All Forum Posts by: Anneliese Kvashay

I live in a historical home. 1925. Great year for wine - and let's leave it there. These are money pits and time takers. And, there comes a time when you have to realize this: Every owner takes a house to the next level. So stop and look at where you have taken the house during your ownership. I bet it's farther than you think. And, it's most likely time to let the next owner - who hasn't had to live through what you have so far - start his/her stab at taking it further. These don't get rehabbed quickly...I'm in 20 years and amazed at what it takes on a routine and regular basis. Being on the national registry makes it even worse. Nothing like old and regulated to ruin a perfectly good day.

So, take inventory of where you started and where you are and take pride in that. And, sell it. There's another you, another me out there. Go find your buyer. It will be easier than you think.

Best...

That's a really great way of looking at it. I appreciate your take

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Upstate New York, New York

Quote from @Peter Mckernan:

Quote from @Anneliese Kvashay:

Hey everyone, I'm new here and have been pouring over all the forums. Definitely wish I found BP about three years ago before I dug myself into a big hole. Long story short, I purchased a charming victorian in Buffalo, NY that has turned into a nightmare money pit. My intention in purchasing was to brrrr, but after a multitude of unexpected expenses (including an electrical fire) and a contractor that abandoned the job I am absolutely tapped out of funds. Most of the structural work on the home is finished, but all of the finish work needs to be completed as well as some electrical work that I'm not sure will pass inspection.

Should I just sell and take the loss? Are there options for having an outside investor finance the rehab and then split the profit if I sell or hold and rent?

If I do sell what is the best approach (e.g. through and agent or cash deal)? I'm feeling super lost right now and so many mixed emotions after three years of blood sweat and tears trying to get this place up and running. Any and all advice is appreciated.

Sorry to hear this, this seems like a big challenge.

For the fire did you claim this on insurance? If not is that still possible? I would look into this if you have not, might be able to even submit your invoices on the fixes and get some money back to you, and than continue while you are finding the rest of the cash to complete it.

How far are you away from completion?

What is your equity position now and what is the ARV on it?

All these things I would be running through my head to make a big decision on selling and cutting it, or finishing it up. If there is some meat on the bone for the deal, maybe bring a partner in to see if they can help finish it (getting to be warmer over there so you do not have to deal with delays on weather). You could bring them in, work weeks and weekends to get it all done and list it. In a lot of markets inventory is tight so you might be able to make some money back on the deal depending on your market!

The estimated cost to complete is $80-$150k and the current value is around $200k. ARV around $400k if we use high end finish work. At this point its become such a headache that my inclination is either partner up with someone who wants to take over total control of the reno or just sell and be done with it.

And you make a really good point about the insurance. I haven't been able to get proper documentation about the cost of the fire from the contractor but I am going to focus on trying to track that down from them.

0 Votes

Upstate New York, New York

Should I just sell and take the loss? Are there options for having an outside investor finance the rehab and then split the profit if I sell or hold and rent?

0 Votes

Upstate New York, New York

All Forum Posts by: Anneliese Kvashay

Anneliese Kvashay has started 1 posts and replied 3 times.

Post: Selling a half flipped house?

Post: Selling a half flipped house?

Post: Selling a half flipped house?