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Updated over 7 years ago on . Most recent reply
Difficulty Selling My Flip
This is my first try and after a stressful rehab, I've been on the market for 68 days. It is priced at $290k, $13k below Zillow estimate. I've had multiple agents go through the house and run CMA's and they are coming up with $300k as the price. The interior looks nice and is updated. The main drawback of the house that I can see is the lawn. It is rototilled and shows just some dirt with grass seeds on it. But it doesn't look dirty - just not a full green lawn. It is going to take some time to grow.
We've had several open houses, many private showings, but not a single offer has come through. At this point, I can drop price some more but then I'd be erasing any little profit I have left, and potentially losing money. Another option is to convert it into a rental (BRRRR) which would just cover all the expenses including property management.
I've hired an agent to list the house (can't say he's been good). I have my own license but no experience as an agent. I do think I could do a better job selling than my current agent. So I was thinking I could convert it into a rental for a year, slightly pay down the principal with the rent money, hope the market stays on track where it is or even increases, and list it myself. With this strategy, I can also refinance and pull out about $30k cash and still cover all the expenses. With all that and eliminating the agent, I could walk away with a little bigger profit from the sale in a year's time.
What would the experienced investors here do?
Most Popular Reply

If you think the lawn may be the problem, lay some sod down....that may be cheaper than carrying it another month or two. Curb appeal is important.