best steps for situation - relatives property

Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes

5y

The first option you suggest is generally called wholesaling, look that up here to get the picture. It may not bring the most value but it could be a good fit.

A couple of other options in no particular order:

1. list it for auction.

2. If you are in certain markets you can get a cash offer from zillow or similiar.

3. Network locally to find someone who wants it.

4. For sale by owner

It won't hurt to get a market analysis of worth. Personally I think for your situation you may want to network first to see if there is someone locally who is interested. In the end though you won't make any money off this unless you buy it, network and get a fee, or wholesale and get a fee.Also search your state to see if wholesaling is not allowed.

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Ben ScottPro Member

Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes

5y

You might get the best price if you list with an agent in the MLS. You could ask for a discounted fee from the agent since the potential buyer will most likely accept the home 'as is' and won't be subject to an appraisal. Less work for the agent. There can be a headache with showings, fielding offers, etc but it will most likely land you the best price ... getting the home in front of the most potential buyers.

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Steven Foster Wilson

Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes

5y

Originally posted by @Joe Conklin:

I have a question that I was hoping that you can help me with. I feel like there is an angle here to make money or at least take the best steps to get the most out of the sale. Wanted to run it by the experts to see if there is what is suggested. One thing to note is that I don't want to remodel myself or hire anyone to do the work by getting a HELOC etc. I feel there is a bunch of risk with this and really just want to get it off my hands as cleanly as possible.

I have a relative who owns a house free & clear 4br / 2.5ba house that is around ~250K fixed up but is currently in bad condition. Kitchen and bathrooms need to be remodeled, new roof, deck around inground pool is trash, paint & carpets.

My relative can no longer live in it due to health conditions and is currently living with another family member. Relative mentioned is also not capable of making own financial decisions so I have to come up with a plan to execute. My thought is that we have to get rid of it and I'm trying to evaluate best way to do so.

Here are the options I though of this far:

-bring the lead to an investor for a fee or get a percentage of the profit..not sure how this would work
-just listing it in current condition and see what happens

Let me know if there is anything that you suggest.

In this market you can list a bag of trash and it will go for more then asking. Make use of this market and reach the biggest audience.

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best steps for situation - relatives property

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