I feel hopeless, I m in the process of renovation of a Multi Family Home in Dedroit, MI I love the idea of making ugly properties beautiful, but this is my situation I bought this property and took me some months to get the money from my job to star the rehab, first I interviewed contractors, property managemente companies, handyman, etc, etc, and I decided for someone who say is a profesional electrician, resulted he finisheed the job, and payed him, after he told me that there s one single thing that need to be done .... to make the story short he stole tools, and never finished the job. Ok I said is my fault I should hire a company so I did, he talked to me beautiful and made felt and see that I was working with an honest person, I payed him to take care of the house, separed for the electric work ... he gave an estimated and I agreed to star the process of the renovation of the property, to make the story short again the DTE Electric Company complained to me about his services, another property manager sent me pictures telling me that this company wasnt honest with me that nothing was done, I reached the property manager who asnwered to me when he wanted, and sometimes never returned my texts, telling me that he did the job that own money for more work for plumbing services etc, etc. the house was with the doors open according with pictures of the other property manager sent by email, and my first property manager never sent me pics, or videos as he promised, and I lost money and waste time, I dont know what to do is my first rehab, and I wish money would come easy to me for this project and would find the right people.
I really appreciate any advice
"MI I love the idea of making ugly properties beautiful, but this is my situation I bought this property and took me some months to get the money from my job to star the rehab"
You purchased wrong. You make the money when you buy. Your in a very bad situation now.
Is there anyway you can just get out of this property without taking a massive loss?? If not you might want to partner with a local larger investor there who has a track record. You might not make much giving most upside to them to deal with all of the issues but you do not want anymore losses incurred.
If the total amount to fix up the property is more than the value of the place you might not want to do anything to it.
It sounds like you fell in love with an idea of restoring a building instead of the reality of the location. Those types of deals are hard to do right next to where you live much less out of state and in a bad area.
Is there not anything around you that you could buy for an investment??
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