Hello everyone. I too am in the same boat. My first house I flipped and it was a success. I used a hard money loan for it and the lender was super easy to work with. That said, in searching for my next property I am finding a hard time wanting to do another hard money loan. For the obvious reasons-rates, fees, etc. I would also have to put down all of my proceeds from my first flip to fund the next one. I plan on doing another flip to build some equity. Long term I want to buy and hold.
If the 2nd project would go as planned, I would profit the same amount I just put down for it. I want to scale, but all of these loans make it very difficult. I have no problem getting the loan and best terms I can get, it just prohibits me scaling.
For all of you who have been doing this for years, how did you find PML's. I know they say friends, family and neighbors. I don't really want to mix business with my personal life. Looking for any advice I can get. Again I am new, so I am learning a lot and I love it.
Thanks in advance.
