New member: Flipping on Maryland's Eastern Shore

[Judi Drummond]

Hello everyone. My name is Judi and I've been flipping houses for 30 years. At the beginning it wasn't "flipping" so much as living in a house a year or two, selling it, making a profit. Then I found myself out in Washington State wanting to move back to Maryland and it occurred to me to buy a house specifically to fix up and sell to make the money to move home. It worked! And I've been doing it ever since. Some I've lived in, some were strictly investments. Sometimes I'd do 2 in a year, sometimes none. But it was always kind of a hobby on the side until four years ago when I quit my job as a newspaper editor to do this full time. I can always find good deals, and I am good at the rehab aspect, but I'm not building much of a nest egg. Even at my average of $40- to $50,000 profit per house, after taxes I'm barely replacing my old salary. I'm 59 and need to start planning for retirement.

I thought the last house was going to bump me into a spot where I could pay cash to purchase and rehab without having to borrow. but there were complications (septic failed, major cost to replace). I'm now working on deal #33, and it should make $80,000 profit before taxes. That will get me into the next house. But I want to start doing 2 or 3 a year. The only thing holding me back is financing. I have a private money guy who charges me 12% but he can be difficult to deal with and his money is sometimes tied up. I'd like to find another private money source, or even hard money source, but I'm leery of companies I see on the internet. And there is no local REIT or club.

I'd appreciate any helpful tips on finding private money. Thanks!