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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Re:Raising Capital for flips, questions for steve Posted by: Mat Agent/Investor
Posted on : 7/30/2010 9:33:59 AM You can see if EDC has loacl reps in your area. They are national hard money. I haven't used them yet, but know many who have, not cheap (8 points and 12%)but investors say they are pretty okay to deal with. No payments for the six months you hold the loan, they wrap it all up in the loan. If your numbers are right it seems to line up with their criteria.
http://www.equitydevelopmentcorp.com/
Mat
Invessa Group
Helping Kansas and Missouri - One Property at a Time
913.254.3066
http://www.InvessaGroup.com
http://realahhstate.weebly.com
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