Advice? deal or dud in Augusta, Ga.

[Andres Blandon]

Hey guys,

I would like some advice/ideas on how to turn around a property I acquired online or how to get rid of it (if it's not worth the trouble).

Being prior military I was familiar with Fort gordon, GA (city of Augusta) and received a notice that the VA was getting rid of several properties that it had foreclosed on. I live in South florida though and don't have many contacts since I left there.

The property is a 2/1 single family home near downtown and about 20 minutes from the base. This would make a decent rental property. Average of about $600 rent per month.

I sent a low ball offer not really sure if it would be accepted, but to my surprise it was. 

Altogether I came out of pocket about $5,200 in aquisition.

At the time I couldn't go see the property in person but took a chance knowing the lot alone was worth over $9,000.

Once i finally went to see the property it had been vacant for about 2 years. Since then the back side of the roof had collapsed into the property. During that incident it appears as though the roof pushed through the flooring and broke the joists/base holding up the floor (wooden frame house).

This damage which is structural requires for the entire frame to be rebuilt.

I have contacted a few contractors and the estimated cost is between $75k to $85k to rebuild the home to code.

The downside is that this being a smaller city and rent being low, the properties in the area are selling for about $50k.

I'm not sure if I could get a loan to rebuild and hold the property long term?... Or if I should sell the property for the land value that it has?... There is not much demand in this part of the state (plenty of land available).

Just wondering what some of you would do with this property? Some ideas on how I can move forward with it would be greatly appreciated!

[Paul Amegatcher]

Have you tried marketing it on Craigslist or zillow as an investor special for $8000.  You may get some bites.  Or you can sell as owner financing for investors to try and get rid of it.  This should help limit your loss.