Last chance on a Flip

[Troy Baack]

I am a partner on a flip in Phoenix, AZ. The hard money is coming due and we are still unable to find a buyer at any price. The property is in a great area and the flip was done very well adding a bedroom and modernizing everything. I am at my wits end with what to do on this to avoid losing everything on the deal. I've accepted that I will take a significant loss on this, and have already learned a ton from it, but I would like to reduce the total loss as much as possible. Any and all help is appreciated. Property is 3021 E Shangri La Rd, Phoenix, AZ 85028.

[Kim Smith]

I totally agree with Kyle on every point he makes. Follow his advice to the letter, and do it this week to go along with your price decrease. I am a flipper/investor who has sold many properties, frequently direct to the buyer. 

Staging would be super helpful. If you are out of money on this, it's time for creativity and elbow grease! This includes detailing the front yard (with no weeds at all!) Staging the backyard with a pristinely clean pool (no photos of the power lines!) and seating so buyers can imagine how they might live in the space. Buyers can't picture this stuff. You need to SHOW it to them. (If you don't have outdoor furniture - borrow it from some friends in trade for babysitting.) In the back yard shaded area near that back door is another area perfect for a chair, a table, a small outdoor rug and a glass of wine next to an apple or some grapes on the table. Like Kyle says, look at how others have staged.  Close ups of the washer, the dryer, the awesome kitchen faucet, the light fixtures, a closeup of the gleam of light along the new counters next to two cups of coffee. Can you capture the sunrise or sunset view? Pictures, pictures, pictures, especially in morning light.

Indoor staging needn't be costly. Perfectly folded towels in the bathroom with a small faux plant. A bowl of lemons on the kitchen counter. A nice looking desk and a chair (Borrowed from your own house) and a faux potted plant in a bedroom that suggests the perfect office. 

All of these small details can increase value and bring buyers for zero dollars. 

If you can't take gorgeous photos, find a friend who can. You definitely need some WOW factor in play here!