My property is a DISASTER... any sugestion??

[Inma Martin]

I bought a property for 45K in a small town in NC. I had rented to two different tenants for a year each. The cash flow for this property was $450/month. The last tenants left with no notice and leaving a very big mess behind. It would take me a lot of money and time to fix and clean everything. Also the property has developed foundation issues that has caused mayor cracking and I don't have the money to fix it and I can't rent it out in this condition because one side of the house is sinking.

So I'm stuck between a rock and a hard place. I'm paying a mortgage for an empty house but I don't have the money to fix it. Any advice would it be greatly appreciate it!!

Thanks.

[Brian Garlington]

@Inma Martin

Move into the vacant property and use an FHA203K Loan as a refi. That way you're charged the owner occupies rates and it is a type of loan that lets you include the cost of repairs into the loan. 

Rent out your other property that you have been living in.