Raising Capital for flips, questions for steve Posted by: timmym22 Investor
Posted on : 7/29/2010 10:50:30 PM I currently have 4 private lenders putting up money for aquisition and repair costs, however, we are splitting the net profit 50/50. I just got done flipping a home, and it would have been a nice payday had i not had to split it. I am self employed and cannot get bank financing on my own. Should i try to raise private money and just pay them interest? what would be a fair rate? Also, I have a great deal under contract right now for 71k, the ARV is 140k and it needs 15k of work. I am thinking about taking the contract, my financials and the comps down to as many local banks as possible and see if they will fund this deal. My income is not that good, but i have quite a bit of cash put back. Is there anyone you know that will fund this deal for me? hard money? anyone??? Should i try the local banks? |
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hmmmm Posted by: afi999 Real Estate Investor
Posted on : 7/30/2010 4:29:21 PM I used mig funding once. They have easy loans to get and will save you thousands over the 50/50 you have now. Google it and check them out. Jonathan Woelfel
afi999@aol.com |
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Re:Raising Capital for flips, questions for steve Posted by: SCook85 Coach, Investor
Posted on : 7/31/2010 7:02:00 PM Joint ventures are great. I have no problem with doing them. In some cases you make less then if you would have borrowed and sometimes you make more. The key is that you build relationships and you don't have the holding costs usually associated with getting loans. Holding costs are what kill a rehabber. Blessings,
Steve Cook
www.lifeonaire.com
How beautiful would this world be if we all lived and loved like Jesus?
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