Hello Everyone
I have done a couple flips here in FL and I have done them all I guess the "traditional way" finding them on the MLS and using conventional loans from banks. It has been profitable for me but I don't see much of a profit as I think I should; its very timely and expensive just to get the process started such as paying for an appraiser and other fees.I don't have like minded people surrounding so PLEASE HELP ME OUT with my questions :)
1) I have a good amount of money in the bank and I'm trying to do at least 8 flips (I think this a realistic goal for 2016). For my next deal I was considering using a hard money lender, I never used one before. Have you used a hard money lender? Did it work out as you expected? Is it worth it? Any information on this question or ways to fund my next deals will be great!
2) I'm in need of more capital so I was reaching out to a company name "Gotorro" and "BLDLINC" These are only two of many other companies that fund small businesses based on your credit report and score. They are pretty much a broker who finds "X" amount of money from different banks based on your credit score and report. If you have high amount of debt they will request that you pay some of it off in order for them to work with you. If they find you funding of 65k you will have pay a fee of 10% (6,500) to them for finding the funds. The funds will be on a credit card, check book or you have the option to do a cash out advance. I know this was a lot of information but I wanted to get as detailed as possible. SO my question is have you ever used a funding group of this nature and if you have did you use it for real estate transactions? Did it work out? Was it a scam? Any information on this will be great as well
Thanks!
Joe
