Help! Gone way over the budget of my first flip and still not fin

[Anna Stairs]

Help! Gone way over the budget of my first flip and still not finished! Mostly due to inexperience, purchasing a 100 year old house that probably should have just been torn down, crooked contractors and theft of deposits. The investment already far outweighs what the house is worth, probably over $100,000, and there is still at least another $60,000 to finish everything, plus paying realtors and capitol gains tax. Spent the last year of my life working 10-12 hour days trying to do most the work myself. I won't get that back. I still have so much to do, kitchen countertops, island countertop, bathroom vanity countertops, all the trim work, hardwood floor in the family room, a raised deck in back, windows to be restored, cleaned and painted, a new front door, repairs and painting the front porch, steps and columns. Just so much more to do, and not only no profit, but a huge loss. 

What can I do to get out of this nightmare? Sell it as is? Sell FSBO? How do I find another investor that may be crazy enough to take it over? Should I finish it just enough to make it more sellable and keep working on it even though I'm in the red now by $100,000?

[William Harvey]

That sounds like a tough situation with lots of learning lessons. I would probably list it as-is to see if anyone can take it off your hands, and simultaneously continue working on it so progress continues. Most likely no one will end up wanting it and you'll be better off taking it the distance. 

The only way an investor would want it is if the numbers work. If you can knock down the price to dump it, and it still makes sense for an investor, then that'll work. Otherwise, why would someone want to get into the same situation you're in? 

We had an investor reach out about a year ago and they were super nice. Got into a tough situation similar to what you described and they were trying to dump the property half completed. They wanted to sell it for what they had put into it, which would've put us in the exact same situation they were in, since they clearly overpaid. 

I think taking it the distance is your best option. Best of luck, praying for an outcome that won't hurt you for too long after!