All Forum Posts by: Skylar Romo

Currently in a tricky position and looking for some advice/ different perspectives. 

Purchased a home that we completely renovated over the past 6 months (our first reno). Bought for 430k, invested about 160k cash. Listed in early March for 680k and accepted an offer for 750k.(home appraised at 750k) Netting about 280k after all fees. 

We were supposed to close a week ago but the buyers lender was dragging their feet so we got additional earnest money and delayed closing. Their lender is now no longer able to make the next deadline and they will be falling out of contract a second time. We will be able to walk away with just under 30k in earnest if we decide not to extend further.

We’ve moved to St. Pete, FL for work and the house is completely empty. We’re considering walking away at this point, holding onto the property and furnishing it for AirBnb. We have a 2.75% rate and would love to hold onto the property as it continues to gain equity/making money via short term rental.

1) Would you walk away at this point knowing you have nothing to lose and have already been cooperative with the buyers who are not pushing on their end to get their lender to close?

2) Would it be better given the market to have the 280k cash that we can reinvest into a multi-family in FL?

3) If we keep the property what's the best way to tap into the equity for our next purchase/renovation? Never done a heloc or cash out refi. Really don't want to cash out refi and lose our 2.75 rate. HELOC seems like it might be an okay option but not sure if there's another option out there given our plans.