All Forum Posts by: Nicky Jones

Quote from @Will Headen:

Hi Nicky, rent2own is great strategy. Start by marketing the property online, such CL or Facebook Marketplace and see what type of traffic you receive. There are multiple strategy you could deploy. Perhaps a JV project with another local investor you trust.

Yes, it sounds like a good ideas as well. I just have to get the house repaired and draft the agreement. Have you sold a house rent2own before? If so, what was your experience?

Quote from @Mike Davis:

@Nicky Jones Do you have an idea how much in repairs it needs? Is it free and clear? Can you get a loan on the property, fix it up to meet the minimum standards of what the other rentals are? After it is repaired, can you rent or sell and make money? Good Luck!

I own the house free and clear. The repairs are another issue though. I don't have a single general contractor. It probably needs about $20k of work in total, but I will have to piece it together. I have had a really hard time finding and working with contractors. I'm not sure how to get a loan for it though. On Zillow, it says that it is worth about $47K and it could sell for more if I put more effort into. I paid $10K for it a two years ago.

I have a small 3bd house in southern Illinois and I am not sure how what to do with it now that I have to move. I'm going to be moving about 12 hours away, so it won't be that easy for me to come back to the property on a regular basis.

It is functional, but needs a lot of work in terms of carpentry, drywall, doors, windows, and siding. I am having trouble finding a local realtor willing to list the property and it needs too much work to be listed as a rental at the moment. I'm not sure if I should just try to list it myself and sell it as is and take whatever I can get or make the repairs to get the house potentially sold or rented out for a better price. Most of the houses on my street are all rental properties, so there is that as well. A realtor told me to ask one of the rental companies to buy it, but I'm not sure if they would even be interested given due to the amount of work needed or if they would give me a fair price. I've been thinking about also selling it as a rent to own as well, but I'm not sure how feasible that is either.

I'm just looking for some general advice that might help me figure out the best way to handle this. I'm also looking for any advice regarding how to keep it secure and monitor it while I get the property sold or rented out.