We have been flipping homes in michigan for 5+ years and would like to add in some rental properties through financing. We have strong credit and this is our income source. Debt to income ratio is not as good as we want at this time.
When looking recently I have reviewed and compared LimaOne Capital, Bridgewell Capital, and ground floor funding. I was wondering what others would recommend based on experience, market area, and the fact that most of the homes i would target would be around 50 to 90k purchase price, 12 to 15k renoovations, with arvs ranging from 70k to 110k roughly.
Let me know your thoughts or if I forgot something.
With five years of experience under your belt, it seems feasible that you could raise private money quite easily to buy some properties with cash. Go out and look for one-year loans at 8-10%. BRRRR the properties and pay back the loans + interest after you refinance.
I am looking to do all of that just locating the private money seems a bit daunting. From what I am seeing some of the places may offer 7 to 8% interest rate for the rehab timeframe and then you switch over to a rental 30 year loan at a 5ish rate. I am just curious who offers for my price range as some say minimum loan of 75k, and that has to be say 70% of the home cost, meaning i am in a bracket above what I am looking to buy and hold.
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