I bought a difficult property a year ago. It’s a conevenient corner plot in a mountain community in a hot Colorado market. Got a good deal because it’s all non-conforming, funky weird mountain house, and the plot had turned into a hoarder junkyard over the last 50 years from previous owner. It has a well and septic that are grandfathered in. Septic will need to be replaced. House does not conform to setbacks, so again, it’s grandfathered in but cannot be torn down without doing earthwork to move the structure.
Partner is a contractor, and we’ve gutted the house, opened the floorplan, and done a good bit of reframing, cleaned up the property a good bit, and replaced the roof. Otherwise, its sitting there, down to the studs. It still needs everything–a bit more structural framing, windows, insulation, plumbing, electric, heating, floors, and finishes, and septic (old system works but super sketchy).
The tension of the project and finances is tearing apart our relationship. I want to sell, but how likely is it that I could find a willing investor? Where do I look? Who buys this stuff? It would be my dream house when finished, but I dont think we’re going to get there. Also, if I’m stuck with it, what kind of loan can I pursue?
I’m into it 130k, and comps are going for 315k most recently, so it should be a decent investment but I’m told that finding a buyer would be unlikely.