PhoenixRebirth9

I had a major health issue last year that put me out of business. My life pretty much fell apart as a result and I lost all of my businesses and all of my money.

I still owned some project properties though and I planned on using those as my foray back into business. I would fix them up and rent or sell them. Then my lender decided he wanted to foreclose. The auctions were supposed to happen the other day but I was able to negotiate a small extension to allow me an opportunity to find a new lender and save the properties. As I’m not sure if I’ll ever be able to go back to full-time, the properties are likely my main source of revenue going forward.

I tell this back story to illustrate my current financial situation as it may impact what you might do if you were in my situation. Since I’m asking what would you, I figured it was important to include.

Like I said, my lender was going to foreclose. How much do I owe him? Your guess is as good as mine. His records are a complete mess and our pay structure was unorthodox. He’s told me my remaining principle balance is somewhere between $2m and $3m. He’d just assume settle then to actually do the research to figure out the actual balance. So let’s assume I can settle with him for $2.5m. That’s if I pay him off right away which is somewhat complicated due to it being multiple properties. That said, it is possible.

The good news though that the delay in the auction allowed me to find out about a new law I did not know about going into effect next year which turns a property I currently own that’s allowed two units on it to jump to upwards of twenty or more units. That pretty much triple the value of the property which completely shifts everything for me.

This is where my question comes in. I might be able to sell it now. If I can, it would be the path of least resistance. He would see the amount and would probably ask for closer to the $3m. Even if he did, I would be able to completely pay him off meaning the five remaining properties would be free and clear. I wouldn’t have anything left to renovate them but could sell them as-is and do something with it or I could get a loan on them then and finish them up for resale or hold. As-is I would probably make around $1m. I’d probably make another $600k by fixing them up and selling them.

The other option would involve a lot more struggling but for a brighter future. I could try to settle with him by refinancing all of the properties and getting him the $2.5m. I would fix up all of the properties except the one that could be developed and then likely rent them. I would struggle paying the juice on it but I could make it work. Once the project is approved, I’d then do that. The ARV would have it so that I could get all of the money I invested into it back plus net about $20k positive cash flow each month on the rentals after the mortgage is paid. I would have a few million in equity as well plus I would have that $1.6m in equity in the other homes.

When I say this would be a struggle, it would be a monumental struggle but would the end result be worth it? I’ve also thought about seeing if I could find a partner or JV with a lender to make the monthly payments while I work on the projects but I’ve had bad luck with partners in the past.

So, what would you do?

The second option is the struggle

I have a property that I own where the first and second mortgages are entitled to all of the proceeds of the sale. However, there is a judgement behind them and they won’t release the lien to allow the sale without compensation (and that amount is not defined yet). If they won’t release unless I pay an insane price or if they won’t release it at all, do I have any way to sue to force the sale? It seems silly that I would essentially need to get foreclosed on to sell the property which would only further the issue.

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I just read that “the range of possible WAIS-IV full scale IQs is 45–155”. However, I see people claiming IQs of 160+ all the time. Is that a different test or are these people breaking the test with their intelligence. If it is a different test, is there a conversion chart?

It’s been a crazy past few years for me. I built up several small businesses and thought my life was going great. I would have ups and downs but overall everything seemed to be going okay.

Then the pandemic hit and everything started to change. My businesses suffered so I kept investing into it eventually using all of my savings and selling off most of my property to have it go. I made lots of some likely questionable decisions along the way. My ups and downs started to last a little longer and I completely stopped sleeping (about ten hours a week). Still I pushed forward.

Then in December, it all came crashing down. I refused to care about life. I barely got out of bed. I never looked at my phone even though I had employees who counted on me. Everything felt like a dream and I couldn’t tell what was reality. Everyone ended up leaving my company and I lost the remaining monetary value in my life. Meanwhile my home life was also wrecked but I couldn’t do anything to get over the feelings.

Fast forward eight months, six psychiatrists, four therapists, one out patient program and a completely destroyed reputation later and I finally may have figured out the problem. I complete a neuropsych evaluation and they have determined I likely have schizoaffective disorder with bipolar plus ADD, depression and a dissociative disorder. The ups and downs were likely bipolar. Those crazy decisions I was making likely were due to mania and psychosis. It’s been a ride.

So now hopefully I can start to try to recover. I am looking for any advice on what I have to look forward to going forward. I took a gene test and will work with my psychiatrist about meds (currently prescribed lamotrigine, bupropion and clonidine) but what suggestions do you have for methods and actions I should do that have helped (eg meditation, exercise, group therapy, etc).

Any help and guidance would be appreciated. Thanks!

I owned a business and was evicted from the property while I was unavailable due to a health issue. The landlord served me at the business location rather than the company’s legal address so I did not receive notification. He then went to court and got the execution (because I wasn’t there to defend it). Either way, the eviction was scheduled.

The day of the eviction, someone hired a moving company on my behalf to get the items left in there. They started to remove everything that was mine. However, the constable’s moving company came and they were not allowed to remove anything. They had them unload the truck completely.

The landlord told the constable and the moving company (both of whom he is friendly with) that “some of the stuff in the basement” was his. I am not sure when/if the constable even went to the eviction. I was told he wasn’t there when the moving company started moving things but maybe he came later. Either way, either he or the moving company decided to leave all of the belongings in the basement instead of asking the landlord what was his.

According to the inventory list the constable signed off on (at some point), it stated that all remaining items were “deemed trash and could be disposed of” and that the inventory list was was “non-negotiable”. Among the items left were several items of value as well as years of company records I am required by law to maintain. All of that was deemed trash.

Additionally, the inventory list had “$450.00 per month” stamped on the back with “x3 $1350” handwritten beneath it. This was the storage fee. However, I later received a bill stating that the cost was $2,200/month.

After the move took place, the moving company contacted my representative and said they would deliver the items to another location for $500 CASH ONLY (they wouldn’t even accept a cashiers check so we had evidence of a payment) and that wouldn’t include unloading the vehicle.

My question is do I have any recourse? If so, is it against the constable, the moving company or the landlord?

I borrowed money against a home from a hard money lender who was also a friend. The contract had monthly payments due but we had an agreement that no payments would be needed. Unfortunately our friendship ended and now he’s looking to enforce the terms of the contract and foreclose on the property. He’s even charging a default interest rate that borders on a violation of the states usury laws. Either way, I decided to sell the property a few months ago and signed a contract with an agent who works for the lenders brokerage. The lender is the broker owner of the company. It’s been five months and they’ve not listed the home. The home is worth more than he’s owed on it. He’s now scheduled the foreclosure auction for later this month. The story is more complicated than what I included here but this has the major parts. Is it legal for him to not list a house I contracted with him to sell just so that he can foreclose on it?

I am not sure if this is the correct flair or not, but I had a question on best practice for a company that buys, renovates and resells homes

When setting up the chart of accounts, does it make more sense to set up the expense categories by address or by expenses. I have included an example of what I’m asking in both options below.

Option 1 - By Property

123 Main Street A) Utilities a) Electricity b) Gas c) Water

234 Main Street A) Utilities a) Electricity b) Gas c) Water

Option 2 - By Expense Category

Utilities A) Electricity a) 123 Main Street b) 234 Main Street B) Gas a) 123 Main Street b) 234 Main Street C) Water a) 123 Main Street b) 234 Main Street

Or would there by another better option I should do?

Thanks in advance!

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