HELP

[Kerry M.]

We signed up for way more renovations than we thought.
Our total is 60K so far in repairs, 75K on credit card with 15K in cash in bank account (borrowed from credit cards.) The first unit is not rentable yet, although getting close.
Our building is 95 years old, was in very bad condition, now has new wiring, new plumbing, very old lathe and plaster walls, water issues (no more,) insured, 4 units....
The purchase price was 26K and I was told by professionals who knew my property that it would cash flow with repairs estimated at 45K. Rental values are a bit untested but close to reality. We showed the first unit yet undone on Friday. Still need 10K to being done minimum for the first and three other units.
A similar building like ours is on the market for 133K, with one less unit, location closer to campus, finished (obviously.) We're in 101K so far.
Dying...help please.
Kerry

[Michael Lauther]

@Kerry I am glad that you posted your concerns and hope you will keep us updated. You will find a wealth of non biased information from a group of knowledgeable investors. You need to see this project through but first it is critical to get hold of the numbers. assess where you are and get hard numbers in writing so you know how much you need to get the property rent ready.

@Kerry In looking at the numbers you posted it looks like you are trying to complete the project with sweat equity from you family. I would have an unrelated professional come in and give you a detailed estimate and scope of work. I have cost myself far too much money by trying to cut corners hiring unqualified people, in some cases friends .