Seeking Advice for sale of first property for newbies

[Joshua Dandridge]

Good evening, 

I would have like my first post in the  bigger pockets forum to be on much better terms  but I am at a loss as to what should be a good next step.  I'm new to real estate investing and I'm sure  i have made a lot of mistakes. My business partner and I decided to renovate his old childhood home. The property was owned outright with no mortgage.  The property is 2 bed 2 bath 1300 sq ft home in louisville, KY. We had about 11k to start with.  We later discovered long after the project house originally had a 15k equity loan that by my business partner's father from over 20 years ago. Between the issues we faced with contractors and complaining neighbors, the initial investment went quickly. To finish the project we involved an investor for 10k.  He will be paid back upon sale of the house.  The house is completed and on the market now for 90k. Comparable seem to be listed and sale for about 95K to 110K.

Its been in the market for 2 weeks and We've had about 20 showings roughly with no offer not really any feedback. The house is already listed under market value. On Monday we are thinking of dropping by an additional 5k. The urgency comes from the fact that we are concerned that the investor could attempt a foreclosure on the property to get his ROI before we can have the property placed under contract.

Our plan was to sale it to make enough for a down payment for a multifamily property with positive cashflow.  I feel like all the things we have done to get this property to market has only pigeon-toed us in the long run.  I'm wondering what else can be done, if anything at this point?

Thanks  in advance everyone!

- Joshua D.

[Joshua Dandridge]

Good Morning Mike,

The only substantive feedback we've gotten was from one person that mentioned it wasn't the house for her.  I have asked the realtor about any feedback from the open house and the showings. He said that it was overall positive  comments.   He also mentioned that a buyer was interested but felt the price was too high ( the house is forsale as-is) and he directed them to make an offer that was reasonable. This "interested buyer" never responded.

 I am concerned that if the price were to drop further; we would appear desperate. Even lower bids would be possible. 

I'm not sure if i am allowed to post links to pictures of the property ( the listing). The house is unique and with the modification done ( interior) to it makes it stand out from other houses in the area.  

Since I don't like sit around and wait, I posted my own ad for this property  and I did receive an offer for a land contract deal but this really doesn't interest me or my business partner.  I also have gotten to gather a list of investors that have paid for properties in the city in the last 6 months. I have prepared a flyer that i will mail to them about this house.