All Forum Posts by: Alex Thomson

I would absolutely love to have it sold. I honestly wouldn't even mind the loss if it meant I could sleep peacefully again. I owe just under $430K on it with approximately $170K out of my pocket. In back-to-perfect shape (and on my luckiest day in the world), I've been advised the property comps at $600-615K. Insurance is paying out healthily for the rebuild, so I'm trying to figure my best exit strategy while having few local resources. If I were local again, it'd be a whole different scenario, but I'm extremely ready to walk away from this.

Hey Troy,

Sorry to hear you're in this situation. I hope that you find your way out soon! I've unfortunately been in the exact same position not far away from you for about 3 years now (1748 E Monte Vista, Phoenix, AZ 85006). I was also the money partner on a "4 month flip" that we couldn't get to move. 

I just wanted to advise exercising caution while considering options to get out from under this. I got desperate to unload my house, and took a creative offer which rewarded me with a handful of squatters turning the property into a crackhouse / homeless encampment. Over a year and several lawyer fees/mortgage payments later, I'm starting from less than scratch again with no partner, 2000 miles away from where I currently live.

The tips I've read here are fantastic, and I'll be applying them during my rebuild as well. I just wanted to share my experience with hopes that as many people as possible can avoid the nightmare that I've been through. Best of luck to you, sir. Let this be a great turnaround year for all of us!

I suppose there's really no harm in sharing the listing here. The property is at 1748 E Monte Vista Rd, Phoenix, AZ 85006.

If I continue with the remodel next week, I'm also going to take into consideration some tips I've seen on other posts in this forum (i.e. avoiding greys and whites and staging in the listing). The links on RedFin and Zillow are what the home looked like about a year ago for reference.

I also no longer have a partner in the area (who was my local contractor and realtor), so I'm realistically starting from scratch with 2000 miles between me and my house..

Thank you, Kyle! 

I'm glad to hear that you're doing well in that area. My current intention is to remodel, given that I've already cleaned up the property (it looked like a landfill) and my insurance has covered me for the extreme vandalism. Mitigation teams have peeled a LOT of it back to bare bones but luckily, most of the big-ticket items seem to be alright.

It seems I can get the house and casita back into new condition in about 6-8 weeks time but I'm very concerned that it may just sit open on a cold market again. After dealing with an absolute worst-case scenario at this property last year (I'm not exaggerating at all), I'm worried about even renting at this point. 

I would be VERY interested to learn more about your experience with land divisions in the area if you wouldn't mind sharing or pointing me toward resources that may have helped you starting out! I've considered splitting the lot and selling the front house while expanding the casita since there's so much space.

If it's more appropriate, I'd be happy to connect with you to directly share the address and some financials that are being considered. I appreciate your help!

Hi everyone,

I have a 1/3 Acre property in downtown Phoenix, AZ with a 2br1ba home plus a standalone casita behind it. I've owned it for almost 3 years, and intended for it to be a quick flip but it unfortunately turned into a nightmare instead when the market tanked. After finally getting squatters and career-criminals removed recently, the house is in complete remodel condition again.

Unfortunately, I live all the way over in NYC making it extremely difficult to pick up the pieces even with the help of some nearby family. I'm currently getting quotes from contractors but I can't help but wonder if local investors may want the parcel of land (considering its generous size) to rezone and build multiple rental units on it like several other properties in the area. Where would I even begin my search or the conversation there? Is it even worth considering since it'll likely take more time and may yield less value than rebuilding the home to sell?

It's been 3 years of putting a lot of my life on pause to just scrape by, and I'm considering all options to get off of this carousel. All thoughts and leads are appreciated. Thank you!