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Updated almost 2 years ago,

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10
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4
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Anna Stairs
4
Votes |
10
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Help! Gone way over the budget of my first flip and still not fin

Anna Stairs
Posted

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?

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