I have rental property that I want to sell. The house was built in 1950; it needs major improvement that I am not able to afford. What's the best way to sell the house that would be cost effective for me? Is it better to sell as is and take a loss or move in and fix up myself with constractors, then sell? I am frustrated from renters damage and at a loss of the next step.
Well you don't really have a ton of info posted about the property which makes a big difference in the advice. So I have to be general.
If the property is generating rent, even if you're taking a loss each month, I would let the property rent and fix it up. You get some pretty hefty tax breaks if you do it this way. If you move into the apartment and fix it up then you can't write off the repairs.
I would speak to a CPA before making any major decisions but if it were me I would either fix it up with my own capital as fast as possible or take a small loan and fix it up. All while renting it. Then sell it for top dollar.