I fail so you can not fail · Don't Buy Real Estate

Joshua Massieh

May '24 • General discussion

I fail so you can not fail

Situation:

Bought a house for $670,000 back in September 2023
Expected to sell it for $1,000,000 based on rates and comparables
Had tenants who didn't pay rent and took 5 months to evict.
Housing market changed, and now homes are not selling well.
We have 4 investors involved in this project (First time)
Currently listed the house at $950,000 no traffic
We've spent a total of $921,000 on this house (Eviction and foundation repairs popped up)

Possible Plans:

Cash Out Refinance:
Keep and Rent:
Reduce Price:

Goal:

Wanted to sell for $1,000,000 to make a profit.
Now need to find the best way to handle the situation without big losses.

What questions do you guys have with the information above? How should we proceed forward? If we cash out refinance, all investors gain their equity back but lose owner ship. If we keep and rent, all money is tied up and they share with monthly losses and gains.

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