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Updated about 4 years ago on . Most recent reply
How to get out of this mess?
I bought 2 small commercial properties next to each other so the buildings actually connect to each other. I bought them for $750k, I put $200k down and invested about $200k in renovations. Its a seller finance deal and my monthly mortgage is about 7k due to covid i closed down the business so it's an empty building right now. I had a food truck outside and inside people will play board games so it was like a board game cafe with a retail shop, we did sip and paint nights, plaster painting for the families etc. However all of that stopped in March. We sold everything we could and I want to sell this building asap but given the situation I don't know who would be adventurous enough to start a business now. I also thought about finding 5-6 people who are willing to come up with $100-$200 per person to pay the original seller the balance left on the mortgage and then figure out what to do? I have not idea like seriously the building hasn't generate money to pay the mortgage so i am coming out of pocket to cover it and I don't want to continue to do that any longer. Any ideas would be greatly appreciated.
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@Victoria Amador
As the others have said, I would ask to renegotiate the terms of the agreement. The seller has to be understanding and if it is only for 6 months.
However, I'm getting the feeling that you want out of the business anyway? You didn't seem to write with passion for it in the future. Am I reading that wrong? Cuz that is a whole nother question...