Upside-down on your flip right now? This is what I'm telling my clients to do...

It's a crazy, unpredictable cycle we're in. I saw it coming, so I slowed my flippers into "buy and hold" mode several months back, but some of them are caught in this nasty downturn "mid-flip", so what CAN we do? What HAVE we been doing and what WILL we do?

-Flippers who are capable of holding and renting should do so, rather than take a loss, if possible.

-For those flippers who have too much cash tied up or cannot afford holding, costs...cut your losses now and make it up elsewhere. Maybe you still have time to grab a couple of rentals and hold them until the turn when you can realize enough profit to re-coop any loss, plus gain a nice little nest egg for the future!

-Don't try to make up extra payments or over budget purchase decisions by adding to the list price of your property. It will only get you stale on the market.

-If you INSIST on trying to flip in this market, make sure you buy right, (buy low...sell high), and that you can re-sell at AT LEAST 10% below what THE CURRENT market is carrying for a quick sale.

-Don't opt for discount service in a market that demands MORE than full service as it is. It will do you no good to save a couple of thousand dollars by finding someone who will throw your flip on the MLS and forget about it. You need aggressive marketing now more than ever!

-Consider alternative financing options. Maybe you can move into your flip until the market recovers. You may open up several financing possibilities for yourself as an owner occupant and if you have the right equity position in your current principle residence, it may cash flow for you. Don't forget about Lease/Options and rent to own programs that help take the sting out of the Land-lording business.

-IF you are in the right financial position, it may be possible to rent your flip and leverage it so that you can purchase other properties and keep the ball rolling. Be sure to look at all of the financial consequences to a move like this, though.

-FSBO the place while you are in the fixing stage. You never know who might wander in with vision and ask if they can pre-purchase before you finish your project. Your real estate professional won't mind you pre-selling and moving on to the next project if you remember them when It's time to purchase again. Utilize cheap or free exposure sites like www.FSBOpenhouse.com

-Be involved in the sale of your property. You are paying your real estate professional to sell, but you are your own best advocate and it's not a bad idea to toot your own horn about a sharp flip you've just done.

-"KISS " Keep It Sharp Seller! There is so much to look at in this market. A sloppy lawn job can be your doom. Make sure it sparkles from curb to back fence and don't leave out ANY details.

 Remember, the whole city may be for sale, so you have to shine!

There are may more things we can do to keep the ball rolling on a mid-flip in the market down turn, but most of all...the good buyers that are out there are going to buy something. Why not your perfectly detailed, just remodeled, practically never lived in flip house? Good luck!