Updated 3 months ago on . Most recent reply
I’m extremely screwed
Guys, please help.
I just graduated college, $150k in student debt and thought flipping a house would help knock out a large chunk of that debt. Project went WAY over budget. I’m currently on a construction loan and the term ends in 2-3 months. It’s been on the market for 4 months already. I (finally) decided to pivot strategies and rent it out. Tried to refinance it and the appraisal just came back $50k lower than when I started this project, meaning I’m going to have to bring $20k to the table. I don’t have $20k, and I’ve already sunk my entire life’s savings of $60k into this project and currently have less than $100 in my bank account. Even if I did sell it right now, I would still lose $20k.
I have no idea what to do and I’m sick to my stomach right now. Please help