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Updated 9 months ago on . Most recent reply

User Stats

24
Posts
8
Votes
Boffill Yosleys
8
Votes |
24
Posts

Stuck with a House for sale since November

Boffill Yosleys
Posted

Hello guys my name is Yosleys Boffill. I have been flipping houses for a year or so in the Midwest specially in Lousiville,KY. I was doing fine until I decided to go for a more expensive neighborhood and price range. We are selling this house in the Highlands ( good neighborhood) and we have been stuck with it since November. We have dropped the price a lot, we even have an appraisal for 20k over listing price, we have had 22 showings since the last decrease in price.....and nothing. Everyone finds the rooms too small or something that does not fit their family,etc.

I am at the point of breaking even but in a month I will be losing money because of the Hard Money lender payments. The agent has done everything for the marketing and open houses and social media....again people are coming every week. I will appreciate any idea from the most experienced investors on how to proceed on these cases to get out of this hole. I got 3 other flips going on but I will love to get out of this one. Thanks in advance.

  • Boffill Yosleys
  • Most Popular Reply

    Account Closed
    • Investor
    • Scottsdale Austin Tuktoyaktuk
    4,153
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    Account Closed
    • Investor
    • Scottsdale Austin Tuktoyaktuk
    Replied
    Quote from @Boffill Yosleys:

    Hello guys my name is Yosleys Boffill. I have been flipping houses for a year or so in the Midwest specially in Lousiville,KY. I was doing fine until I decided to go for a more expensive neighborhood and price range. We are selling this house in the Highlands ( good neighborhood) and we have been stuck with it since November. We have dropped the price a lot, we even have an appraisal for 20k over listing price, we have had 22 showings since the last decrease in price.....and nothing. Everyone finds the rooms too small or something that does not fit their family,etc.

    I am at the point of breaking even but in a month I will be losing money because of the Hard Money lender payments. The agent has done everything for the marketing and open houses and social media....again people are coming every week. I will appreciate any idea from the most experienced investors on how to proceed on these cases to get out of this hole. I got 3 other flips going on but I will love to get out of this one. Thanks in advance.

    Sell it on a Lease Option, get 10% down. Refinance with a DSCR loan.

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