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Updated over 10 years ago,

User Stats

15
Posts
2
Votes
Carolyne Rattle
  • Miami, FL
2
Votes |
15
Posts

need advice for a deal I am stuck in

Carolyne Rattle
  • Miami, FL
Posted

Looking for some advice as I have not been in this position before -

I JVed with a partner on a deal that was due to be a home run...

We are now 6 months in to the project I have $95K cash in the deal ( was meant to be $75k)

We need to put another $25K - Which i don't currently have as i'm in another project and which my partner can't come up with and finish the work - its about 50% done.

We have a 175K loan and the property is worth $320K and every month I need to come up with the payment which is eating in to to the profit as the property is just there doing nothing!

Any Advice? I am happy to sell the project as is and try and get at least my cash out - there is still money to be made in the deal