First Solo Flip & I'm In Trouble

[Eduardo A.]

So I have done 6 flips before using a partner. This time I did one solo. I found a home in ATL in a great location, but a horrible driveway.

Here is the listing

http://www.zillow.com/homedetails/1900-Harper-Rd-NW-Atlanta-GA-30318/35916027_zpid/

Here's why I am in trouble. I took at 6 month loan from a Hard Money Lender. The loan is due 7/10, I don't have a buyer, I got turned down for traditional refinancing, and I'm out of capital. I've had showings and everyone says it's beautiful home, but everyone hates the steep driveway.

I've called 5 different concrete guys, 3 ignored me and 2 called me back to say the same thing, nothing can be done. They driveway has to go from the street to the garage floor, and you can't lower the home or raise the street.

I have had several rental inquiries and I am willing to do that, but I couldn't get refinancing. I dropped the price this weekend and we have had increased activity so that's good, but no offers. I had an idea of actually getting a tenant, go through the whole process of signing the lease and getting the deposit, take that to a bank and see what they say.

What do you guys think?

[Shaun Weekes]

Can you give me some more details about financing? With the HML you probably have 20-30% equity in the home. Is this the only source of income or do you have a wage earner job or have you been self employed for at least two years. Get back to with a PM and I'll see what I can do for you. We have 31 days from today so we can get this done if we structure the loan correctly and you have the above mentioned.