Hi I'm Benjamin,
I have a few issues I need to resolve.
What caused the issues is that I went into a deal with a partner and he corrupted the deal, my first new construction build. To make a long story short, I'm over $300K over the loan amount. We finally got the house built and on the market. Potentially, I may still take a complete loss on it.
Currently my credit is under 515, I know I can fix it but need more income and cash. I'm underwater with my mortgages and credit cards and bills. Now, I have no Money.
Need Solutions for:
1. I'm trying to free up some cash by selling one of my rentals to the tenants but their credit is not up to par yet. I have roughly $70K of equity in it. Just not sure how to get the equity as of right now. I need advice!
2. With the same corrupt partner, I own (in a LLC) 2 LOTs in New Orleans (50/50). I will never do 50/50 in a business ever again. Lesson learned. I bought the lots cash. Not sure what I need to do to get my money back or him out of the business. A lawyer advised me to dissolve the business because we can't fulfill the purpose of the business then sell the lots. which I'm fine with but I really want to keep the lots and build on it. Please advise!!!
