When to give up on a flip and take the loss......................

[Howard Montaque]

I had a lender that could not keep his word of 90% LTV and 100% of the rehab. I had to go back to my old lender who gave 80% and no rehab. This has left me maxing out all my credit to get the house partially rehabbed. The important things were pricey. The roof and pool. I bought the house for $265k. The roof was $25k and the pool was $30k. Totaling $320k. The closing cost will be around $20k. We are at $340k. I have held the house now 5 months at $2448.23 a month. I have had offers from $300k to $340k but the pool has 2 weeks until completion and should help a lot with the sale as buyers will see it all practically new.

I was just offered $340k and the house needs about $100k in rehab. Comps are around $500k.

Its listed for $390k.

Do I try to hang on or do I sell and take the loss?

The house is in my profile.

Howard