All Forum Posts by: Marc Woodward

Good thought...  Thanks

Back to the garage...  The reason I am so concerned is that The city has already forced me tear down one other building on the property which was reported (apparently) by a neighbor.  If this comes up again, I will be forced to do something.

Anyone have any thoughts on if I would be putting my mortgage at risk or opening myself up to litigation if I tear down the garage?

How do you recommend that I advertise to a flipper? I have it listed as FSBO on Zillow but have had very little response... Craigslist?

Thanks for the replies...  I do not have the time to do repairs myself and my skills are also suspect..  LOL.  The idea of some kind of purchase contract is interesting, but would that be allowed by the mortgage company? (BOA)  I do not want to put myself in a position that might cause them to call the loan.

I wonder if I could refinance the property plus enough to make repairs and hire a contractor to get it back in shape.  My original plan was to keep it and rent it out anyway.  

One other concern I have is the detached garage.  It really needs to be torn down, but since it is listed as having square footage and value on the loan documents, would I put myself at some kind of risk by tearing it down?

I have about $20k or so, but I don't know if that would get it done...  Then I'd be broke.

Hello folks, this is my first post and I would really appreciate some thoughts on my situation...  I could probably write a novel on the backstory, but I will do my best to stick to the relevant information...

I own a house in Matthews, NC (Charlotte market) that is in very bad condition.  It needs HVAC work, band sill repair, it has a soft floor in one bathroom while the other one is half finished.  It needs ALL flooring, needs all new Windows, could use a new roof, needs to be painted, needs a kitchen remodel and the detached garage is literally about to collapse and needs to be torn down.  My rough estimate is that it will take around $60,000 to make the house right.

The one thing this house has going for it is that it is in a very good location where there is a shortage of homes for sale.   I owe $115,000 on it and eappraisal website estimates its value at $165,000.  Zillow says $182,000.  

We no longer live in this house as we have bought another and moved the heck out.  It has been empty for 1 year.  The mortgage is current.  What should I do with this thing?  It is way too messed up to rent and I don't think there is any money to pay a real estate agent commission if I want to sell it as is, not to mention its condition would disqualify most buyers.  Any suggestions?  I am open to all ideas.  Thanks, Marc