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Updated about 20 hours ago on . Most recent reply

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Erika Montane
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Erika Montane
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Buying & Selling Real Estate

How to get out of fix and flip

Erika Montane
Posted

In December 2024, I purchased a condo through a fix and flip loan under my LLC. The loan is for 6 months. It's almost 6 months in June. I can't rent it because the HOA has a 2 year rental restriction and it's not selling. I can't get into a DSCR loan because I can't rent it. What can I do??! I do not want to refinance it under my name 😭 any help on guidance would be greatly appreciated!!!

Miami, Florida
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Ken M.
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Ken M.#2 Innovative Strategies Contributor
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  • San Antonio, Dallas
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Ken M.#2 Innovative Strategies Contributor
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Quote from @Erika Montane:

In December 2024, I purchased a condo through a fix and flip loan under my LLC. The loan is for 6 months. It's almost 6 months in June. I can't rent it because the HOA has a 2 year rental restriction and it's not selling. I can't get into a DSCR loan because I can't rent it. What can I do??! I do not want to refinance it under my name 😭 any help on guidance would be greatly appreciated!!!

Ask the lender for an extension.
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