Trying to Flush Out My Options

[Walter Key]

So once again I find myself seeking the keen wisdom of the BP brain trust. :D

I currently have four properties all financed with conventional financing through my credit union. Three are current single family rentals and one is my primary residence. I just moved a few months ago so cash is in short supply and credit is a bit low from the current mortgage for the new residence.

I intend to build back up my capital reserves by flipping some rehab properties in North FL where I currently reside. I have a little equity in one of the investment properties in NE (none in the primary at the moment) that I intend to use for a HELOC to build up the capital for the first few deals. However...

Since I already have four mortgages through my trusty ole credit union plus the pending HELOC, I'm pretty much tapped out on conventional financing for a bit. Besides, conventional doesn't make much since for flips anyway.

So, what does the collective brain trust recommend? Private Money? Rehab loan through a small local bank? An Equity Partnership? Hard Money? I'm looking at rehabs with an initial purchase price between $50K-$150K and I'll have enough in the HELOC for 20% down.

I'd love to hear what those that have been in a similar situation have done and how it worked out for you or what the seasoned investors out there suggest based on past experiences.

Thanks much!