Fix & Flip Options near Tampa Florida

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Fix & Flip Options near Tampa Florida

Kay Sam
Member since 2025 · 123 posts · 41 votes

Hi everyone! Newer investor here with 1 year under my belt who bought my first fix & flip SFH in Holiday Florida. Home is a 3/2 with a garage & fully updated with luxury finishes. Sinkhole history which has been professionally remediated already & documented with county. This also was NOT disclosed to me when I bought it through Northwestern regarding sinkhole history. I used part of my own funds & the rest a HML which is nearing maturation FAST! I listed the property 6/13, went pending 6/25, then buyer's pulled out. Now back on market 7/17 & it's having showings but NO OFFERS yet.
What other exit strategies are viable if holding & renting it out isn't an option???? Renting it out for ME in this deal isn't possible due to liquidity & the ROI renting won't cover HML monthly PLUS carrying costs.Anyone have ideas to get me out of this deal & still make something? I have about 35 days to get an offer & get to closing table. Any positive & realistic options even networking to get this done would be amazing. Yes, listed with a realtor right now. Started at $274K, lowered to $269K (offer where buyers pulled out) currently at $259.9K and I cannot go lower.TIA

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Matthew CrivelliBusiness Member
Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
1y
Quote from @Kay Sam:

Hi everyone! Newer investor here with 1 year under my belt who bought my first fix & flip SFH in Holiday Florida. Home is a 3/2 with a garage & fully updated with luxury finishes. Sinkhole history which has been professionally remediated already & documented with county. This also was NOT disclosed to me when I bought it through Northwestern regarding sinkhole history. I used part of my own funds & the rest a HML which is nearing maturation FAST! I listed the property 6/13, went pending 6/25, then buyer's pulled out. Now back on market 7/17 & it's having showings but NO OFFERS yet.
What other exit strategies are viable if holding & renting it out isn't an option???? Renting it out for ME in this deal isn't possible due to liquidity & the ROI renting won't cover HML monthly PLUS carrying costs.Anyone have ideas to get me out of this deal & still make something? I have about 35 days to get an offer & get to closing table. Any positive & realistic options even networking to get this done would be amazing. Yes, listed with a realtor right now. Started at $274K, lowered to $269K (offer where buyers pulled out) currently at $259.9K and I cannot go lower.TIA

You have 3 exit strategies. Pay the HML off in cash, refinance into a DSCR loan, or sell the property. No other options really. 

First thing you should do - ASK your hard money lender for a 6 month extension. 

Have you looked into a refinance? with a DSCR loan you can add an interest only period which will lower the monthly payment. if you would like to give me a call i would be happy to look at the numbers to see if a refinance is viable. Right now Florida has slowed to crawl, you are not alone in this situation. Just understand, if you do nothing, the hard money lender will initiate a foreclosure. 
[email protected]413-348-8346
Freedom Capital Funding, LLC523 Reviews
WebsiteView Page
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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    1y
    Quote from @Kay Sam:

    Hi everyone! Newer investor here with 1 year under my belt who bought my first fix & flip SFH in Holiday Florida. Home is a 3/2 with a garage & fully updated with luxury finishes. Sinkhole history which has been professionally remediated already & documented with county. This also was NOT disclosed to me when I bought it through Northwestern regarding sinkhole history. I used part of my own funds & the rest a HML which is nearing maturation FAST! I listed the property 6/13, went pending 6/25, then buyer's pulled out. Now back on market 7/17 & it's having showings but NO OFFERS yet.
    What other exit strategies are viable if holding & renting it out isn't an option???? Renting it out for ME in this deal isn't possible due to liquidity & the ROI renting won't cover HML monthly PLUS carrying costs.Anyone have ideas to get me out of this deal & still make something? I have about 35 days to get an offer & get to closing table. Any positive & realistic options even networking to get this done would be amazing. Yes, listed with a realtor right now. Started at $274K, lowered to $269K (offer where buyers pulled out) currently at $259.9K and I cannot go lower.TIA

    You have 3 exit strategies. Pay the HML off in cash, refinance into a DSCR loan, or sell the property. No other options really. 

    First thing you should do - ASK your hard money lender for a 6 month extension. 

    Have you looked into a refinance? with a DSCR loan you can add an interest only period which will lower the monthly payment. if you would like to give me a call i would be happy to look at the numbers to see if a refinance is viable. Right now Florida has slowed to crawl, you are not alone in this situation. Just understand, if you do nothing, the hard money lender will initiate a foreclosure. 
    [email protected]413-348-8346
    Freedom Capital Funding, LLC523 Reviews
    WebsiteView Page
    1Reply
    • Kay Sam
      OP
      Member since 2025 · 123 posts · 41 votes
      1y
      Quote from @Matthew Crivelli:

      Thanks for your reply Matthew. I have been tossing around the idea of DSCR loan and definitely need to look into this. My credit isn't the greatest yet so, there's only a few companies I'd probably be approved with. I am surely open to seeing what your numbers are. To extend with my current HML is possible, but that defeats the purpose of me trying to lower payment. I don't have the cash to pay it off unless this property sells FAST.

      0Reply
  • Nick C.
    Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
    1y

    Your best bet is to get an extension with the HML, offer a couple points on the loan if you need to. Foreclosures are expensive and take a long time, it would be much more beneficial for the HML to extend.

    0Reply
    • Kay Sam
      OP
      Member since 2025 · 123 posts · 41 votes
      1y
      Quote from @Nick C.:

      Your best bet is to get an extension with the HML, offer a couple points on the loan if you need to. Foreclosures are expensive and take a long time, it would be much more beneficial for the HML to extend.


      Thanks Nick! I would probably see what other options are available such as DSCR. I def. do NOT want to foreclose. I cannot lose.

      0Reply
  • Zachary DealPro Member
    Lender · Member since 2023 · 464 posts · 425 votes
    1y

    Sounds like you're not going to lower further but I would recommend not if you may refinance as an appraiser will likely look at the last list price and may be reluctant to appraiser it any higher than that

    [email protected]
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  • Kay Sam
    OP
    Member since 2025 · 123 posts · 41 votes
    1y

    @Zachary, I have been contemplating lowering the price just to get it SOLD.  Especially since a few homes in the neighborhood recently went pending at $250K and $229K.  I'm just amazed it went pending in the first 2 weeks or so and now haven't had another offer.  You're saying if I lower it, the appraiser won't appraise it for higher than the list price even if it is worth more?

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