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Michelle Cohen
  • Investor
  • Cleveland Oh
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Advice on getting rid of a vacant distressed property

Michelle Cohen
  • Investor
  • Cleveland Oh
Posted
Need advice on getting rid of a vacant distressed property that the rehab is more than the house is worth, plus it's 1700 miles from where I live. Can a piece of real estate be donated?

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Marcus Auerbach#2 Investor Mindset Contributor
  • Investor
  • Milwaukee - Mequon, WI
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Marcus Auerbach#2 Investor Mindset Contributor
  • Investor
  • Milwaukee - Mequon, WI
Replied

@Michelle Cohen without seeing the property it's hard to tell if it's absolutley a tear down or if it could be liquidated somehow. Sometimes it's worth to "pre-hab" a property - meaning you clean it up, have trash removed and take care of the biggest issues like leaky plumbing, two broken windows etc, anything that makes the house un-inhabitable, remove everything that's really bad (like stained carpet, trashed kitchen), maybe have the interior painted white if the walls are very dirty and then sell it retail. It may not work for an investor, but it may still work for a handy contractor who needs a roof over his head or someone who has a handy family. A lot of people will actually accept conditions that's less than nice in exchange for homeownership and the chnace to fix it up over time. Their own labor is free and they don't need to make a profit, so it will still be worth it for them. You can even offer owner financing. And helping someone with little ressources to become a homeowner is actually a really rewarding thing to do.

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