Flipping a NJ In the Fall / Winter

[Nicole Rivers]

Hello BP,

I am a newbie in NJ with a property under contract in Essex county. We, my partner and I, originally found the deal in late May but there were a few snags because the property was part of an estate and the original executor died. 

Anyway, we are only nearing closing now in July. We were planning to flip hos single family property by September. We are using HML to fund.

My concern now is timing. The loan wouldbe for 12 months, of course we were hoping it would sell befre that time. However, now that rehab won't finish until October, should we completely rehink the exit strategy?

It is zoned for a two - family so there is an option to maybe rehab and hold, but we don't have a ton of capital and I'm not sure how quickly we'd be able to refi into a more stable loan.

Thanks for any ideas or strategies on this. The deal is a good one. We are getting in for less than $40k, but need idea on the exit.

Thanks BP!