Hi all, for my first purchase as a REIN member I bought a really bad house in Ritchie. It was painted up nice but I was talked out of the inspection at the height of the boom and due to my inexperience/excitement I went ahead with the deal. I have put so much money into the place just to keep it liveable and now the house is shifting - cracks in the foundation, cracks in the walls upstairs, doors not fitting right, etc. Major problems.
I am trying to decide what to do with this property:
It is in Ritchie which from what I can tell keeps getting worse and worse in terms of crime etc., but I am Calgary so I would love some insight.
If the neighbourhood is going downhill without some short-medium term signs of improvment, perhaps I just sell as is, take my loss and lesson learned (not so great for my money partner!)
If there is some hope for the neighbourhood, perhaps I put the money into repair and then sell, or just bulldoze the place and build new. I would really like to sell one way or another within a year or two since I am finding it difficult to manage the exent of work this place needs from Calgary.
Those are the three options I am trying to weigh out but I need more information and some advice from more experienced investors would be greatly appreciated.
All the best,
Jodi
I am trying to decide what to do with this property:
It is in Ritchie which from what I can tell keeps getting worse and worse in terms of crime etc., but I am Calgary so I would love some insight.
If the neighbourhood is going downhill without some short-medium term signs of improvment, perhaps I just sell as is, take my loss and lesson learned (not so great for my money partner!)
If there is some hope for the neighbourhood, perhaps I put the money into repair and then sell, or just bulldoze the place and build new. I would really like to sell one way or another within a year or two since I am finding it difficult to manage the exent of work this place needs from Calgary.
Those are the three options I am trying to weigh out but I need more information and some advice from more experienced investors would be greatly appreciated.
All the best,
Jodi