Flipper/Rehabber · Bangor, ME · Member since 2009 · 3 posts · 0 votes
I've purchased and rehabbed a few mobile homes with land in Maine this year and renting with a cap rate at or above 30%! Awesome cash flow, but I need to cash out refinance to keep going. I've talked to at least a dozen banks and not one wants to lend on these gold mines. I've tried searching online for private or hard money loans, but everything out there seems to be a scam. Anyone have any ideas? I'm all ears.
1) Attend real estate meetups and you may find someone interested in investing with you.
2) Friends and family. Lay out examples of what you have done, what returns you are getting, and what you could offer them. Banks don't pay anything and the stock market is more unpredictable than real estate.
Investor · MA · Member since 2014 · 164 posts · 114 votes
5y
Did you try Priority Funding? Possibly 21st Mortgage? There are a few specialty shops out there, your rates will be higher and LTV lower but if the numbers work who cares.
1) Attend real estate meetups and you may find someone interested in investing with you.
2) Friends and family. Lay out examples of what you have done, what returns you are getting, and what you could offer them. Banks don't pay anything and the stock market is more unpredictable than real estate.