All Forum Posts by: Adriel Paradise

Thanks everyone for the replies. On the HELOC we are getting a 9% variable rate with 5yr term but the appraisal came back low. We do bank with a larger bank but have used smaller regional banks for most of are lending(Arvest, Simmons Bank). We are going to look into some private money options to see if there is anything that may work well for us as well as seek out some local banks as well.

We are currently do flips locally in Jonesboro, AR. We have used retirement cash, typical mortgage loans, and helocs to finance our flips(interest rates are anywhere from 6% to over 10% depending on the type of loan used, I'm in 750-800 credit score range). Admittedly, we haven't investigated all of the local banks in our area to know what financing options are available. We know we need more knowledge in that area so we are trying to reach out for help. We currently have a deal in our hands that we recently got under contract and don't want to lose it. We just don't like putting so much of our own cash at risk if we can avoid it. Typical deals in our area are anywhere from 100k to 250k to purchase a home. Given the market, you start losing buyers when you get very much above that price point in terms of the after renovation sales price. Also, we don't have any experience with private/hard money lending. Obviously would love to know more if its beneficial. 

Thanks for all of the responses. 

Hello, me and my wife(mostly my wife) have done a 7 flips and have been able to make money on the flips we have done. Nothing mind blowing but we've been able to make 30k per flip which is better than being in the red but we are frustrated with options available in finding good financing without very much cash on hand. The financing we are finding puts us in a place financially where the cost of the financing puts our profit at risk. We understand that there is a cost and that you have to budget that cost in but we would like to find better funding options for ourselves that are less expensive. Any help or guidance would be helpful. Just wanting to find ways to fund our projects more effectively. Thanks