Financial crunch - looking for answers

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Posted by Rick Shepard on May 07, 2008 at 04:03:15:

Group,

I find myself in a precarious situation and am looking for some advice. We own 35 units and over the last 6 months our cash-flow has been pretty weak. Moore's law has hit us pretty hard with some slow- or no-paying tenants, utility abuses and maintenance issues, not to mention some unexpected family expenses.

We are currently $32,000 behind on our loan payments and it's getting pretty serious. We have a portfolio of $1.2 Million with $100,000 +/- in equity. Being behind on loan payments of course makes it hard to go to a bank to get an equity loan.

We have the problem properties on the market at fire sale prices and have tightened our budgets to the max but I just won't be able to cash-flow out of this mess and time is running out on me.

I could really use some help on this one. Is there anyone that might loan against our properties in this situation. I know the terms will be painful and I'm prepared for that.

Thanks in advance,

Rick in WV/OH

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