Need Help on finding better financing opportunities

[Adriel Paradise]

Hello, me and my wife(mostly my wife) have done a 7 flips and have been able to make money on the flips we have done. Nothing mind blowing but we've been able to make 30k per flip which is better than being in the red but we are frustrated with options available in finding good financing without very much cash on hand. The financing we are finding puts us in a place financially where the cost of the financing puts our profit at risk. We understand that there is a cost and that you have to budget that cost in but we would like to find better funding options for ourselves that are less expensive. Any help or guidance would be helpful. Just wanting to find ways to fund our projects more effectively. Thanks

[Andrew Postell]

@Adriel Paradise very good.  The is the right question to be asking once you have this much experience - "how can we do the same successful thing we've always done and be more profitable" - and there are several options here.

1. Lines of Credit - Did you know that banks will grant you a line of credit based on your experience?  Some lenders will give you a line of credit based on the amount of money you have in the bank too.  There's LOTS of different options in this world.  Usually it's good to start with a smaller, local lender in your market.  

2. Banking - Who do you bank with currently?  Hopefully it's not a large, national, publicly traded bank - those offer us as investors hardly any benefits and unless you are doing MILLION$ of dollars of business you are barely even a customer to them.  However, to a local community bank - you might be one of their more important customers.  This is why we work with smaller banks.  They might be able to show you something different than you are used to.

3. Private - do you know anyone that might not be getting very good returns on some of their investments right now?  This is a trick question of course because if you know ANYONE then they aren't getting good returns on their investments right now.  How about asking them to lend you some money?  This is how we share our success with our friends and family.  Private lending is so helpful and you might already know people who would be willing to help!

Hope some of that helps in some way.  Thanks for posting!