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Updated over 4 years ago,
Problem Property in KCMO , what should I do with it ?
One of the very first properties i bought,when I was first starting out and young was out of state, back in '07, 3729 S. Benton Kansas City Mo. for 38k, actually dropped in value to about 26k in 13 ys of holding it. i owe 23k ... being so far away , I never was able to have a good Management team who even wanted to take it on, had a few problem tennents , but mostly sat Vacant for most of this time. had a guy who tried to "subject-to" the property and fix it while he lived in it but was an absolute druggie who couldnt afford the $300/mo mortgage..
Im getting bids on Rehabbing the property for about 18k but I also want to pay off the $23,000 7.65% interest loan ($300/mo), it gonna cost me almost 40k to Rehab and pay off the loan , for a potential $750-800 rent.
or it might cost me out of pocket to pay an "investor" to take it off my hands since they`d be looking for a discount. someone who can manage an out of state deal better than I can? Ive already lost about 25-30k on this deal, fortunately Ive bought other properties near me that ive managed and have done well since then.
any one have ideas or thoughts on this, am i better off paying someone to take it off my hands ?