Name: SoldFast
Address: 8500 Franklin Ave, Clive, IA, 50325, US
Telephone: 855-276-5332
Rating: 5.0

This house is a great example of properties that look like they’re in decent shape, but are hiding major concerns that would discourage the majority of retail buyers. We would later resolve issues with pests, lingering odors, and even the structural

Real estate is a complicated business as it is, let alone when our personal lives get tangled up in it. When a married couple moves in together, that sense of ownership is split even if only one person’s name is on the paperwork. So if a couple decides to get divorced, figuring out what to do with the house can quickly turn into a massive problem.

If they can’t afford the cost of divorce, sometimes there’s not much that can be done for the time being. Even if neither person wants to live with the other anymore, they may have to until they can afford to separate. SoldFast Operators Trent and Stephanie Yoder recently helped some people in this kind of situation.

A House Divided…Literally

The former couple wanted to sell the house and separate, as the relationship had already deteriorated to the point where they had separate bedrooms and keys. But unfortunately, the property wasn’t in good enough condition to be listed publicly on the MLS, and they weren’t in a financial or emotional place to fix it up.

In fact, if anything things were getting worse. They were arguing over utilities, with the AC being unilaterally disconnected, and court records showed the address was associated with incidences of domestic violence. While we do not get involved with our clients’ personal lives, it’s also true that cash offers can be extremely helpful in situations like these. If the property had a buyer, the former couple could completely separate and avoid the tension from escalating further.

We Bought the Property and Planned for Two Stages of Renovations

We were able to make an offer close to what they were looking for, giving them the clean break they needed. Once we completed a more through walkthrough of the property, several other problems became apparent, such as an aging roof that was uninsurable by retail standards. That and other projects would require more in-depth renovation than some simpler jobs, but we needed to bridge the gap with funding.

Trent and Stephanie decided to turn the property into a rental for the time being, completing the initial basic remodel projects first and using the rental income to finish the process later on. For this first stage, it was mostly to get the property as ready for temporary rental as possible. That meant a thorough cleanout along with new paint, flooring, and appliances

Did you know sandy soil can contribute to pest problems? Nutrients are routinely leeched from the soil and water drains away quickly, leaving your yard without a lot of organic material. This lack of food and shelter can send insects searching elsewhere, which often leads them into our homes.

Turning a Rental into a Retail Home

Converting a rental property into a primary residence has several benefits. In many cases, landlords and investors can purchase these rentals for their ideal qualities, and gradually transform them into a primary residence for either themselves or a retail buyer.

If you plan on living in the property down the line for at least two out of five years before any kind of sale, you can even avoid capital gains tax on the sale. IRC Section 121 allows an exclusion up to $250,000 (or 500k for married couples) as long as the property meets the owner-occupancy rules.

Now We Could Tackle the Larger Projects

Now that Trent and Stephanie once again had access to the property, they could resolve the larger concerns like the roof. They had managed to secure some investor-friendly coverage while the property was a rental, but now they could replace the roof entirely.

Over the next several weeks, we also put in new air conditioning, kitchen cabinets and bathroom vanities as well as fencing and landscaping for the exterior. We were also able to remove the smoke smell and bedbug infestation, the latter of which had not been disclosed. The entire property needed to be tented, which is one of the few options than can ensure every square inch has been treated against pests.

Some of this was already in place, but the second stage of renovations was a great opportunity to go back through and check on projects from the first stage, as well as give everything another good cleaning.

Front end landscaping helps with curb appeal, while backyard projects can appeal to prospective buyers’ hobbies and privacy needs. Along with the new fence and landscaping, we also reseeded the yard to thicken the grass and make the yard lusher overall.

With renovations completed, Trent and Stephanie could sell the property and put it back in owner-occupant hands (in MUCH better condition).

SoldFast Can Help You Put Distance Between You and Past Problems

If a property has become more of a weight around your neck, finding a local cash buyer can be a great way to free yourself from legal trouble and emotional distress. You can hand off your tough situation to someone ready for anything.

Reach out to your nearest SoldFast operator by giving us a call at 855-276-5332.