Whenever an investor is going into a property investment, it is important to have a predetermined exit strategy should things not go as expected. If the flip becomes more expensive than was previously expected, or the house sits longer on the market, investors should have exit strategies for each scenario. Here are some examples of exit strategies:

• Lower the Price: Understanding the bottom line and how close you can get to it with lowering the listing price is extremely important. Every day the property sits on the market, it costs the seller money, so strategically lowering the price can save money in the long run. Consider this when planning exit strategies.
• Lease Options: A lease option entails finding a buyer that may have some money and is able to put down a deposit. That deposit and their subsequent lease option payments secures their right to buy that property at some predetermined date down the road.
• Landlording: Another option is landlording; which is nothing more than buying a property and then renting it out. If you decide you don’t want to sell the house at a lower price, then renting is a good option.

There are plenty of other strategies to consider when doing a fix and flip; every situation is different. Just be sure to do your due diligence before purchasing a fix and flip investment, so you can feel confident in the profit potential of the deal.

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