Considering selling a property I have been rehabbing

[Sam Leon]

I have a property that I have completely gutted and have been rehabbing.  Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.

I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring.  The next stage would be to install sheetrock on walls and ceiling, waterproof bathroom walls and install tiles, finished flooring, new kitchen cabinets and appliance, install bathroom fixtures.

The problem is time.  I have other priorities that require me to put this rehabbing on the back burner, I am also at a good milestone in the process.  So I am considering two options:

(1) HIre a contractor to hand off to finish the project.

(2) Sell it as-is.

If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. What are the best ways to find buyers that will be a good fit? I don't think finding an agent to advertise it as a "handyman special" on MLS will be fruitful.

[Ray Hage]

@Sam Leon I would aim to finish it up with some handymen or a contractor. Doing all the work yourself doesn't make sense if you have a full time and other priorities. Get some estimates on what it would cost to finish up and of course, figure out how much the ARV will be to see if it is worth what the contractors are charging. I don't think it is worth trying to sell half done as you will have a limited pool of buyers.

[Bob Stevens]

Quote from @Sam Leon:

I have a property that I have completely gutted and have been rehabbing.  Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.

I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring.  The next stage would be to install sheetrock on walls and ceiling, waterproof bathroom walls and install tiles, finished flooring, new kitchen cabinets and appliance, install bathroom fixtures.

The problem is time.  I have other priorities that require me to put this rehabbing on the back burner, I am also at a good milestone in the process.  So I am considering two options:

(1) HIre a contractor to hand off to finish the project.

(2) Sell it as-is.

If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. What are the best ways to find buyers that will be a good fit? I don't think finding an agent to advertise it as a "handyman special" on MLS will be fruitful.

 RE is nothing but math, sell it as is to an investor cash, if it makes sense, OR fix and sell, KEEP IT SIMPLE. Not really sure what you are wanting us to tell you . You only have two options  

Good luck 

[Sam Leon]

Quote from @Ray Hage:

@Sam Leon I would aim to finish it up with some handymen or a contractor. Doing all the work yourself doesn't make sense if you have a full time and other priorities. Get some estimates on what it would cost to finish up and of course, figure out how much the ARV will be to see if it is worth what the contractors are charging. I don't think it is worth trying to sell half done as you will have a limited pool of buyerI am looking at both options. The problem with finding contractors to finish is finding a good and reliable one, especially in south Florida I have not been able to find anyone over the years. I was able to find a few good subs like electrical, landscaping, roofing, AC tech, foundation, yet can't find a good general contractor. Tried a few but they are far from reliable...in a sense that if I am not on site things go sideways, or even no activity and completely missing for days. Even simple stuff like locking the door at the end of the day or turn water off at the main shutoff were a challenge. It got to a point I needed to show myself to button up at the end of each day to make progress.

[Sam Leon]

Quote from @Bob Stevens:

Quote from @Sam Leon:

I have a property that I have completely gutted and have been rehabbing.  Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.

I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring.  The next stage would be to install sheetrock on walls and ceiling, waterproof bathroom walls and install tiles, finished flooring, new kitchen cabinets and appliance, install bathroom fixtures.

The problem is time.  I have other priorities that require me to put this rehabbing on the back burner, I am also at a good milestone in the process.  So I am considering two options:

(1) HIre a contractor to hand off to finish the project.

(2) Sell it as-is.

If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. What are the best ways to find buyers that will be a good fit? I don't think finding an agent to advertise it as a "handyman special" on MLS will be fruitful.

 RE is nothing but math, sell it as is to an investor cash, if it makes sense, OR fix and sell, KEEP IT SIMPLE. Not really sure what you are wanting us to tell you . You only have two options  

Good luck 

Thank you.  Yeah just sort of thinking out loud at this point.  I guess I am asking if I need to sell it to a cash buyer, what is the best way to do it.  I don't think listing with an agent will work since I am not looking to sell to the general public, I do get these yellow post cards and letters from "CASH FOR YOUR HOUSE NOW" but I believe those are not investors buyers but more bird-dogs looking to get it on a contract to reassign at closing.  Looking for guidance on how/where best to find qualified cash end buyers.

[Bob Stevens]

Quote from @Sam Leon:

Quote from @Bob Stevens:

Quote from @Sam Leon:

I have a property that I have completely gutted and have been rehabbing.  Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.

I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring.  The next stage would be to install sheetrock on walls and ceiling, waterproof bathroom walls and install tiles, finished flooring, new kitchen cabinets and appliance, install bathroom fixtures.

The problem is time.  I have other priorities that require me to put this rehabbing on the back burner, I am also at a good milestone in the process.  So I am considering two options:

(1) HIre a contractor to hand off to finish the project.

(2) Sell it as-is.

If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. What are the best ways to find buyers that will be a good fit? I don't think finding an agent to advertise it as a "handyman special" on MLS will be fruitful.

 RE is nothing but math, sell it as is to an investor cash, if it makes sense, OR fix and sell, KEEP IT SIMPLE. Not really sure what you are wanting us to tell you . You only have two options  

Good luck 

Thank you.  Yeah just sort of thinking out loud at this point.  I guess I am asking if I need to sell it to a cash buyer, what is the best way to do it.  I don't think listing with an agent will work since I am not looking to sell to the general public, I do get these yellow post cards and letters from "CASH FOR YOUR HOUSE NOW" but I believe those are not investors buyers but more bird-dogs looking to get it on a contract to reassign at closing.  Looking for guidance on how/where best to find qualified cash end buyers.

 Post it in the local Facebook forums, if good it will sell in a day, YES you can list it, withOUT a realtor, simply state cash buyers only 

[Caitlin Logue]

Hey @Sam Leon!

It is a good idea to post your property in a forum like @Bob Stevens mentioned. Have you ever bought or sold your own property before? If you decide to sell and have not done it before, I might suggest using an agent. I am a licensed agent myself and real agents have a huge network of buyers and sellers and they might even know investors who might want your property. Unless you have deep experience selling your own properties, there are many details and legalities that can cause you tens of thousands of dollars if not done correctly or if they are overlooked. Ultimately, the decision to use an agent is up to you but the good ones are worth their weight in gold and can truly be a consultant for you.

[Ashraf Spahi]

Hi Sam,

As an investor and realtor, I search for properties for myself and clients all over the place, wholesalers, off-markets, foreclosures AND MLS.

I've seen quite a few properties in unfinished condition get listed on the MLS and get sold days later.
Investors are searching everywhere they can to find properties so try putting it on the market and see what happens. You aren't losing anything by doing so and may very well find a qualified buyer that does not have access to wholesale or off market lists that is willing to purchase the property all cash

[Joe Morello]

I may have a couple of investors who could be interested. Please email me more information. 

Thanks,

Joe

[Bob Stevens]

Quote from @Sam Leon:

I have a property that I have completely gutted and have been rehabbing.  Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.

I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring.  The next stage would be to install sheetrock on walls and ceiling, waterproof bathroom walls and install tiles, finished flooring, new kitchen cabinets and appliance, install bathroom fixtures.

The problem is time.  I have other priorities that require me to put this rehabbing on the back burner, I am also at a good milestone in the process.  So I am considering two options:

(1) HIre a contractor to hand off to finish the project.

(2) Sell it as-is.

If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. What are the best ways to find buyers that will be a good fit? I don't think finding an agent to advertise it as a "handyman special" on MLS will be fruitful.

 RE is nothing but Numbers so what are they?  If it makes sense it will sell in a day.