Made a ton of mistakes with my first contractor, then switched to a new one. Lots of unforeseen expenses in a full gut rehab. Now I'm overspent by $35k+ vs the ARV of $230k. Rent possible is $1500. House is not in a great location, across from double yellows on a highway, but is zoned commercial. Any recommendations?
you saying you're into this house for 35k OVER the ARV?
Take your loss and run.
$35k over your budget or $35k over ARV? Might change what I did.
yup. Over the ARV,. Had no choice but to finish the house. First contractor cheated me.
Can you rent it at higher rent to someone commercially? I have no clue about your area.... but would daycare, barber, tax prep, Halloween store, literally no idea, want it?
Yes, the commercial rental is a good idea. They could live in the house and have a business on the first floor, or build something near the street. We're advertising on LoopNet/Costar.