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Updated over 1 year ago,
Let's brainstorm and get out of this dilemma
SCENARIO:
Personal credit scores: less than 500
11 rental units; 9 located in IL; 2 in PA; gross rental income: $6360 when 100% occupied
5 currently vacant in IL
1 will be vacant in PA
Current gross rental income: about $2000
4 Units in IL need substantial work (around $100K, but can start and complete 1 for about $25K)
Contractors in IL need to be paid in full: $23K
Total debt for all properties: $240K
Total estimated value of all properties: $273K
LTVs: 69%; 93%; 55%
QUESTION: What would you do to get positive cashflow again?