Ideas to secure rehab money

[Juan Martinez]

I recently bought my second flip. ARV is $170k and I bought it for $110k. I put $15k down with owner finance. It needs a max of $30k for rehab. The person I partnered up with for the rehab did not secure the funds and I am left hanging. An option for me is to refinance the house with a hard money lender but it will raise my interest from 9% to 11% and I would be paying close to $6k in origination fees and closing fees. I cant get a traditional loan at the moment because I am in the process of building a home for my family and my finances are tied up there. Are there other options like hard money 2nd lien loans? Any suggestions?

[Jaysen Medhurst]

@Juan Martinez, I think you need to look for another capital partner and might have to offer a good chunk of the potential profit. My calculations show a potential profit of $15-17k. Problem is, you over paid by at least $20k. I'd offer 30-50% of the profit to a potential partner, get this done ASAP, and chalk this up as a learning experience.