Flips n Hard Money Lenders (2016) magna cum laude

[Duriel Taylor]

Hello Everyone, 

As I aggressively embark on my journey to success, I found a new passion for fix and flipping. My major obstacle is the funding and or my funding options. I believe I live in one hottest markets when it comes to flipping; South Florida. From foreign buyers to relocated consumers willing to pay more for year round "fun in the sun." While I have a college degree, I did not graduate magna cum laude from Harvard University. Thus, majority of the hard lenders terms are confusing, in addition, I do not have a mentor willing to simplify the terms and or the options in which will be most effective for my particular investing scope. Here's my plan and or thought process in fixing and flipping while using hard lenders funds in conjunction of paying them back the money borrowed with interest. 

1. find three homes to fix and flip. The logic behind this is to ensure that if one or two homes ARV(s) are not as strong then I have one that will still keep me ahead of the game once I pay my debt back to my lender(s).

1.a. I will also like to note that I will like to borrow the funds at the max and with draw the entire amount approved but do not use the entire amount. I will use the funds for the project and save the amount needed to cover the monthly payments. IE withdraw 20, use 6 to purchase the three properties, thus leaving 9 to rehab all three then leaving me with 5 to make the monthly payments until I resale the properties. 

2. Home A,B,C range from 120-150k in price with ARV(s) of 200-210k each.

3. All the work needed to be done is cosmetic; paint, replace light fixtures, carpet, light cabinetry in the kitchens, light yard work.

4. Great neighborhoods, between the work needed and the period of time that it takes to retail to a consumer(s) it will take 2-3 months (60-90 days).

Now between the closing, holding, taxes, agent commission, monthly totaled repayment; how should I approach this situation? Also, my personal financials are strong; I have a local eatery in Miami that has revenue of 300k-400k annually for the last three years. After all bills, salaries, and expenses paid; I net 100k. Keep in mind, I still have personal financial obligations; I have no major debt, great credit score, and less than 10k in personal debt. With all that being said PLEASE EVERYONE that sees this give me your honest and most layman's terms you can to explain my options and or your experiences. 

I greatly appreciate your time and feedback. Take care.