I have property in an historic area of Los Angeles. Heres the deal
I have $620k Owed
The ARV is $750K
I have $25,000.00 left in my construction draw/
I have 35,000 worth of work to do.
I have run out of cash to continue work so my lender will not give me
any more draws because they only reimburse they do not give upfront cash
I am lookng for a partner to come in and help me out....you can check out the property on instagram @buy_it_flip_it
You might consider a 0% credit card to act as a small line of credit in your business if its only 10K. An investor will likely want to be first out at the close of escrow whether you make a profit or not, so why pay someone else? If debt is equal, might as well seek out the cheapest for of it.
That is one way to look at it. thanks. My issue is, Im kinda strapped for cash and i dont want to risk my personal credit score for a propery owned by my corporation. I do not like mixing the two. Yes we all want to be in first position LOL. But the reality is I have a first that would never subordinate to 30k second.
@Anthony Calcote Nice instagram site. I'm familiar with the area. Let me know if you're looking for strictly financial partner? Or you need additional crew for your work? If financial partner, let me know your deal structure :)
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