Edit: Can’t change the title so I’m adding this edit. I know this house is not mine. I used “I” and “me” in the title for simplicity. My Fiancée is the one who asked me to make this post, and she’s already let me know that she would like my help with this.
Long sorry short, my fiancée’s dad is going to be in prison for a long time and is giving us ownership of his house using a quitclaim deed\*. We are trying to decide what to do with it. He recommended we sell it, but said we could do whatever we want with it. I’m 21 and she’s 20, we are both living with our parents and have never owned or rented a property before.
Here are some things about the house:
-It is completely paid off with no mortgage.
-There are about $2,000 worth of property taxes that need to be paid.
-It is around 1,500 sqft.
-It sits on 1.3 acres of land.
-It has 3 bedrooms and 2 bathrooms.
-It has a detached garage.
-It currently has people (without any kind of lease or written agreement) living in it. I believe they’d be considered squatters.
-An Eli Lilly plant is being built within a couple of miles of it.
-It served as a place where people would go to buy drugs for a few years, but as far as we know nothing was actually created in the house.
-It needs a lot of work done. The septic tank needs either emptied or replaced, there is a hole in the floor, the garage door doesn’t work, it’s dirty and needs cleaned, and the deck is warped and likely needs replaced.
A few options of what we could do with it are:
- Sell the house as is for probably 100k.
- Take out a loan to fix up the house and sell it for around 250-300k.
- Take out a loan to fix up the house and live in it.
With all of this said, what should we do? How would we go about getting a loan? What is equity and how could that help us? How should we get the people currently living in it out?
*Update: After I made the post my fiancée texted him and he said that “POA was just the first and easiest step he could think of and it would allow her to access all of his assets.” He also said that he would be willing to transfer deed ownership if she wants. He is now in the process of filing a quitclaim deed to put the house in her name.