Updated almost 3 years ago on . Most recent reply
Sourcing Private Money
Hey all, just got my first house hack this spring and am thinking about how to get my next property. My house now needed a new water main, sewer line, roof, and electrical work, so I've gotten a good group of people to work with so far. This gives me more confidence to tackle a flip.
After my first purchase, I have about 12k in the bank and another 15 or so in stocks I could utilize if need be (would prefer not to touch this). Took out a 33k home equity loan to pay for these repairs. Currently make 60k at my job. I can't get another owner-occupant loan until next spring, so I'd have to do a 20% down investment property right? If so, how do you guys go about sourcing private money to pay for flips? Is private money even what you'd do in my situation?