Here is my dillema and hope some smarter people than me might have some ideas...
I have a vacation property in the upper Midwest that sits on nearly 300' frontage on a lake. Its in a preferred area with great fishing, best access to snowmobile trails a person could imagine , great loacation etc.. BUT the market is depressed and so beaten down and I dont see it coming back anytime soon. I have had on market the last 2 years willing to take a loss because I own it out right and the monies plus not having to pay taxes and maintance and worry all the time , hell my investment return in theory i could go on many vacations and still come out ahead. This eats at me nearly everyday.
So right before the "Crash i stuck 100k in it building a mini guest cabin, another garage and upgrading bathroom , kitchen etc...so place is like brand new all sided logged to match on all buildings etc..
I have about 465k into and taking out the emotional compenant in it its worth every penny of 400k but there is just so many deals up there
1) Do i just blow it out and be done with it since its costing me about 10k a year for taxes , heat etc... I think if I listed for 349,900 I would blow it out the door.
or my other Idea is Seller to offer financing but I do not know anything about this.
Assuming I could then sell it for 385 and finance what are the things I need to consider and how would you go about doing it? I was thinking 20 year or 15 year mortgage only but if somebody could do that you would think they could just buy the damn place.
I feel like if someone came up to me today and said here is 325k i would just take it and be done with it. I have sold all my toys up there and be ten years before I could use the place again.
I thought about renting it but to do something like that the first time I would rather buy a 4plex near by not 4 hours away.
HELP!