Exit Strategies in my Flip does not Happen within terms of HM loa
Hi:
Ok, so I'm about to embark upon making my first investment purchase but I have a nagging question in the back of my mind that seems to be bugging me all the time. If I make a solid purchase of a SF property, with solid numbers ( purchase price, rehab costs, ARV, etc) and my goal is to use hard money or private money to purchase and rehab the property and then flip it, what are exit strategy options if it does not flip within the terms of the HM/PM loan?
Another words, if I take out a HM loan for 12 months, interest only say and I do not flip it as anticipated, are there exit strategies that BP members can suggest to pay off the HM/PM loan in full....
Just trying to anticipate all the issues and be prepared accordingly.
Thanks BP