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Updated almost 10 years ago,
Exit strategies, is this scenario even possible
Hi I'm a newbie hoping to flip and or wholesale I am an a licensee in VA. I'm wondering what happens when you fail to sell the house within your projected holding period. Now the Hard Money starts to get expensive and perhaps you even stand to lose the investment to the HML. Are you able after you've done the repairs, and failed to flip within say 3 months, obtain financing via a bank or regular lending institution? (I understand that there is certain financing you are unable to make use of within the first 90 days or so, or something like that) Can you get them to lend say at the new appraised value, as opposed to what you are into the unit for? (hopefully the appraised value is at least more than what I am into the unit for) My issue is I want to be able to have a little cash to use toward the next deal, and maybe even over time build up cash reserves, as well as pay myself for living expenses.