Updated 2 months ago on .
Need to sell two condos in DC ... fast!
Very long story short. My wife and I bought a single-family home in 2022 in the Trinidad neighborhood of northeast DC. We turned it into two condos. The contractor took an extra ten months to build, the DC condo market tanked, our hard money loan had an interest reserve which was used up as we didn't finish on time, and our credit score is shot due to our spending to finish the project with all the issues we had. We do not qualify for a DSCR loan due to a combination of a low appraisal and the amount we own on the loan with our low credit score. A LOT OF LESSONS LEARNED.
So we need to sell these two condos ASAP before we go into foreclosure. We will sell at a loss, but prefer that to a foreclosure.
Unit A Link, $575,000
Unit B Link, $625,000
A neighbor across the street rents similar-sized units for $5,500 with Section 8 tenants. Depending on how a DSCR loan is calculated (interest-only, interest rate, and down payment), the cash flow can be between $700 to $1,750 a month. This could be a good deal for an investor. Unfortunately, our numbers no longer work due to the amount we owe on the loan.
Let me know what you think, and if interested, or if you know someone who may be, I'll put you in touch with my realtor.