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Updated almost 7 years ago on . Most recent reply
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I am looking Flip Funding ADVICE
I am looking for advice on lending on a home flip that I am about to purchase. I will be closing on the property in the next two weeks, but want to pull my money out and be able to purchase other properties. I'm looking for advice on who or what avenue to pursue. Hard money, crowd funding, credit union lending. I am NOT looking for a specific lender. I am ONLY looking for advice. I've done about 5 investment deals up to this point and have self funded each one, but in an effort to scale up I will need to look for other capital resources. If anyone has any specific knowledge of lending for the Charlotte, NC market, all advice is welcomed. Thank you
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Thank you @Brandon Reed, I appreciate your feedback. I do not have access to private money currently, but I will certainly be on the hunt. This really works out to be a timing issue that I am a little constrained by but in the bigger picture I'll need access to more capital to grow.
@David Seroy Thank you for the detailed response. I agree, the timing just isn't there to go the HELOC route. I'll be able to meet the two (2) types of criteria you mentioned for the hard/private money, and will probably pursue that route. During my initial analysis of the deal I factored in the cost to do hard money as a back up and the deal financials still worked. I feel that I will be purchasing at a 'crazy good price' so the hard money will probably be the direction I go.
I've never used a lending vehicle other than self funding, so I really just needed to talk it out.
Thank you both again for taking the time.