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Updated almost 10 years ago,
500K available but want to finance more, please help
Hello Everyone-
I am a seasoned rei who focuses on fix and flips. I have several private cash lenders who typically lend at 12%. Each loan is created on a per deal basis. I have anywhere from 500K-750K available at any given time. With my current strategy I am buying multi family buildings, flipping and selling, which is requiring more money Per project only allowing me to do two or three deals a year. My goal is to raise more money to finance more deals. I don't deal with banks often but do you guys have any suggestions on finding more money with the money I have raised so far? I was thinking about bringing the current private investors in as equity partners in my LLC and trying to get a LOC to have additional funds through a small bank or credit union . Then use hard money to finance more deals and use the LOC and the investors 500K to cover down payment, additional construction costs, holding cost, etc. Does this seem realistic or is my head in the clouds? How would you structure this differently? Thanks on advance for any responses.