Fix & Flip Options near Tampa Florida

[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

[Matthew Crivelli]

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.