Updated about 8 years ago on . Most recent reply
To sell for a loss or to refinance and rent out (BRRR)
Our first flip has been sitting in the market for almost 6 months. https://www.zillow.com/homes/for_sale/house,mobile...
We were hoping to sell for more than 200k (unrealistic expectation in hindsight). ARV 195k. Listed initially as VRM 199k-229k, we made the mistake of letting first offer go (195k all cash at 60 DOM), 2nd offer after changing realtors (we had plenty of showings after changing realtors) came in at a disappointing 180k (158 DOM). Property does back up on a busy road (buyer using this as leverage). We were going to lose a lot of money with the last offer (we had to change contractors 2x), and so decided to pass up. Also we countered at 185k + 3k CC, buyer firm at 180k. Its been 2 weeks since last offer, and showings have slowed down. Contemplating refinancing and renting out because season is slowing down, but will probably just break even if using property management. Any thoughts on how to proceed? Sit and wait until reasonable offer comes in? Refinance and rent out? Is it possible to get 80% LTV? We are using private money and bank loans. Take it out of the market and make improvements (new fence)?