Advice on a condemned property in Cleveland OH

[Jesse Zhu]

Purchased a package of 5 REO properties cheap in May 2015 from a company in Florida when they came to LA to promote their deals. The 5 properties are all over the country. This is one of them (10816 Grandview Ave, Cleveland OH 44104). After the purchase, the company offered to sell the properties for me with me carrying seller financing to the buyers with 20-30% return. The experience so far has been horrible. Up until now only 2 properties are sold (the monthly payments are not always on time). Long story short, I asked the company to give back the property to sell myself. When I receive the documents and photos, to my horror, this property was condemned in February 2015. A local investor told me that the amount to repair it exceeds its repaired value. Hard lesson learnt: DO NOT BUY without your OWN due diligence.

I'm reaching out to my BP community, particularly the local investors on how to handle it moving forward. If you are interested please also let me know. Thanks.