On a Downward Spiral-Need help and direction.

[Mark Gonzalez]

Hi, I own a three family house through FHA. I bought the place at market price. Once I moved in I started renovating with credit cards and loans. My plan was to cash out refinance in the end and pay. Now I have to work two jobs to pay credit cards when the plan was to add it to the mortgage through refinance to pay less and receive a profit each month. I'm tired of burning two ends of the candle and need some direction to get out of this mess please. Just curious If its better to just sell and try to pay off credit cards with the sale avoiding bankruptcy , but the house isn't completely remolded, or if there is some way to get a loan to finish and sale or refinance. Is bankruptcy an okay option, to drop it and start over? I have a lot more to explain my situation, but I'm just reaching out and seeing if there was someone that could help me. Feel free to email me thanks bigger pockets family.

[Frank Geiger]

From a project POV, you need to prioritize. You have one unit rented, one leaving, and yours. Fix that unit that had the tenant turnover asap.Then REFI and get what you can without your unit fixed up. Pay off your bills and you'll be good. Don't worry about your unit (unless they won't REFI on it). Make a plan going forward and execute.You won't get top dollar for it but you won't lose the house and you can breath a bit. Run the numbers and make sure this is feasible.