Advice needed on Flip Disaster

[Scott Bogue]

Need some much needed advice and path forward. I bought a wholesale property last January using a hard money loan with 80k in renovations. My General Contractor ended up being a horror story and stole money as well as the AC unit. She used unlicensed contractors and was served with a Stop Work order from the city. After she received the stop worker order she stopped responding and pulled all of the contractors who were working on the job. The house is about 70% complete but still needs electrical, plumbing, and AC brought up to code and the finish out to be completed. I have had a couple of estimates to complete this work and it ranges anywhere from 40k to 75k. What do I do? I dont have enough capitol to get it list ready. I am not sure if selling to a wholesaler would be feasible as we owe 151k on the loan with the ARV being in the 250k range. I also dont have enough cash on hand to hire a lawyer to go after the contractor at this time (I doubt she has the assests anyway). Please help

[Jay Hinrichs]

Geez I would be talking to your HML right now as I doubt they want to take it over.

and try to get a workout with them ASAP.. sounds like its going to be  a loss anyway you cut it and I have to think you put up cash for a down payment as well.

maybe someone else will have some pearls for you.

Wholesaler is going to low ball you for sure.