HELP!!! About to loose money in a JV deal..

[Pedro Jose Villaroman]

Hello BP im a newbie in RE and i entered in a JV contract with another newbie to purchase a historic SFR in Fairmont Heights MD using a hard money lender and closed on October 2018. Our JV agreement is im paying for the down payment and closing cost its about 45k total and he will do the overall work for the project.

Fast forward he finished the renovation and listed the property on May and up until now we do not get any offers and our contract with the hard money will due end of December. You can see the detail of the property price history on zillow from 399k last May down to 285k this month. Im in panic mode right now for im about to loose a lot of cash for this project.. any help or advice for this will greatly appreciated.

address is 612 60th place fairmont heights MD.

Thanks!

PJ

[Mike Dymski]

$170 + $84 + $5 + $25 (interest guess) + (what am I missing?) = $284. If you sell for your current $285 price, your losses after costs may be narrowed...and the $307 appraisal suggests it will sell for that amount.

Not sure what the $40 is for...refinance closing costs are not that high.

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