:help A couple I know has a single family rental property in Central Illinois that was recently vacated and left in disrepair. They utilize a rental agency but do not have the funds to repair it, and would like to know how this can be done so that the property can be placed back on the market. Please let me know.
If they have no money and no credit, or not enough money or credit, they are not going to be able to fix it.
So the only other option is to sell it as-is, and more than likely your only buyer will be another investor. So their easiest option is calling a We Buy Ugly Houses type company OR try contacting a local real estate investor club and see if you can find anyone who will buy it.
…other ideas…?..you can list it on the MLS and see if any retail buyer will purchase it as-is, and you might get a higher price than a sophisticated investor would pay for it, but it would still be lower than you’d get on the standard retail market. Finding a partner to step in and fix it sounds a little strange … but that might be an option too. And in all reality unless they are flat broke, they can probably think creatively and find the money somewhere … they will just need to look really hard (e.g. family member, credit card (ugh), 401k loan, etc) and use low priced contractors and handymen.