Exit strategies

[Account Closed]

I just read Michael LaCava's great blogpost about Exit Strategies. It seems as though having Plan B, C, and D are critical to success in this business. My question is: if you purchase a rehab project with a 6 month hard money loan and the house does not sell before six months, how would you be able to secure conventional financing if these same lenders would have said "No" 6 months prior? Is it because the property has been updated and is now less risky for traditional lenders?

[John Moore]

You need to search credit unions and local lenders and you will find a source for funds. The urgency should be on the sale, stay focused on your main goal; There used to be an old saying about when your up to your neck in alligators its' tough to think about your goal was to drain the swamp. I guess my suggestion is to multi-task, but your main goal is to sell the property; your insurance policy is to line up financing.