Help! My House Flip won’t sell

[Jessica Pham]

Hi!

I am a new At investing in Real Estate. I am currently on my 2nd flip. The 1st one went beautifully but I am having trouble selling the 2nd one.

I have a hard money loan on it, and I am just about at the point where I can potentially break even if I sell it ASAP but don’t know other options.

The house has been on the Market for going on 80 days. It is priced under what houses are currently selling for due to it being on a corner of a busy street. I have dropped the price a few times know but I still have not generated any interest. The house has had 3 showings total. Open houses have not been successful. All positive reviews from showings as well as people who just came by to see it.

The address is 4155 Northaven Rd in Dallas Tx if you want to see it on Zillow.

I would greatly appreciate any ideas! 

[Alex Grosvenor]

@Aaron F. on the BiggerPockets podcast they talked about dropping the price 3% from the other comps to account for a busy road when the market is really good when it’s not then it goes to 8% to account for it. 

@Jessica Pham the house looks beautifully updated. Have you thought about other exit options? Refinancing through hard money for a longer term pulling out 80% LTV. You get more of your money out but you have a higher interest rate. Then use the property as a rental? Or even refinancing through Fannie Mae and Freddie Mac getting 75% LTV back and renting it out. You leave more money in but this gives you a lower interest rate.