Updated almost 2 years ago on . Most recent reply
Help figuring out how to move forward after remodeling a home to nice for a long ter
Hello my name is Andre an I have a rental property in federal way Washington I purchased in 2018 It's a 3 bed 1 bath about 1100 sq ft my mortgage on the home is 1716 I had a tenant paying 2600 a month but I found out they turned my garage into a room an was kind of sub leasing it to help pay the rent without my acknowledgement they had been there for about 5 years the house was older I didn't really have to do to much when I purchased it I ended up getting a big lump sum of money from a lawsuit so I decided not to renew their lease and remodel the house for a mid term rental I ended up putting 50k into the house pretty much gutted it an redid everything I did more than I was supposed to I only wanted to spend around 30k but once they started working things got out of hand the house is beautiful but I ran out of money to get the house furnished the house sits on a 9000 sq ft lot so my plan was to put 30 into the house an try an figure out how to build a dadu in the back I currently have a HELOC on the house for 44000 untouched I also have an investor that has 60k for me to help with the dadu my question is what should I do because now that the house isn't furnished I can't do mid term rental so I can only do long term but nobody can afford the rent which is 2800 I'm only able to go up 200 from before I remodeled it so 200 x 12 = 2400 which isn't no where close to the 50k I put in to invest should I just try an figure out how to furnish the house or should I just take a loss an rent it out for the same amount I was getting before the remodel I'm on month 5 of having to pay the mortgage myself I had a few people that wanted to rent it but they can only afford the 2600 an I was getting that before the remodel I feel stuck I need help thanks in advance
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Detached Accessory Dwelling unit