Flipping With Hard Money.. No Way To Profit. I don't believe it.
Using hard money at 10% interest and 3 points... As I run multiple scenarios on a house with an ARV of $200k and say 40K of rehab (thats what one GC blindly told me.) I'd have to offer as little as $89000 to the seller. There seems no way I can find a deal like that in this market. Thats like just 44% of current market value. I think cash is only way to get into this. I dont want to hold a property and do all this for a $10K profit over 6 months... or even a $20K profit over 6 months. That is only worth while if you can have like 5 or 6 going at the same time.
Is making profits of $25-30K in a 5-6 month period difficult on one property?
How do I scale this if it takes me 2 months to find a deal (if ever) and then tie up all my cash in one flip?
People do this mostly as a side job for some extra income or what?