Updated about 19 years ago on . Most recent reply
First time investor - spec house gone bad HELP!
I am a first time investor that put up $15,000 investor fee with a builder last October to build a single family spec house that is quality built with a lot of upgrades and is about 2100 square feet. Well, it was completed this past April and has yet to have an offer. The property is in Northwest Arkansas which is thriving but there is a glut of inventory right now. Should I flip to a larger investor for 80% of appraised value and lose about $17000, take permanent financing and try renting it, or continue to try and sell it? Or are there other ways out that I am not aware of? The interest per month is running about $1600 and I took a 2nd mortgage on my house for the $15000. I have used this as a learning lesson, but I really want to avoid losing a lot of money on this property as this is really eating into my liquid savings. Any advice would be appreciated.