Advice on flip that just won’t sell
My husband and I run a fix and flip business. We own a property in Midtown, in the in the Valentine neighborhood that has been a struggle to sell. We came on market one week before the shut down, so we're not sure if that's affected buyers eabting to make a purchase. The home has been fully renovated and is ready to go, but we just can't get a buyer. We're considering our options with refinancing out of our money loan, possibly into a DSCR. We feel like there has to be other options that we just don't know about it.
Can you guys offer other creative options outside of the DSCR?
We're all in on our loan at $413,000. Our hard money interest rate is about 13%. with Realtor fees and what we owe, we have to sell it at least $500,000 to make it make sense. Our appraisal came in at $590,000. Comps in the neighborhood of that are all over the place. There's a house two door down that sold for $710,000 that's only a couple hundred square feet larger than ours. there are other houses in the neighborhood that sold around $500,000 to $550,000.
thanks for your help!!