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DAP Forums > DREAM Act > The Lounge

What to do with our house

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#1
01-18-2024, 11:20 PM
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Joined in Mar 2017
60 posts
kbrenda3
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We have a 60+ yr old house that is to be transferred in my names this year. Its falling apart in many areas. Uneven foundation, cracked walls and ceilings (getting worse!), leaks, holes, faded exterior, broken window frames etc. We just got rid of most bugs. Many other issues.

We have no money to fix it. On one income. Any advice?

Thought about selling it but it would have to be to an investor who wants to fix it, then maybe apply for a loan to get a better house and have this money from selling this as extra.

How do you even find an honest & fair buyer!!!

I make about $3000 month. Only have bills, no rent/mortgage right now.

The whole process is confusing. Not sure what to do.
Last edited by kbrenda3; 01-18-2024 at 11:31 PM..
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#2
01-19-2024, 06:53 PM
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BrokeAssDreamer
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Where is the home located? And how much would it be worth if it was in good shape?

Cant you get an equity loan on it to fix it but you would need to run some numbers to see if it would make sense or not.
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#3
01-19-2024, 08:14 PM
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hDreamer1988
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It will depend on the area and zoning.. Sometimes developers are more interested in the land to build a multi family dwellings than the actual house.

You can also take a loan and get the house up to code then rent it to pay back the loan.
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#4
01-19-2024, 08:27 PM
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kbrenda3
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Quote:
Originally Posted by hDreamer1988 View Post
It will depend on the area and zoning.. Sometimes developers are more interested in the land to build a multi family dwellings than the actual house.

You can also take a loan and get the house up to code then rent it to pay back the loan.

I live in the house.. no other place so i'd be the one in it with repairs going on and after.
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