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Updated about 3 years ago on . Most recent reply

User Stats

87
Posts
59
Votes
Shelby LeBlanc
  • Flipper/Rehabber
  • Houston, TX
59
Votes |
87
Posts

First flip and out of money. Can anyone provide insight

Shelby LeBlanc
  • Flipper/Rehabber
  • Houston, TX
Posted
I have a flip almost finished. I am out of money. Can anyone assist me with what are my options now? My last post with more details was removed for being an ad, which was not my intent. Just looking for advise or some direction from anyone who has been in this situation.

Most Popular Reply

User Stats

1,456
Posts
907
Votes
Matthew Crivelli
  • Lender
  • Massachusetts
907
Votes |
1,456
Posts
Matthew Crivelli
  • Lender
  • Massachusetts
Replied

If you don't have someone willing to bail you out it's time to cut your losses. Sell as is and try to recoup what you can. If you're in debt to the max borrowing more money will only make it worse. Even if you got the 15k to finish, what happens if it takes six months to sell? It sucks when things go wrong but you need to pull yourself together and figure out your exit strategy before you get foreclosed on.  

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