Help!!! I need a solution FAST!
As I was following up with leads and investors I've worked with in the past I came across a problem one of my colleagues is facing..
"Im in about $38K from my personal investment and loan payoff around $52K. So I would need about $90K just to break even and I'm still paying $800 hard money note. Using a quote of $22K to finish the rehab. I'm looking at needing to do a retail sale or buy and hold at $112K. Im willing to do what ever is needed to get out of this mess."
She fell into this hole because a Contractor ran off with her money after doing very little to no work. ARV on the duplex about 6 months ago was $105K. Can't be much more than $110K now. Potential Rental Income = $1,600-$1,800/month. Property located on the Atlanta Beltline which is part of the reason why she does not want to let it go. Any suggestions on how I can help her? I sense motivation however I can't see a solution through the numbers.