What Should I Do ??
Hello everyone. I see TCI is a great place to learn and to get help when needed. Hopefully someone will be able to help me out.
I am new to REI and hopefully someday I will be good enough to help others out.
This is my current situation. I have 3 other partners that we all had a verbal agreement on buying property that needed little cosmetic work ,so we can make it look pretty then sell. We also had agreement that we were going to do it with no money up front and if money was needed up front, the person that puts the money up will get it in the end when we sold.
Now the story is we can't sell the property until we had for a year because of tax penalty , 3 of the 4 have to come up with $400.00 out of pocket because the 4th partner doesn't have a job yet and we had to pay the 1st mortage. They now saying that we need to pay $80.00 a month until that bill gets cleared wich was to repair the a/c. The bill is $3,000.00.
Should I just walk away and find me some new partners or should I supply the money and ride it through.
Thanks
You have a bunch of options.
You could set up a lease to own with the down payment taking care of the bills. Set up a seller wrap around mortgage and sell the note at the right time. Rent the property out to recoup some of your costs. Refinance the property to pay off the bills. Sell your interest in the property to an investor.
I am sure there are many more ways, the key is to get creative.
Good Luck,
Kyle