Posted by BR on December 04, 1998 at 07:59:08:
Great idea Dirk!
Printing your reply for future reference.
Thankkkkkkks.
HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Ronnie
Posted by Ronnie on December 03, 1998 at 23:45:04:
A few years ago I bought a house in Baltimore for $11,000. This was an ‘investment’ before I discovered that a low price doesn’t always equate to a good investment.
For a short time I was getting positive cash flow. But now the area has been declining rapidly. It is vacant and vandalized. The houses (including mine) around it are boarded too.
I had it on the market for 6 months at 9000. No offers. I don’t want to fix it up (I started and it was vandalized) and workers don’t feel comfortable there even in the day (it’s a big drug area).
I don’t want the house anymore. How do I get rid of this? Right now it’s uninhabitable and … I don’t want to fix it up. But taxes and sewer bills have no mercy on a vacant house.
Suggestions, anyone?
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Tonya Brown
Posted by Tonya Brown on December 05, 1998 at 13:15:40:
I will take the house off your hands for $100 contingent sewer and tax bills being a resonable amount and I can pay them off.
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by L.A.
Posted by L.A. on December 05, 1998 at 06:36:10:
Alot of money can be made in “war zones” & believe me a few people do make that money, BUT one skill that U will need to devlop is “landlording”
Most of your bootcamp guru’s don’t write & teach about that, because most of them (not of all them) have never taken the time to learn that invaluable skill.
If U learn the SKILL of “landlording”…war zones can make U plenty of money !!!
As as far as your property goes, U can sell it on a lease option or find some government program to help someone qualify.
I helped a lady living in a project get a nice house by using the F.H…A 203-k program.
From my experience…war zone properties are very good when U want a cashcow.
Rent the property out “by the room” & collect your money weekly.
Flipping houses is good, but nothing beats good ol steady “weekly income” !!!
Hope this helps
L.A.
p.s.: I would strongly suggest that anyone who would like to learn how to landlord read Mike & Irene Milans book on managing small properties.
It’s the best one that I have read.
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by David S
Posted by David S on December 05, 1998 at 04:53:15:
donate to the local fire dept for training purposes. write it off, if possible. sleep at night.
David S
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Rob FL
Posted by Rob FL on December 04, 1998 at 18:50:13:
If you just want to write it off as a loss, you can simply pretend you don’t own it. Don’t pay any taxes or sewer bills anymore. You may want to deed the property to a trust or something else to make sure it doesn’t mess up your credit. Then just walk away. It will eventually get sold at a tax sale.
However, if you want to try and make money follow Dirk’s advice.
FSBO $100/month - Posted by JohnD(CO)
Posted by JohnD(CO) on December 04, 1998 at 10:55:55:
I am assuming you own it clear of any mortgages and that you really just want to get rid of it (?). I would just put a sign out front stating: For Sale by Owner, As is, Owner will finance at $100/month, Low Down. Then sell subject to existing city liens, and dont getted stressed out if they stop making the payments after the 2nd month. Maybe you could list some features of the house which would appeal to the pharmaceutical distribution culture: “rebarb reinforced walls”, “high flush rate toliets”, “would make great Meth Lab”, “not on the sheriffs list of crack houses”, “close to High School”, “great Summer home for the upscale Pusher”, etc…
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by GregN
Posted by GregN on December 04, 1998 at 07:20:00:
Ronnie,
I have a house in a bad area, currently renting under the Section 8 program (although it is not nearly as bad an area as those in Baltimore). When I sell it in the future (who knows how long that will be), the plan is to sell under a contract for deed or with owner financing. This will avoid bank financing so folks who would like to have a house, but don’t have good credit, will have the opportunity. Or you could try to sell it to another investor in your area (possibly with owner financing as well). You may want to look into these options to see if they benefit you.
Good luck.
GregN
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Dirk Roach
Posted by Dirk Roach on December 04, 1998 at 05:17:03:
Ronnie,
I lived for a few years in a very Bad area of Detroit. In a warzone area like you kind of described in your above post. What happened in my area, though, was kind of neat. Everyone got together and exicuted a plan to improve the area. We had a drug house down the street. A few landlords and three local churches donated a bunch of paint and supplies. The drug house was a boarded-up “vacent” property. Anyhow all of us who lived in the area, painted it pink with all kinds of big flowers on it, and pretty much it sissied it out. Needless-to-say the druggies moved out and on. After a few weeks that particular owner rented the house out to some college kids, who painted and “normalized” it leiu of a security deposit.
Once the druggies had moved on the nieghborhood picked up. People really came together and raked leaves, fixed up their property. All it took was a few people to start that ball rolling. It was odd, our neighborhood was like a little oasis in the middle of a warzone, but the majority of the problems stayed clear and out. My point is that it only took a couple of peolpe to get things going. It was mutaully benificial for everyone. We wanted a safe and nice place to live, and they (the landlords and property owners) wanted their investments to have more worth. Perhaps you could contact some other owners in the area of your property and maybe get something going, instead of just bailing out on what could be a good comunity.
Just a thought,
Dirk
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Lee
Posted by Lee on December 04, 1998 at 24:37:02:
Have you spoken with a CPA about donating it?
May be a tax deduction. I don’t know.
Good Luck !
Lee
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by ronnie
Posted by ronnie on December 08, 1998 at 23:35:33:
I DO sleep at night … and I intend to donate it. As an aside, real estate is exciting but I hope Newbies realize that there are indeed major mistakes that can be made - that not every house is worth buying … at ANY price!!!
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by Tonya Brown
Posted by Tonya Brown on December 07, 1998 at 10:47:04:
I will take the property on a leaee option it from u.
I willl either resell it as is or do the repair work with my crew. Lets do lunch!
Tonya
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by SCook85
Posted by SCook85 on December 04, 1998 at 19:54:05:
Dirk,
The thought is a very good one and I would love to see it take place in Baltimore, but in reality the problem is so wide spread you can’t win the battle here. John mentioned buying the other homes on the block next to nothing. Unfortunately to own one of these homes you don’t have an asset you have a libability. I have been offered 7 properties in the last week for nothing. I declined. The city just goes and tears down these vacant properties and sends you the bill. Average cost of $12,000 per home. I am going to option these homes and try to assign them all with a promissory note. If I make anything on them great, if not that’s ok.
Steve
Re: HOW DO I GET RID OF A HOUSE IN A WAR ZONE??? - Posted by John (KS)
Posted by John (KS) on December 04, 1998 at 08:59:15:
I was thinking similar ideas, but you could probably pick up a few more houses on the block before the renovation for next to nothing. Get the community together to spruce the area, then rehab your houses, and you will have the cutest houses on the block. Easy rent.