Set backs are only temporary roadblocks
Well today I found out that my bank will no longer be offering rehab loans to investors. This is a huge blow and the timing could not be much worse. I was banking on this loan for the most recent property that I landed through a foreclosure auction. My loan officer is attempting to get my loan through since it was already in progress, but there are no guarantees. I’m not sure how this is going to affect my other loans but we will see. In the mean time I will need to line up other financing. I had become comfortable with this banker and the relationship was in place. Its time to start a new relationship all over again! ARRGGG!!!!! I really dread having to do this, especially in the current mortgage market.
As a business owner or entrepreneur we must remember that quitters become losers. If we are easily discouraged by roadblocks or even failures we will never win. If we learn from the experiences and continue to push on we can do nothing but succeed. I’ll keep you posted…
posted in Financing, House Flipping | 0 Comments
