Home for sale with built in equity

[Nathan Wierzgac]

I have a house that I bought to flip in Durham, NC back in January and ran out of money to finish the renovations. Pretty much all of interior was done minus some paint touch ups, an interior door that needs replacing and reglazing a tub in one of the bathrooms. What’s left to be done is the exterior landscaping (new driveway, new sod and irrigation system, etc).

I have an appraisal for the house as-is that is from August (90 days old) for $600,000. There are new comps (from September) going for $700,000+. I do not have the funds to finish the house to bring it to sale. Does anyone have advice on what I can do before monthly interest payments kill me? I’m willing to let go of the house for less than $600k but not sure if that’s the best option… any advice is greatly appreciated. Thanks!

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Quote from @Nathan Wierzgac:

I have a house that I bought to flip in Durham, NC back in January and ran out of money to finish the renovations. Pretty much all of interior was done minus some paint touch ups, an interior door that needs replacing and reglazing a tub in one of the bathrooms. What’s left to be done is the exterior landscaping (new driveway, new sod and irrigation system, etc).

I have an appraisal for the house as-is that is from August (90 days old) for $600,000. There are new comps (from September) going for $700,000+. I do not have the funds to finish the house to bring it to sale. Does anyone have advice on what I can do before monthly interest payments kill me? I’m willing to let go of the house for less than $600k but not sure if that’s the best option… any advice is greatly appreciated. Thanks!

Try to find a local private lender (doctor, dentist, businessman) that you can pay interest to to finish the job if the value is there. Approach it as an opportunity for them to invest in an asset.