Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago, 10/17/2019
Flip Not Selling in North Idaho
Hello BP world. Honestly it is humbling to even write this post, but I need to advise.
I did a very large flip in North Idaho, and everything about the renovation process went wrong. I will spare you the details, but instead of the reno costing 60-90k, it cost 130k. It would have cost more if I hadn't done much of the work myself (out of necessity, I did not plan on doing any labor).
Any-who, due to the reno going way over budget, I had to liquidate all my cash reserves to complete the project. Now I do not have the required money to pay my lender (he is charging me an arm and a leg too), and the house has been sitting on the market for months now NOT SELLING. I have done several price drops, and it is currently listed below my break even point. The feedback I have gotten from the showings are that it is too far out of town (true), and they don't like the general layout. Both things I cannot change.
So BP family, what is my next move here? The house is listed for $436,500 which prices out most (if not all) renters. I think it is too far out of town to AirBnB it (plus I don't have the funds to furnish it). I don't want to keep it on the market and keep racking up interest and late fees. Honestly, I am in a pickle.
Any sound advice would be wonderful!