In real estate investing, especially house flipping, almost everyone is focused on entry strategies as opposed to house flipping exit strategies.
Most people are focused on how to find property to flip, how to work with wholesalers, how to wholesale property, working with real estate agents, etc.
Having solid house flipping exit strategies can be a life saver but unfortunately, they do not always guarantee that unfortunate things you hadn’t anticipated might happen. Exit strategies are simply back up plans. So if things do not go your way, you have a plan B.
The feeling and excitement of purchasing a house and rehabbing it is all too familiar. It’s an ecstatic feeling especially when you walk out of the deal with a big fat check.
You should try to figure out your house flipping exit strategy when your deal is already going south. You should have a plan even before you start working on your project. Exit plans do not just apply to house flippers; it also applies to people who buy and hold to sell when the market appreciates or for long term rental income.