OK I have a dilemma, I purchased a house 3 years ago (bungalow type, built in 1920, old solid house) in a small town I paid almost nothing it was a bargain but I knew the house needed a lot of work.
I don’t have very much money to buy materials or to pay a contractor to do the job.
I can do some work like drywall, painting, insulation, etc.
Houses around this neighborhood sell for $45,000 at the most for a half way decent old house. The lot is huge but the house is small.
Another factor is the house is 60 miles away from my home and can’t drive there all the time to do any work.
I have bad credit (school loans) so banks will not even talk to me.
my wife got better credit, she has a 20K line of credit (we put this old house as a collateral) which is exausted right now since we paid old bills.
I need your advise should I sell the house as it is which I probable won’t get anything, or try to fix it? I think if I put $15,000 I can get the house in a good shape, it needs a new bath, kitchen, carpet, new wiring, central air, windows, insulation among other things.
Thanks for your time!
Henry from Nebraska
You could consider finding a partner. Find a contractor who is also in RE investing or wants to get into RE investing. Have the contractor do the work, cover the materials, etc (whatever you can negotiate) and offer to split the profits on the sale with him somehow.
You can also take this dilema to your local REI club, where there’s other investors who may be able to help.
I would second Dee’s statement. If you took the time to find these boards. YOu took the time to buy a house 60 miles away, then take the time to go to your local REI Club.
Just a little tidbit of information. Don’t just show one time at a local club and expect people there to give you the answers to your problems. They have taken years of trial and errors to gain their knowledge, why would they share it with someone that just came in 1 time and has absolutely nothing to give them.
However, keep showing up, be interested, find out what that person might need, and you will get your solution. Remember
WIIFT.
Whats
In
It
For
Them