Fast Cash Closing Of Renovated Home
Hi,
I am in a dilemma as I got myself into a very bad deal buying a single family house. Bought it on market price (maybe even slightly overpriced) in August with a 10% bridge loan with the goal for it to be a half owner-occupied and half investment property. The plan was to refinance it into a conventional loan soon. I knew it needed quite a few fixes - most of them are gut fixes, but I was betting on its resale value in 5 years as the neighborhood is good and maybe upcoming.
Renovation quickly went over budget and I am in a bad financial situation right now because of the expensive loan. I also quickly realized I do NOT want to live there myself as it's not the right neighborhood for me. I am now trying to sell it less than 2 months after buying it.
There is decent amount of interest in the property as now it is in good shape but no offers yet. I cannot afford to hold it for much longer and am afraid of buyers backing out and their loans not going through.
My options are:
1. Wait for buyers to make offers and just bite the bullet for as long as it takes to hold;
2. Rent it out to a family quickly and use the rent to cover the mortgage (no cash flow, even some minuses) and wait it out a few years to sell;
3. Sell it to an "ibuyer" (like Zillow Offers and Opendoor) for less but close quick. As a result losing 50-70k.
Anybody has an idea if I am missing out on potential options to fix this bad situation? Many thanks!