Needing some advice
Hello, completely new to the forum, so please bear with me, I am hoping that I will find some good advice here.
I got lucky a few years back and got a small windfall. I started buying some local real estate, some commercial, mostly single family homes.
I guess I got greedy and finally topped it off last year with an ocean front property at a great price.
I now own 5 properties, most heavily mortgaged.
I have been trying to sell the ocean front for the past several months and not getting any bites, have dropped the price by $400, 000, still no takers at $1.500,000.
I have about $100,000 left in the bank, my monthly nut for all the properties and my overall expenses is around $26,000.
My current income from rentals is about $5,000.
I am going through a relationship split from hell, with my ex coming after 50% of the net worth, which of course is only on paper values.
She has no legal standing on this as we are not married, but I feel the judge will make an emotional decision.
My question is, should I file for bankruptcy, let some of the properties foreclose on the chance that something might sell in time to bring in enough income and/or just pay my own house and expenses, which would give me about 10 months time.
Should I look for another investor to come in and fix up the ocean front as a vacation rental? that would bring in about $50,000 to $80,000 per year after expenses.
Bit of a mess, but I keep going round and round and I have to make some harsh decisions very soon.
This is an attempt at clarification of my situation to some more experienced heads out there.
Many thanks for any advice, James. :violin: