Money Pit, what to do?

[Richard Arakelian]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $12,250
Cash invested: $7,250

I was trying to do the Tax Deed investing taught by the Ted Thomas group only to fall into this money pit. Yes, I didn't see the inside of the property before I bought it, but I had already spent hundreds in sending people out to take pictures for other properties I couldn't even win at auction. It seems that the tax-deed market is flooded which makes it unreasonable to make consistent money. At this point I want to just get rid of this property.
https://www.zillow.com/homes/1014-Barcelona-Dr-Weidman,-MI-48893_rb/77814307_zpid/

What made you interested in investing in this type of deal?

I was actually able to win an auction.

How did you find this deal and how did you negotiate it?

I found it on an on-line auction for Michigan.

How did you finance this deal?

Credit card.

How did you add value to the deal?

Credit card and cash. I only cleaned it out by ordering dumpsters and tossed out garbage and ceiling debris.

What was the outcome?

The house is in such bad shape that the contractor estimated the costs for it to be move-in-ready to be more than the ARV.

Lessons learned? Challenges?

See the inside of properties before you buy, and don't invest in informercial type of tax-deed systems.