Creative ways to get down payments/reserve cash?
I’m looking to flip some houses as soon as possible. Got my LLC, business bank account, contractors, lawyer all lined up. Even got a $30k loan from a family member. Working with a national wholesaler and a hard money lender which is their sister company which has preapproved me for a loan.
Through a miscommunication, I underestimated how much I’d need for my first deal. I have one private money lender with a considerable amount of cash and a definite interest in investing in real estate, but he’s hard to get ahold of and I’m getting the sense he’s apprehensive now that the moment has come.
I’m looking for ways to come up with $20-75k in reserve capital (the family funds well is dry). I’m reaching out to everyone I know but there are no guarantees at all. I’m considering putting up a Craigslist ad asking for microloans of $1-5k with a 10% APR or flat interesr rate and hoping I get enough interested parties but I’m not overly optimistic and I don’t even know if it’s legal.
Any advice for coming up with more capital for my first deal?