Alright, so I admit that I am still a newbie. I have flipped 3 properties within 16 months, but I am stuck with this one. Here is the situation: I was talked up from my former realtor to add on numerous details (a garage, refinish oak staircase, etc., etc.) - this was my first lesson/mistake. Anyway, I have put too much money into this project and want to get out. I have been holding this for almost a year. Should I blow this out and make almost no profit and move on or hold and pray someone will come by?
I would sell it now and move on! The market is headed down.
Mike
get what you can NOW! as things are going to get worse before they are better.
I would have to agree, get that sucker gone! When you get to the point where you know your not going to sell it for what you thought there is NO reason to hold on to it. Plus you say the market in MI is slowing down… move quick my friend!
I do have one option for a buyer. They are pre-approved for a $75,000 loan but I need $92,000 to breakeven. What options do I/we have? Can I get their $75,000 loan and somehow have them make payments for the other $17,000? He makes $10.00 per hour and she is looking at opening a daycare in the home, but currently is not working. Any suggestions would help.
Brian
Are they putting any money down? This sounds like like trouble if that is all the income that they have. It takes time to make money with a new business, so don’t expect her daycare to be giving them income for a while.
I would try for another buyer.
Lori,
They could put a few thousand down, but I know it’s not the ideal situation.
I just talked with my new realtor and we are offering $1,000 to the selling office. Do you think that will motivate someone?
No way can they afford that on that pay, find another buyer or start shopping for an attorney to handle the foreclosure.
:cool I agree with the other posts it is not good !!!
ONE reason no money down ? THEY have no reason to hang in there if it gets a bit tight !!!
THE best or just better is this make sure they have a 5 % down payment 2 ) the loan money for sure 3) and you take a second with at least a 10 % rate for 5 years !!!
FROM the sounds they can not do this /// well then you are leaving your backside open for a kick if you sell to them !!!
Thank you all for you candidness. I really appreciate it!
Hey Bryan…
What do you have the house listed for and what are the comps in that area?
The comps are running from $95,000 - $109,000, and I have it listed at $99,500. It is the best looking house inside for the price, but the curb appeal is not the greatest. It pains me to know what the comps were running at last year compared to now…but I have to live in todays market.
What are your curb appeal issues? What can you quickly and cheaply do to get it looking better and get the buyers through the door?
There really isn’t much I can do for the appeal unless I put up a porch on the front. Currently there is a handicap ramp on one side, but I have been telling people it would be easy to convert to a side wrap around porch. I have put up a few flower boxes and inserted fake flowers. That has added character, but not the pizazz it needs.
No offense, but ick - fake flowers, in summer??
If you want out, why not lower your price to the lower end of comps to make it move.
Can you remove the ramp?
I second that Lori. In this market you have to have the best product at the lowest price. Maybe breaking even isn’t an option anymore my friend. I have had a few deals where I lost money but have learned a TON. Did you get the contractor issue figured out?
Lori,
It looks like you did a great job on your current project. Good luck with the final showings.
In response the your “ick”, I understand that fake flowers are not appealing. But the flower boxes are on the second floor and the fakeness is not noticable from that distance.
Also, we are lowering the price a few thousand every two weeks. I hope this will attract attention.
I believe if you copy this address in your address bar it should show you the house. Please give me constructive criticism.
The house looks very good. The curb appeal is really not that bad, however - that ramp overwhelms the house. Is it possible to take that down, and just put a small set of stairs to that back area?
For curb appeal - go to Lowe’s or HD and get some mums. They are super cheap right now, less than a dollar per pot. Put those in the ground in front of the house and you will get good real flower color that will continue until frost.
Also - not sure if it looks like this currently, but get the weeds and grass growth out of the cracks in the sidewalk. And take an edger along the walkway. Small, inexpensive details like this can make a difference.
(and thanks for the compliments, the house went under contract last night!!),
I’d rip off the ramp and put some sod down where the ramp was so you have grass rather than a dirt spot where the ramp used to be. Then just put in basic stairs. We’re talking a few hundred bucks worth of work, I think it’s necessary to get this done. Though there are many people out there that need an access ramp even more do not. Why is Joe Homeowner going to buy your property if he can get a house down the block for the same price with no ugly ramp?
The house looks excellent! Everything looks modern and clean and I like the decor. I love the props, great wood flooring in the kitchen and d/r, lots of different neutral colors. Nice work. I would agree with putting a little more “umph” on the curb appeal. Needs more color.