Unable to sell

[Anthony C.]

Hi - I am stuck with an investment property that I can't offload. Purchased in 2008 for $415k (Redfin current estimate $460k). Currently rented for $2450/month (net $2200/month less prop. mgr. fees). I'd like to offload as building has systemic plumbing issues that will result in a ~$550k special assessment (24 units = $23k/door). Building has been poorly managed and is riddled with issues. HOA is also under water with delinquencies, therefore not possible to get a loan to fund special assessment. Any advice on how to exit?!

[Joe Homs]

@Anthony C.  I hear you.  This was NOT uncommon back in the 2008 crash.  My only suggestion is to work with the other homeowners to resolve these issues.  Yes, it will take some time and money, but what is your choice.  Once the community issues are settled and paid for then you should be able to sell your investment.  I see that you are not losing any money each month, until you have to pay for the repairs, so that is a good thing.  There are investors out there that will purchase your investment, but it will not look pretty.

Happy to help.