Talk about a time you dug yourself out a hole?

[James Luciano]

I like to always learn from the mistakes of others and my own, so I thought I would ask the community to talk about a time you dug yourself out a hole?

[Steve Vaughan]

Originally posted by @James Luciano:

I like to always learn from the mistakes of others and my own, so I thought I would ask the community to talk about a time you dug yourself out a hole?

Right when covid hit, I was re-purposing a large SFR into a sober living home. Adding 3 bedrooms, a kitchenette, half bath and hobby room. All stopped at city permitting, subs, etc.

I was stuck with a house down to the studs with new framing. Couldn't place new residents even if I had finished. But at least I had a nice $1850/mo outflow of debt service and fixed expenses. Thankfully I have a 5 yr private momey mortgage and not a HML.

I stopped digging when I found out a contractor friend needed a house for himself.  I offered it to him as a lease with option to buy at a fair price if he finished the work.  He has the basement rented out now and is at least paying the $1850/mo.

I'm out my dp, rehab costs, time and indigestion ($58k and 3 months) for now.  I will get it back we he buys, but the work and bleeding has for now stopped and I am outta the hole👍