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All Forum Posts by: Michael Pombrio

Michael Pombrio has started 1 posts and replied 1 times.

Real Estate Deal Analysis & Advice

Post: Be careful who you invest with. Vet them extensively.

Michael PombrioPosted
  • Real Estate Investor
  • Timberlake, NC
  • Posts 1
  • Votes 0

Investment Info:

Single-family residence private money loan investment.

Cash invested: $87,000

We were investors in this project. The owner of the property did everything wrong that you could do. He spent the first rehab $$$ on other properties. In our attempt to recoup our original investment he needed 85k of rehab $$$ again. This time I had the check book and ran the rehab project. In the end the property didn't sell for enough to cover the debt. So we ended up with some of our principle back and 2 promissory notes.

0 Votes