How to finance my first flip?

[Michelle Madtes]

Hello all,

Thank you for taking the time to read my post. Now that my youngest is in pre-school I am now a full time real estate agent in Suffolk County, New York. The years home with my kids I used as an opportunity to learn everything about real estate investing! Although I enjoy turn-key the time has come where I MUST do my first flip! Please help.....

Again, I just showed my husband a 4 bed 2 bath Hi Ranch being sold by the bank for $200,000, last sold for $420,000 in 2006 with current comps supporting a resale of a minimum of $350,000 and renovation costs approx $30,000. But everything might go wrong and we need to be wealthy before we start this!!!!!!!!!!! AAAggghhhhh, so my personal finances are not an option! And I'm sure that one is probably gone as its been on the market for over a week now! 

So how do I start? Aside from the fact that my current home was a foreclosure and a fabulous deal, and I've only had about 9 deals in real estate in past 18 months (was part time), I have no track record to offer, nor capital. Would a hard money lender give me financing? I made an offer to an investor on the above deal- if he funded, I would completely run it and because I have no track record, he could decide my value at the end and pay me what he wanted. But he very nicely declined. I'm sure I have missed this one but how do I make the next one happen?

I am so gracious for your time and any suggestions.

Thanks so much,

Michelle