first flip, need exit strategy and advice
Hello all,
July 2022 we purchased our first flip with a hard money loan. Lots of things gone wrong and learning opportunities happened which meant our credit cards are maxed and credit score affected dramatically.
We finished this flip and put on market in December and have had to drop the price 4 times, still no offers.
Our first exit strategy was to refi and at least be paying into our own equity until we figured things out, but both of our credit scores are now too low to be approved (talked to two lenders).
Our monthly interest-only payment is outrageous, and we're coming up on a third extension with the HML.
My only thought is to keep dropping the price until someone buys, and of course we're out even more money. We wanted to make it a LTR or MTR or even co-opt living space, but not with it being under a HML, we need to refi first, but can't.
But, we're new and thought I'd come here in case we are missing something. Thank you.