7 Acres of Land / Distressed Property / Looking for Options

[Brian Ferrera]

To whom it may concern,

We are looking for advice/options for a property my Mother owns (free and clear) in the City of Los Angeles. It is about 7 acres and is at the end of a street that backs up to the mountains. The property had a house on it that burned down and now it is full of trash and debris and needs to be cleaned up per the City order.

My mother wants to stay in compliance with the city but doesn't have the funds to do the entire clean-up. We are looking for options we might not have thought about and are hoping that this group would be a good place to start the conversation to find find some creative solutions.

Options we were originally looking at:

- sell the property as is

- transfer the property to my brother (as he caused some of the issues) and try twipe my Mom's hands clean of being on the hook for the clean-up

- borrow against the land to help fund the clean-up and then sell the property

- toss our hands up and let the City come in and clean the property and put a lien on it

- we would then have a completely clean property (a plus) but we would also have a large tax lien that we couldn't pay unless we sold the property.

Looking for:

- broker to list the property

- possible investor or buyer

- options/guidance

I look forward to hearing the opinions of this group. 

Thanks,

Brian