Finding money at a good rate?

[David McBrayer]

As a newer Real Estate Investor, I am finding it a little difficult to find some good lending sources at a good rate or fee.  Without getting my credit banged over and over.  I am sure part of it is me not being as aggressive out looking for them.  I guess I have watched to many commercials.

I have a few rental properties now and I am looking for more.  I am about to close on a deal on 7/15/16.  A nice little 3-2 fixer upper.  Again, paying cash for it because of finding funding for it.  I need to put $25k to $35k in rehabbing it and a rental out back.  There are some good or great deals in the area I like to invest in.  One problem I have is, I have paid cash for my properties and not been financing any of them.  Well one with owner financing.

After the market crashed a few years back, I became a cash man.  I got my butt bit by the crash and went into a corner to lick my wounds.  And a car wreck right about the same time did not help matters at all.  Not my fault either.  But that is then and this is now.

Since I was a basic ghost for 8 years or so, with no job or income coming in, all my credit had dropped off.  What was there? I had not used in years and had been closed, so I had no recent history.  No FICO Score.  But I worked to get it all started again and get a FICO Score and all that.  Paying 100% on time and establishing new credit and all.  Using it and paying it off.  Getting credit increases from the companies for paying on time.  Doing the things to build credit again and a good score again.  It is going well too.  One card started me at $300 and now gave me a credit increase to $4500.  Not a bad increase for only having the card 1 year.  From $300 to $500 to $4500 in a year.  It takes 6 months before the first increase. 

I have been talking to a few companies about possible funding? since I have good credit now.  What most don't see though, are the properties I have that are paid for.  I did not finance them so they do not show up on the credit report.  Forget the $170k or so in equity, which is about to increase with the new house.  I now have one mortgage for $30k on a condo.  I was offered seller financing at a good rate with a little down payment on a 10 yr note.  As luck would have it though, that will not show up on a credit report. 

Again, part of it is me, I am not that desperate I guess.  I found a lender with high interest rates.  But as they said, it was for short term and then flip it into a long term loan with lower rates.  It might make more since now, as it is not a long term loan at high interest rates.  But I did not see that at the time.  Just the interest rate and fees.

So I still have some learning to do about financing.  I am sure there is a lender out there for me to work with?  I just need to research how to find them?  Someone I can do multiple deals with.  I need to learn more about Private Money lending and so on. 

Any suggestions?  They would be greatly appreciated!