I know I can typically renovate a house in 4-6 weeks depending on the project.
I also know in a hot market the property will sell quickly & depending on the buyers’ terms they’ll typically settle 3 to 8 weeks later.
This means I’m in & out of the deal in 3-4 months.
In saying that, when I have a loan agreement drawn up, I’m asking for more time, I’m asking for 6-months.
But I have a clause that I can pay out the money partner/s early without any penalty.
It’s important to give yourself extra time because if something happens such as your sale falls through & you need to go back to market it means you have extra time in your loan agreement & you don’t have to go back to the money partner & ask for an extension.
