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Updated over 9 years ago on . Most recent reply
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Next Level Flip Funding
My wife is an real estate agent, I am a builder and we are making 'flipping' our full time job so we can make enough profits to start buying rentals and investing.
While I have bought and remodeled / sold homes that I've lived in in recent years, we just completed our 2nd successful Flip here in FL and at closing in a few weeks, we should have access to upwards of 350,000 in the business account free and clear.
I want to move away from buying in cash, remodeling in cash and WAITING to sell to make a our money. I have a crew of people (sub-contractors) that I work with constantly and I could easily manage 5-6 flips at a time and looking for the best way to go about that. Right now I'm just looking to possibly do 2-3 flips next and show my future investor / lendor a return so we can get into more projects together.
I'm willing to put cash down on every deal, but want to figure out what is normal to expect from lenders. 2-4points? interest only loans? 12-15% interest rates?? Maybe some people would be interesting in partnering up locally?
Thanks!
Dave
(Sorry if this has been posted before, I'm new and just getting into biggerpockets)