Four years ago we were cruising on our debt reduction and moving toward Mustachianism. I would say we have mostly achieved our goals today (paid down ungodly amounts of Student loan debt, one left to go! And we now enjoy a life of both of us working part time, thanks to ERE and MMM) BUT we have one unresolved issue. We bought a house (cash) for $7,000 three years ago. We worked on it for almost a year, evenings and weekends, until a job offer to another state pulled us away. At that time we had invested $15,000, including the purchase price, and the house was about 30% done ( it was a total gut and redo).
Now here is the mistake. We partnered, handshake style, with a non-profit to finish the house, intending to split any future profits when the house sold. They would finish the work and purchase any additional materials and these would be factored into the sale. Estimated timeline to finish the project was another year.
Over two years later the house is still not finished, in fact probably about 60-70% done. There have been break ins. Because we no longer live in that state or even within driving distance it is hard to manage and make sure that progress is happening. We would like out.
My question for you all is multifold: if you are a lawyering type, what exposure do we have with the non-profit that we partnered with? I do not know exact numbers but I do know that they have invested another $20,000 in the property. We do not have any kind of contract in place and i am wondering if we were to sell with the goal of recouping our $15,000 and whatever extra we got to go to them, could they come after us legally? The title is in our name only.
Secondly, should we try to sell it unfinished? The remaining work to be done is finish electrical, finish plumbing, cabinets in the kitchen and baths, flooring, and paint. Possibly some landscaping too. It has come a VERY long way since we bought it but there is still Lots to do.
We are at this point unwilling to invest any more money or time in it. The third choice that I see is to continue to let the organization slowly finish it, putting pressure on them, with the hopes of selling it for $50,000 or more as originally planned. And just waiting it out.
What would you do?