Inherited House: Renovate, Sell, or Wholesale?

[Ryan K.]

Our close family friends inherited the father's house, but it needs significant renovations. They are unsure of the scope and cost of the repairs. They would like to keep the property, but we're uncertain if it's financially feasible or the best course of action. What are their options? Should they consider selling as-is, finding a wholesaler, or pursuing renovations? What are the potential pitfalls and benefits of each approach? What is a good first step? Thank you!

[David Krulac]

Been to Victorville and Barstow.  That aside, If it were me I'd get a professional estimate of what repairs would cost, and make the decision to keep or sell based on that.  I recently bought an estate property that was vacant for 6 years.  I offered a price based on repair costs and a sale price they could get if they fixed it up (retail).  They decided they wanted the walkaway do nothing price.  The house had the utilities turned off for the 6 years, and was filled with the original 1 owner's furniture, clothes, appliances, car and ecn food in the frig (without elctric on for 6 years).  I took it all, relieving the estate of doing any work. There was a quarter stick of butter in the frig with the papaer still on it, and it looked normal.  A worker asked me if how it tasted.  Told him I have a rule never east anything out of a frig with the electric off for 6 years!