is rewarding and very good way to utilize those types of properties.
Specialist · Sibley, LA · Member since 2014 · 1k+ posts · 190 votes
9y
Look in the local paper of that property location and call every real estate agent, broker, and investor. From doing this you will get a good feedback on if you can get rid of this property. Believe me...someone will take it under the right options.