The Flipping Pad

Potential Bargain Listing

Sold Listing

Looking for best way to dump property quick.

Statistics

• 6500 purchase price
• 15000 rehab costs

Description

In need of advice. I purchased my first investment, this past April. It was a foreclosure in the town of Monessen, Pa. Just outside of Pittsburgh. Unfortunately, the closing was fumbled a bit by the seller and I ending up not getting insurance on the property the week before someone set a fire in the kitchen. The deal was originally a good one for me. I have a small construction company that does HUD rehabs in the counties around where I live. This investment would have given me at least a quick 10,000 dollars, after fixing and selling at a nice discount for a fast sell. Now, with a kitchen fire, the estimated cost to fix is about 15,000. This wouldn’t deter me, if it weren’t for me living 7-8 hours away. I also would have a problem leaving my business on hold while away for a month to six weeks to fix it.

Currently, I’m waiting for the town to possible demolish the house, in approximately four months time. Afterwhich, I’ll just have a vacant lot and a lien for the cost of demo. Something around 4,500 I think.

All that said, my question to all of you, is, does anyone have a suggestion as to how I could recoup some or all of the cost I’m in for and dump the property.

Also, I do have before and after photos, in case they’re needed.

Thanks for any help.

Comments (5) |