Flipping Struggles in Texas

[Laura Woodard]

Advice, need more capital to finish some flip properties in Texas. Received hard money loans at 70% LTV on flood properties. I used retirement funds and home mortgage as well. Have 5 investment properties. I would consider renting some but it seems I cannot refinance with a regular mortgage company unless they are all rented to offset income needs but I cannot rent them with just hard money loans. So it seems like a catch 22. I have two for sale that are finished and for sale but sales are slow right now. I have 3 more that need to be finished of which 2 are very close. I am in need of ideas for additional funding or some refinance ideas. There is no income. I think there are asset-based lenders but I am not sure how it works and if there are closing costs to refinance that I cannot roll in that will be a problem as well. I have been told that I have to have owned them for a year and have them all rented. If a house sells that has a good profit margin it will help this situation. Also tax-wise, In retrospect, I could have considered a REIT or a ROBS but I do not know how I can do that retroactively. I have learned a lot but still, have much to learn. I am in a rough spot. Where do I go from here?