Saint Joseph Missouri 12 Unit

[Dylan Rogers]

Hi Everyone,

I need a little help here. I purchased a 12 unit historic building in Saint Joseph Missouri (about 40 minutes north of the Kansas City are). Super cool building and had great plans to turn it into a rental. The long and short of it was I had a contractor that dropped the ball and ended up costing me about twice as much as I planned due to having to re-do his poor work. Now that his work has been redone, I'm out of money and the project is finished with the rough in stage. I have the property listed for sale, but Saint Joseph isn't a big market as people think it's hard to rent or not a great area. However, when I was doing my due diligence, I spoke to several people who owned property there and they advised that it was no different than owning in certain parts of the KC area. 

So now I have this property listed for sale, but it isn't getting a lot of traction on it. I still believe it would be an amazing property. $850k ARV, 10 1 bed apartments and 2 studios. Just needs the finishes inside to make it ready to go. All of the historic issues that could have been presented have already been approved and passed so internally, there's no restrictions. I need to get around 540k (including realtor commission) sale price for this thing to pay back my loan on it. I understand that I may not get that, but we haven't garnered much attention at all with the listing.

Does anyone have any suggestions how to get this off my plate or does anyone invest there that may be interested in taking a look? I'm bleeding out every month from my interest payments and only have a few more months left in me. Any advise would be helpful.

Thank you,

Dylan