Thoughts on a bridge loan to start flipping houses

[Isaac Dominguez]

Hello everyone,

I just wanted to get your thoughts on a deal that I'm about to go forward with with a private lender if you want to call it that way.

Basically I was aproofed for 250k max with them covering 80 of the purchase price as well as 80% of the repair cost. 

The terms on the loan are a 12 months with anew 11% interest and a 2% origination fee.

I have 2 deals lined up that should cover pretty much 250k and or at least 200k... and hopefully provide a 110k profit between the two deals.

Wanted to get your valuable input on this approach of using private lending and if 80% for both the purchase and repair cost for a first timer sounds ok....

Interest seems a little high to me... it should get better once the dirt deal is out of the way..

Thanks in advance...