Renovation on hold. Ran out of money

[Brian Evans]

Early in the year I came across a great deal for duplex in a high in area of Cleveland Ohio. I took all the tools I learned from BiggerPockets, did my research and bought an amazing 4360 sq ft 8 bedroom 5 bath duplex that has amazing potential to be a cash cow but that needed a lot of work. HOWEVER, while under contract, the lender I was working with pulled out at the last minute. I had already paid my earnest money to the title company and the reason the lender backed out because I was asking for too much renovation money. The comps they used didn’t come close to the square footage of my duplex but I was a very unique property in a great neighborhood.

The point of this post is I made my rookie mistake, I’m out of money and the bills are still coming in from little work I put into it so far. The city have my money in escrow and it’s a pain getting reimbursed for the amount of work I put into it. Now I’m at the point of either selling it or open to bringing in a partner if anyone is open it that.

[Brendon Pishny]

@Brian Evans

Cut your losses. Sell it and move on. Learn from this. Consider it expensive education to get better. Good luck.