I seem to be at the end of my financial rope, $100k+ in debt, no savings, can't afford bills. Bought a house in Fort McMurray 2009, hot market $645k w 5% down and lived upstairs($2600/m mortgage), I was able to rent the legal basement suite for $1600 month. With the extra cash, I bought 3 acres of raw land $170k, paying ($1100/m). Left the Mac(that market has tanked) for a new job in Vancouver August 2015 ($200k/yr to $108k/yr). Using my Fort Mac salary, I bought another 5 bedroom house in a hot market ($645k/w and stupidly put 5% down coming from an unsecured LOC. Mortgage $2900/m). Have had that rented as a fully furnished executive rental until the last 4 months, with no tenants, and I am out of cash! Recap- HOUSE ONE- 2 separate suites rents of $3900/month -expenses =$500/m NOI HOUSE TWO- Executive home rents at $3500/month expenses=$200/m NOI LAND- $1120 month= 0 NOI
With the prolonged drop in markets I would be underwater if I sold the Fort Mac house, and lose substantially on the land if I sold it. Executive rental is appreciating rapidly. My CC is maxed, my LOC is maxed, the interest is killing me, I can't afford insurance on any of the properties, and having the executive rental for4 months ate up the last of my savings. I need to take immediate action and don't know where to start. Any and all advice is appreciated!!
Submitted March 09, 2017 at 02:44AM by drockhopper8 http://ift.tt/2m5pNXg
