My Rehabs Are Not Selling
I have 2 rehabs that are not seling. The intent was to flip both. I am at my break even point. Any creative suggestions to salvage or quickly get rid of these before this becomes a nightmare. I feel most comfortable flipping I have never done any lease option or rentals. Hindsight these were not the best deals. Lesson learned. Any comments suggestions helpful.
I suggest taking them to auction.
Your not out yet. The previous post mentioned creative financing. This may be your ticket out. Offer to carry the note on the property in classifieds. Carry the entire note or even just a second to complete financing. By carrying the note, you can make your investment back and possibly then some over time. No loss right. I know, what if they default on the loan. Foreclose on the property and do it again. You have nothing to lose. Also, check to see if your mortgage is assumable. Depending on when you took it out, it may be at a better interest rate and that will get you a better price. Hope that helps. And watch your market, IL is in a horrible market right now.
Dennis
Keller Williams Realty
Maybe you need to do wholesale flips on these tight deals in the future.