Unique finance issues with flipping

[Christopher Labonte]

Happy Sunday All,

I will try to distill the mess I find myself in to just the pertinent facts:

I bought my first flip in January. It was suppose to take no more then 3 months, and 50k to repair. I am now at 6+ months and 75k to repair. In addition, the original CMA done put its value at 230k, where as now its at 210k. Purchased for 93k.

I'm now at the point probably most newbies get to where now I have no money, and the hard money used to finance is too expensive to keep carrying. Originally a concern was getting the equity back out at sale, however that is a distant hope at this point. I need to stop the bleeding. The problem I find myself in now is I switched jobs (was in the army for 9 years) and as of January I started working at a brokerage. So now I find myself unable to refinance with a va or conventional loan (they wont count the income as its less then 2 years). FHA will still be difficult if not possible as well.

Essentially the only way out it to get out from under it and fast, but its been on the market for 25 days (Nashville market) and there has been little to no interest.  My gut says drop the price to break even and try and sell it there (however there are other considerations as well), but I would be much better off BRRRRing it.  Except I dont see a way to make the Refinance portion of it work.

Any suggestions are welcome, and please PM me for more info if you need it.  Thanks everyone