I am considering an opportunity to use private/hard money to acquire a property, rehab, and flip for a property at 70% ARV.
I would like to plan for 1-2 months for rehab and another 6 months to sell it. Overall, I am thinking of asking for a 9 month term. If I am unable to sell within 6 months, then I would start preparing my contingency plan would be to refinance.
A couple questions:
Is it realisitic to believe I would be able to refinance within 6-9 months?
you want to be able to extend the term of your hard money loan,if you have the houe on the market you can’t get a mortgage on it, I think it has to be off the market about 6 months before they will consider a mortgage,will they know it is/was listed,yes,today the mortgage underwritters are like private detectives, they know things I would never know they could find out