Updated almost 5 years ago on . Most recent reply
Private Heloc? Or should I go another route?
I'm just going to break this down into cliff notes so it doesn't become a book, I tend to ramble.
Okay:
Paid cash for a flip 58k
Borrowed 26k to do rehab
Rehab is done, but I did roof myself and got caught and have stop work order. Hired a GC and roofer to correct the problem and have already paid for it.
House is worth 150, but lets just say 140 to be conservative.
Have found some great deals that I can make 40% on.
Need cash, want to borrow against this one until I can get it on the market.
My taxes look ugly right now since I'm a new investor, so it's gotta be private money or asset based lending. Fico score is good though
Interest rate and terms don't much matter to me!
So what do you guys think? My lender will let me get one of these deals with 10-20k down and that's all I need to get started. I also have roughly 20k in savings, but it's in sort of an ira kind of thing so I will have to pay a lot of fees to liquidate, maybe 10%. I also have 3 vehicles and can sell my tundra for 10k, don't really need it. With 20-30k I can do one of these flips and net roughly 50-100. What should I do? I don't want to just sit and wait for the city to approve my roof and get rid of the stop work order then list my house and wait another 60 days to close on this one. I want to get to work now gosh darnit, I am a flipaholic and I am going through withdrawal. 3rd flip this year and they've been solid profits! Help me!