Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

126
Posts
31
Votes
Eduardo A.
  • Sandy Springs, GA
31
Votes |
126
Posts

First Solo Flip & I'm In Trouble

Eduardo A.
  • Sandy Springs, GA
Posted

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?

Most Popular Reply

User Stats

1,784
Posts
757
Votes
Shaun Weekes
  • Loan Officer / Processor / Life & Health Agent
  • Rancho Cucamonga, CA
757
Votes |
1,784
Posts
Shaun Weekes
  • Loan Officer / Processor / Life & Health Agent
  • Rancho Cucamonga, CA
Replied

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.

Loading replies...