Hard money/private money loan to buy second flip

[Bryant Blackwelder]

Hey Hey guys! I’m back for more wisdom and guidance!!

Okay so I close on my first fix and flip in 8 days, and I met a guy who asked me if he could have my business card because he’s having a hard time finding contractors because he flips also.

So I start talking to him about me moving to East Tennessee and already in contract with my first flip and he said he works with hard money and private money lenders and can get me a loan for the rehab part of the flip! My mind was blown because I wasn’t excepting to find someone that does hard money before I moved. They do business in 40 states, and so I wonder is this a smart move so I don’t have to use all of my capital?

And also could it be possible to purchase another home that I found on MLS for $140k, rehab 30k-40k and comps at $350k.

Could I use the loan for this new potential house and the rehab and a part of it for the first flip and then I would put up any remaining for either homes?!

Just wanting to jump start on a good way! What do you guys think?!?

Good idea bad idea?

Is this possible as this would be my first time dealing with hard money or private money loans.

Also he said with great credit my interest rate would be between 5-8% over the course of 24 months.

Thank you all and you guys are awesome!