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Updated about 12 years ago,

User Stats

66
Posts
5
Votes
Kerry M.
  • Rental Property Investor
  • Washington, D.C.
5
Votes |
66
Posts

HELP

Kerry M.
  • Rental Property Investor
  • Washington, D.C.
Posted

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

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