GoldenEggs
Contributor
My rant part:
We had an update on our property today. We decided to switch property management and two team members are going to be out there during the transition. One member has been talking about selling the property since November and has been a huge source of negativity. She wants to sell now and take a loss on her investment. We don't have a buyer in sight and not everyone wants to sell but rather rehab the property as we are planning. We have a potential lender to take out our bridge loan and they are also offering an increase up to 6 million once the property is rehabbed, without additional points. At that point, everyone could get their initial investment back (which was our original goal) and the property should be stabilized at that point. At the very least, the property would be in a better position to sell. The "Negative Nellie" said that a higher loan would cut into our cash flow so what was the point. I'm a bit boggled here.... she's willing to sell the property as is and take a loss on her investment rather than wait for the term sheet from the lender and see how much rehab we can do. We had called her first, when we had received the hopeful news from the lender, and she said we were being "cavalier" and "too optimistic." I would much rather approach the situation with an optimistic viewpoint than a "we're !@#$%*!" and roll over and die.
sigh... which brings me to my rave part:
I love coming to this site! It keeps me sane!! When I'm feeling like things are too hard and want to give up, it helps me to come here and re-read everyone's stories. Then I can go back to work and I feel re-energized! At the very least, I don't feel alone! So thank you!!
We had an update on our property today. We decided to switch property management and two team members are going to be out there during the transition. One member has been talking about selling the property since November and has been a huge source of negativity. She wants to sell now and take a loss on her investment. We don't have a buyer in sight and not everyone wants to sell but rather rehab the property as we are planning. We have a potential lender to take out our bridge loan and they are also offering an increase up to 6 million once the property is rehabbed, without additional points. At that point, everyone could get their initial investment back (which was our original goal) and the property should be stabilized at that point. At the very least, the property would be in a better position to sell. The "Negative Nellie" said that a higher loan would cut into our cash flow so what was the point. I'm a bit boggled here.... she's willing to sell the property as is and take a loss on her investment rather than wait for the term sheet from the lender and see how much rehab we can do. We had called her first, when we had received the hopeful news from the lender, and she said we were being "cavalier" and "too optimistic." I would much rather approach the situation with an optimistic viewpoint than a "we're !@#$%*!" and roll over and die.
sigh... which brings me to my rave part:
I love coming to this site! It keeps me sane!! When I'm feeling like things are too hard and want to give up, it helps me to come here and re-read everyone's stories. Then I can go back to work and I feel re-energized! At the very least, I don't feel alone! So thank you!!
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.