Salvaging a flip gone wrong

[Brandon Avedikian]

I am currently trying to flip a property in Dallas. I am going to lose money for sure, the question is how much. I am considering trying to rent the property out for 6-8 months if it does not sell within the next month so that I can stop the bleeding during the winter months when the market slows while reducing my basis a little bit. The house is in a slower moving area and I know I will eventually find a buyer, but it is just taking a while. I could lower my price even more and take a larger loss just to get it sold, but that might not be my best option.

Does anybody have any similar experiences or advice you can share? Should I take a large loss now and move on or should I be patient, get some rental income, and wait for next spring to sell it when the market heats up again?

Any advice would be much appreciated!

Brandon