Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Victoria TJ
0
Votes |
1
Posts

How to get out of this mess?

Victoria TJ
Posted

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. 

Most Popular Reply

User Stats

1,255
Posts
1,097
Votes
Joshua D.
  • Investor
  • Columbus, MT
1,097
Votes |
1,255
Posts
Joshua D.
  • Investor
  • Columbus, MT
Replied

@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...

Loading replies...