Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Home that needs to be razed.....conundrum
Since I'm a newbie to the real estate investing world I'm kind of in a conundrum with a property my mother owns. (This is not an intent to advertise, sell, or create deals but if its not allowed please move to the correct spot as I'm new!) The property is a very small lot. The house that my mother owns is literally about 2 feet away from the neighbors house. Village wants it torn down and they seem pretty adamant about it. $56,000 is whats left on the mortgage. Comps in the area were around $80k-$100k. There are two neighboring properties with houses in way nicer condition on a river for $112k and $115k. I feel like the emotional numbers come out when I want to try and help my mom break even with the property somehow, but I'm hoping others can help me figure out a solution where I could still make money. The house was trashed on the inside when my uncle rented it out from my mother. Structurally it is decent, just in major need of cosmetic on the inside, with some on the outside of the house. They had an inspector go through(hired through the village) and said it would cost more than its worth to fix. His contractor prices were $80k as a rough rough estimate. However I do a lot of my own work. As I get to the end of my post here I almost think I answered my own question lol have it razed and let my mom deal with it. If anyone has any ideas they would certainly be appreciated as I'm spinning in circles as this was the house I grew up in and hate to see it go, but I know it most likely will have too.