Posted by juan E on October 27, 2006 at 01:02:50:
2 things come to mind:
List it on loopnet.com for a fire sale. At least you expose the propery to millions of investors seeking a great deal.
Offer seller finance and wholesale the deal out to other brokers/investors who are seeking a fix/flip deal.
Find one of the local “businessman” in the area and inform them they can buy the building and rent the rooms out by the hour. Let them take it inside, and off the streets.
How to stop the bleeding in Canton Ohio? - Posted by helpneeded
Posted by helpneeded on October 26, 2006 at 18:43:59:
I am an out of state owner of a vacant 7 unit apartment in downtown Canton Ohio. Originally I was intending on fixing it up and renting it out. After going through contractors that took 8 months instead of 2 and putting more into it than we planned on, the property has been vacant since I bought it in July of 2005. We tried during the spring and summer this year to rent one of the units that was nearly done, but without the rehab of the other units being finished, it wasn’t very appealing to potential renters.
Its in a rough area. The windows have been broken out and we have had them boarded up. My concern with finishing all of the units is that vandalism may cause more and more expenses while it sits vacant with no one on site.
We’ve talked to many realtors about selling it as is and they are not interested in selling it because of the area with prostitutes and violence. The units should rent for about $350 when finished. We got a bid to finish the units for about $30,000. We are into it about $65,000 at this point out of pocket. The taxes are behind on it as we were in a payment plan because they were behind when we bought it and had the owner deed the property to us.
Due to other projects and things going on in my life, and tired of dealing with this project, I need to figure out a way to get out of this deal and am looking for suggestions on how to get out, preferably without losing the money I have into it.
Does anyone out there have some good suggestions on how to make lemonaide out of the lemons on the never ending deal?
Re: How to stop the bleeding in Canton Ohio? - Posted by Gary-OH
Posted by Gary-OH on November 24, 2006 at 23:57:20:
you need to be careful anymore in Canton. If the property has been vacant for over a year and is in a R-1a residentail district, the city of Canton will require you to transform the dwelling to single family use. You may need to hurry your deal along.
Re: How to stop the bleeding in Canton Ohio? - Posted by Gary-OH
Posted by Gary-OH on November 24, 2006 at 23:54:09:
I live in Stark county and may be interested. Send me an email with contact information and the property’s address.
Re: How to stop the bleeding in Canton Ohio? - Posted by Mary-Oh
Posted by Mary-Oh on November 16, 2006 at 16:54:24:
Canton Ohio investors: email me at mbolmgren@verizon.net
Not sure we can help but we are not afraid of the area.
Re: How to stop the bleeding in Canton Ohio? - Posted by jeff-nc
Posted by jeff-nc on October 27, 2006 at 07:08:48:
We had a similar situation a few yrs. ago with a 12-unit. At first, we were trying to sell at minimum profit, then just to break even. This property was keeping me awake at night, with vandalism, arrests, evictions, etc.–and I’m in the prop. mgt. business! One day my father came into the office and said, “Enough…this thing is an alligator…let’s drop the price drastically and move this thing!”
Bottom line…we lost most of the money we had put in, but the thing sold and I started sleeping. You have to realize you are selling from a very poor position, so you have to really give someone a fantastic deal to take this problem off your hands, and that usually means a great price.
Move this thing, and count it as an expensive learning experience and improved peace of mind.