I am looking to get some insight/advice on different avenues of raising capital. I am looking for flips in the Southern California area. I have one flip under my belt and looking to put my profits to work. I am currently seeking equity partners and/or personal loans as viable options.
My goal is to purchase distressed property, rehab, and sell. I would like to raise more capital for purposes of submitting all-cash offers. With the amount of capital I currently have I am looking at 450k - price range with conventional financing (not very competitive in this LA market). I am missing out on potential all-cash probate, short-sale, and auction deals because of cash restrictions.
Any insight/advice would be much appreciated. I am also open for JV opportunities.
Thank you BP community!!
@Account Closed Especially since you've done a deal already - I find it effective to have a credibility kit of some sort. Who are you? What is your background? What experience do you have? What is your plan? etc...
A nice presentation of your experiences will give you some credibility when you're pitching to any potential lenders. People will give you money only if they trust you and are comfortable with you.
As far as getting in front of people - start with those you already know and just be networking all the time, telling everyone what you do and the opportunities you have. Your network is your net worth, as they say....
@Griffin Fehrs Thank you for your input.
I started about 18 months ago in the Riverside area. We have completed 7 deals and to date have made money on each one. Just keep pushing, we have found money just finds us now.
It sounds to me that your aqusition stratugie and price point is where I would start, the right lender is the key if your buying without cash contact me and I will share with you what I did after my first flip and how that grow.
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