Back again dont know what to do.

[Erik Misyuk]

Hey Im back to the forum Wooohooo :mrgreen:

So here is where I stand :cry: I dont know what to do I feel stuck :

1. bought a property in Rochester 2 years ago had many issue finding a reliable Management company. Now the property has not turned a profit for a variety of unlucky situations and tenant idiocy. The house still needs lots of work if ever the tenant moves out. Took out all equity to fix up things ^.

2. Bought a property in Rochester overpaid for on top of that had unforseen investments into a roof and other things. I got a good tenant now who accidentally burned down the kitchen :lol: but so far the property seems headed in the right direction. No Equity since I overpaid and had unforseen repairs which I took a refinance loan on.

3. I bought a property in Pittsburgh and had majour issues with contractor where many things had to be redone and delayed construction.When I finally finished I couldnt refinance my hardmoney loan because of the credit crunch, then had issues with management company and bad tenants. Had to sell the property at a loss.

Now my current finance situation is bleak my credit cards are maxed out, credit history is alright but got hit in the situation,my savings are low. How do I get back on the horse, what should I do to regain my compsure and confidence?

[Joshua D.]

Your situation will sound familiar to many. I've dealt with many of the problems that you're dealing with, and almost all stem from poor management from companies I worked with out of state.

If you're unable to pull out any equity or borrow on your credit cards, do you have any other sources for financing? Is there any way to bring the 2 remaining properties back to shape? Do you live nearby, or are these out of state?

If these properties are draining your wallet, driving you mad, and not getting any better, no matter what you do, I think you're in a situation where you should consider dumping them.

Any investor worth his/her salt, has probably experienced some failures. The key is to learn from them and move on. Sometimes the best move for someone on a sinking ship is to jump instead of riding it down to a slow death.

These are just my thoughts based upon your comments. Perhaps with more information, I might recommend other options.