First Deal Didn't go as planned, What next

[Mark Coleman]

Closed my first deal a few months now in Houston but I am stuck. To keep it short and to the point, I had to put about 10k more into the property due to a bad contractor. I bought it for a rental property but the work done was subpar. I need to sell to recoup about 3/4 of my initial investment. However, I have lost 3 buyers due to inspection. Bought the property for 105k I am in it for 155K, ARV is 170k rents for 1500 per month. I am 7 months into this property and running out of cash, what should I do any thoughts would be greatly appreciated.

[Mike Cumbie]

I would recommend going to one of the buyers and asking to buy the inspection report (Or all 3 and find the cheapest). Then you at least know what you are dealing with. See what items you can do for materials by yourself to lessen the hit some. Not sure where you live but in this area you are going to be hitting a bad time to try and sell.