3 family rehab investment advise

[Account Closed]

Hi all,

I’m new to real estate and could really use some serious advise on how to proceed forward with my first rehab project.

I have a paid off 3 family in Boston that appraised for 685k. I took a 245k equity loan out for a full rehab. Ran into a bad contractor and lost money and time.

I got a good GC on the project now but it’s costing more than I have and I can’t refinance because the 1st and 2nd units have been demolished.

The quote for the GC is 260k with 5 month competition time frame plus another 100k for ultilities (plumbing, electrical, hvac, sprinklers) 360k total.

I have 165k in the bank and currently maintain a 75k salary position with a perfect credit score. 

My question is, considering the following conditions what is the best course of action to take? Should I seek a private lender to pay off the cost so that I can Refi once the ARV goes to 800k or is this getting too risky to the point where I should scrap the job and do the bare minimum?

Thoughts??

Kind regards