Mother's House Burned Down - Now What?

[Rene Ramirez]

Hi all,

First time poster, apologize in advance for lack of terminology.

My mother's house burned down this summer (June) and there has been little to no progress done since.

The house didn't burn down to the ground, roof completely gone and the entire 2nd floor is gone as well including my mom and my sister's possessions, clothes, etc.

There's a number of reasons why nothing has been done but I don't think it is worth getting into. I recently purchased a few of the Bigger Pocket books: 'Buy, Rehab, Rent, Refinance, Repeat', 'The Book on Rental Property Investing', and 'The Book on Investing in Real Estate with No (and Low) Money Down'.

I did not purchase them with the expectations of finding the exact answer to the situation I find myself in. I purchased them to gain as much information and knowledge in the real estate and investing area. 

My mother ended up listing the property for sale but since I have floated the idea to my mother of using hard money lenders/private lenders/etc. to finance the rehab project but due to her financial circumstances, I would need to take lead on this as well as the refinancing if we do not decide to sell (which at the time of me typing this, she does not want to sell).

My question is, if you were in this situation, what would you do and why?

• -Tear down and build a single family home? 
• -Tear down and build multi family? Duplex? Triplex? How many units? 
• -Commercial units below, housing above?
• -Other?

Here is the listing: 
https://www.loopnet.com/Listing/4410-E-Side-Ave-Dallas-TX/17730534/

If there is any more information needed, please feel free to ask. 

[Aaron K.]

Well number one you need to change the listing because it currently says E Side Ave which is not the same thing as Eastside Ave. If it were me I'd probably sell as is, because it isn't a residential area, and building commercial takes a bit more foresight than I have. I would not rebuild a SFR or multifamily unless insurance was going to pay for it but that's just me.