Raising Capital for More Flips

[Kevin Green]

I've completed 4 fix 'n flips over the past two years, all very successful with cash on cash returns of 31%, 36%, 42% & 45% with cash investments ranging from $80K to $170k all with the same investor partner.  We're currently under construction on a spec home (completely removed existing structure & replacing with new construction) that requires about $310k cash. This maxes my investor partner out in terms of available cash.

My current deal structure has my partner providing all cash and I handle all acquisitions, construction, staging & marketing for all properties for a 50/50 equity split. Interest of 7% on my partner's cash is also taken from my split.  For smaller deals my partner can finance the entire project for larger deals we take a hard money loan at 10% to finance 80% of the property purchase. 

Because I took on such a large project and my partner is maxed out on capital, I've had to pass on some very lucrative projects this year (around $300-400k in potential profits).  I've been in discussions with other potential investors, but nothing has panned out so far.  

My question is what can I do and where should I look to find more capital to take on additional projects? I feel like my track record is solid, I have relationships in place to locate great deals and my construction costs are extremely low and I handle every aspect of every deal besides the financing.  

I've been pitching 50/50 equity splits to people in my sphere and showing them all of my previous project financials and just haven't gotten anywhere yet.  I'm also currently also working on a "one sheet" and PP presentation to use as part of my pitch. I hear of others doing what I do getting entire projects financed by investor partners at 10-15% interest with zero out of their own pockets.  Am I asking for too much in return for the services I bring to the deal? Have I just not pitched the right investors yet? 

Any advice from those of you who have been able to make the leap from one or two projects a year to 5-10 would be greatly appreciated.