Thread: renovate or liquidate?

Originally Posted by Nik Is Legend

I recently acquired a half renovated, dilapidated house in Hamtramck, Michigan. It's rough neighborhood just outside of downtown Detroit. The house will cost me roughly $2000 a year to keep. taxes, general maintenance . I'm guessing it would cost $15,000-20,000 to bring up to selling condition. Even with that kind of investment I'm not sure it would sell for more than $20,000. I would like to make money off of the property if possible, but I am a full time college student and I don't have much free time let alone excess capital. Would you recommend selling as is for sub $10,000 or putting enough into it to rent (it's a duplex)? I am also wondering if there are any government grants that would provide the money to fix it up.

If the property is in an urban area there is most definetively money available for fixing it up. Some will be in the form of grants and some will be in the form of low interest loans. Go to the local banks and ask about what community redevelopment programs they have available. If the property is rule and in a rough area local banks are required by federal law to have programs availale for redevelopment. You can also look into grant money by going to your city hall and county clerk asking for all real estate related redevlopment programs the city and/or county have.

I would look at trying to get the property into shape for section 8 housing and making it a rental. With the troubles in Detriot area you will not have a chance making anything on a flip from what you have described.

I don't know enough about the market in your area to comment on this.

I also don't know now about this. []
but i suggest you take help of any expert who have great knowledge about this matter. Hope this will help you.
Thanks