Flipping gone wrong

[Jordan Murrell]

I need help.

I live in Vegas and I have bought a property in the east Memphis area. Purchased at $235,000 in December. Supposed to be about $60k rehab and sell for $345,000. We had to fire our first contractor. His work was terrible and took way too long. Fired the second contractor as the GC was asking me to loan him money to pay the sub and the work was slower than the first guy. As a result we hire a crew to get the property finished… Turns out the work isn’t as good as we thought.

Hired a realtor who then listed a property that didn’t even walk through or check it out. Priced it too high considering the work was not up to standards. She would have known that if she walked the property of course. During this time, she wanted to have her contractor fix some of the work. Some how I notice that the stove is missing from the property. The realtor and her contractor “did not notice.” We ended up firing her but she wants payment for her pictures that she took. These pictures literally have trash in them. She thought it was ok to list with those pictures.

I have found a realtor who seems on top of it but at this point, we are in 7 going on 8 months in this property. Our rehab has definitely been doubled and holding costs and points are sky high. The property has been listed for just less than month now and still no offers.

I’m looking for advice in what to do with this property. We have lowered the price to barebones where we would lose a little. I need to stop the bleeding.

Any advice would be fantastic!