Flip/BRRRR going south, seeking help
Hello,
I have a property under an HML that I was gonna BRRRR instead I'm going to sell because I underestimated rehab, rents and loads of other mistakes I made. The property is still in distress and I put it on the market to sell. It's been 3 weeks and only 2 people have came to see it. I've already dropped the price once and I'm afraid I'm going to have to drop it again. I'll be lucky to pay off that HML, might end up having to pay the rest of my own pocket. This is a nightmare situation and I was wondering if anyone had tips/advice/suggestions on what to do. I'd appreciate any help, thanks!
Most Popular Reply
you are not alone nor dumb, i read an American study that 40% of home flippers lose or only break even on their projects. please talk to an attorney with bankruptcy and real estate experience before filing as could have long term complications. Good Luck