Updated about 5 years ago on . Most recent reply
Flipping Question: Refinancing Fears
I've been wholesaling in the Charleston, SC area for about two years now and I'm ready to start flipping myself. I know I'm going to use a private lender to finance the purchase and rehab work, but now I'm getting hung up on my exit strategy. If I'm unable to sell the flip I plan on BRRRRing it. My concern is the refinance - we've been able to pay off a lot of our debt with our proceeds from wholesaling, but my credit score still shows the scars from some of those high interest credit cards, and I'm afraid I won't qualify for a refinance. How do I get around this? Going into a project without a good exit strategy isn't something I'm comfortable with - thanks in advance for the help!
Most Popular Reply
Hi @Keegan Beck. A lot of investors have this struggle. I know, I help my borrowers find long term financing for their BRRR's. There are investor loans, Non-QM loans, and as a last resort,... longterm Hard Money. I do not offer longterm Hard Money, but it can be an option. Also, if you haven't already, develop a relationship with a LOCAL bank or Credit Union. They are usually more willing to overlook your blemishes. Best of LUCK! No better way to retire than with Passive Income through Real Estate!