New investor here. Sitting on approx $50k in cash. Have been reaching to local banks to discuss flips and short term loans. All seem to want no part of it. Only buy and holds.
Any ideas on how to approach? Looking to start small $100k or so for first flip and build up from there. But and holds are future objective. Right now, want to flip to raise additional capital. Also... If anyone is in Philly area and has local bank/credit union recommendations, please share.
Thnx in advance!
You could approach the situation with private money or hard money lenders and have them back your financial needs. Or you could find someone else on the same page and enter into a joint venture with them and share the cost. Both of these are options to achieving your goals but I would obviously do as much homework on both options so that you know as much about each process before jumping in. I hope this helps.