Novice Investor Woes
Hello,
(This is my first post on the BP forum and I hope it proved helpful).
I am currently the owner of a 2 family brownstone in Brooklyn,NY. The property was purchased from my grandmother 15 years ago, when I was 29.
Admittedly I never quite viewed this property as “an investment” and made foolish decisions like cash-out refinancing, never raising tenant rents and ultimately lost interest and allowed the place to become a bit neglected.
So now here’s the dilemma. The property was listed for sale and in less than 1 month I had a full ask offer from an investor. The ask was over 1.2m and my mortgage is only 600k.
I was all set to sell BUT now it seems buyer is having issues with financing and I’m having second thoughts about selling. I may have a window of opportunity to return earnest $ and nullify contract BUT I need help figuring out a plan B.
My questions are:
1-the house needs repair and because I own two homes my debt to income ratio is high. (Second mortgage is not likely an option) How can I go about getting creative financing or a partner to help do repairs and keep property?
2-how should I go about securing a property manager for the building
3- if I find an investor what would a fair deal look like?
Thanks for any feedback.