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Updated 8 days ago, 11/20/2024

User Stats

10
Posts
6
Votes
Kay S.
Pro Member
  • New to Real Estate
  • Lake Oswego, OR
6
Votes |
10
Posts

What would you recommend? Divorcing, unemployed, house not selling

Kay S.
Pro Member
  • New to Real Estate
  • Lake Oswego, OR
Posted

Hi all - newbie here... I have quite the pickle of a situation. I was laid off from my employer at the end of 2023. Within a few weeks my spouse asked for a divorce. (not my favorite year obviously). Our primary asset is a house we bought in 2021 for $975 (3% interest rate). We have it listed for sale for$1.3, but it is just sitting due to interest rates. In an effort to bring ANY $ in to help cover the mortgage ($4600 including taxes and insurance), I put together an AirBnB site for the property and set it live, with zero expectation. Within just HOURS I had more than $6500 in attempted bookings. I quickly delisted as in that short time I had realized my town requires a license, but it sparked the possibility that this could be a great kickstart to my real estate dreams. There are even 2 gigantic "crawlspace" areas in the house that could be developed into additional ADUs. My questions are many... but the main ones are a) how would an unemployed person like me extract my ex-'s share of equity to get them out of the property? b) I was initially thinking short-term rental, which is where that surge of requests came from but it feels like a lot of work as I would be doing the turns/cleaning for most part so what are the pros-cons of mid-term? c) how could I build out at least 1 ADU while I was renting out the rest of the house so I could have a place to stay? I imagine construction noise doesn't garner tons of points with guests. Any creative ideas welcome thank you!!

  • Kay S.
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