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Updated about 9 years ago,

User Stats

21
Posts
1
Votes
Solomon Mamo
  • Gaithersburg, MD
1
Votes |
21
Posts

I need help on this

Solomon Mamo
  • Gaithersburg, MD
Posted

Hello Dear BiggerPockets,

I have a rental property in Williamsburg, VA. The reason why i have this property is because i moved to another city for work and was not a good idea to sell at the time. I never made any money (cash flow) from this property for the past 8 years except spending money for different expenses and repairs (due to a bad renter and age of the townhouse). I also pay round $100 for the mortgage difference. Now i was told by the property manager that there is a big issue with the townhouse (molding and water leak) which i have to spend $32,000 to fix it. Allstate dropped my insurance a year ago due to another high price fix and my current insurance does not cover most of this. I don't have that much money and was wondering what to do.

Any suggestion?

Thanks

Solomon

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