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Updated over 3 years ago,
New Guy needing help on how tho get cash out of my property
I bought a piece of land July 2020 for $367K and with the $200K of improvements I've made is now listed on MLS for $1m. I own a seasonal business here and due to lack of employees I don't have enough cash to cashflow my business through the winter (or its going to be extremely tight). I need help getting cash out of my property if I am unable to sell in the next two months as my "off season" starts in December weather permitting.
So far we have had lots of interest in the property and have shown it to 6 parties. However, It's farm use and building a house is a process so these people are either still doing due diligence or are not interested.
The issue with financing is I have a tax lien due to my taxes being filed improperly. I have sent in an amended return 9 months ago but they still have not been processed. I also switched banks recently and two out of 40 or so loans showed 30 days late last month (due to us not setting up auto pays) dropping my credit by 70 points. Besides the two lates and tax lien I have perfect payment history over the last 10 years. Also, my income is strong and I have enough for a down.
Any suggestions would be much appreciated as I am new to the Realestate game. Maybe I need to lower the price of my listing to offset the downside to the process of building for a buyer? Are there "bad credit" lenders that I could work with and then refinance when I get stuff cleaned up in 6 months or so? Or?