Where to get financing for a package of deals?

Question

Hi Everyone,

I got a batch of about 5 deals (flips and rentals) last week from a guy I trust (I did my first and only flip with the guy and have bought 2 very profitable rentals from him) He's been at this a lot longer than me and he's giving me first crack (actually 2nd crack besides the ones he's keeping for his turnkey company) at a list of 10 properties he's trying to put negotiate for.

I like 5-6 of them and with repairs and purchasing I think I need an average of 80-110K for each of the properties. Well, needless to say I don't have the cash on hand to do all 5 of these and I would HATE to let them go. Where should I start looking? Hard Money Lenders? Somewhere else?

I don't like the idea of doing some sort of package things either, since some I would want to keep and some I would want to flip. Where should I start looking?

Thanks all,

Wei

Anthony Murphy · Answer

@Wei Jie Yang I'm in the same boat. Just came across a 3 property deal. I want all 3 but not sure how to go about funding yet.

Wei Jie Yang · Answer

@George Despotopoulos The deals are located in the Michicana area of Indiana. Some Numbers are still a WIP though but a ballpark

1) 24K PP + 12K reno = 57K ARV for flipping

2) 65K-85K fourplex + 30-50K renovation = 165 Arv. But most likely keeping this for rental

3) 60K Duplex + 25K reno = 130K Arv. Would perfer to keep this as a rental.

There are two more that we need to get a bit more info on but these are the solid ones in terms of number.

George Despotopoulos · Answer

@Wei Jie Yang - where are the deals located and what's the purchase price and rehab budget per property?

Where to get financing for a package of deals?

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