need advice for a deal I am stuck in
Looking for some advice as I have not been in this position before -
I JVed with a partner on a deal that was due to be a home run...
We are now 6 months in to the project I have $95K cash in the deal ( was meant to be $75k)
We need to put another $25K - Which i don't currently have as i'm in another project and which my partner can't come up with and finish the work - its about 50% done.
We have a 175K loan and the property is worth $320K and every month I need to come up with the payment which is eating in to to the profit as the property is just there doing nothing!
Any Advice? I am happy to sell the project as is and try and get at least my cash out - there is still money to be made in the deal