Episode 6 - Project #3: Multiple Exit Strategies
Deal Details
- Address: 3613 Oakwood Drive, Adamsville AL 35005
- Type: Flip
- Year: 2018
- Timeline: 5 months
- Project Cost: $62,000
- Purchase Price: $55,000
- Rehab: $6,620
- Sales Price: $106,000
- Profit: $40,000
Losing A Lender
- In the initial stages, Maura faced adversity as her hard money lender backed out a week before closing. This forced her to quickly learn how to pitch to and find a private investor to fund the deal–a tough but very valuable lesson.
Always Have a Backup
- Losing my initial lender also taught me always to have a backup plan–not only for my financing but for the investment as a whole. This particular project was a great flip, but could have also easily been a buy-and-hold rental property. The fact that we had a backup plan for the property was key in securing last-minute private funding for the deal.
Key Takeaways:
- If the deal is good enough, the money will come
- Have multiple exit strategies for your investment properties
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