HELP: Huge rehab problems

**jayzee54** · 04-06-2007, 11:36 AM

Hi all,
In need of advice: my Texas rehab is getting out of control - every month it seems a new problem is discovered. I've put about 30K into this already, and it looks like I'll need to sink another 40K before I can rent it out again or sell it.

It is an 8-plex. I bought it for 180K. Rents average $400 per unit - so when full it could bring in about $3200 per month. My debt service is $1500 per month.

I still feel like the property has potential but not sure if I can continue to take the financial hit. Are there any agencies or programs out there I should contact who offer rehab help to private investors like myself?

Is this my best option...are the other options to consider...or should I walk away?

Thank you.

**Codythebest** · 04-06-2007, 07:32 PM

Looks like you bought it without any inspection to me...
Inspection is the best return on investment you can ever make...

**badie321** · 04-10-2007, 12:55 PM

Plese correct me if I'm wrong but will it take about 42 months before you see what you put into it(not counting the 180K)It's not the most unheard thing but that seems like a long time. If you decide to keep it there are Property management companies that have good rehab specialist. It might be a pretty penney though