Successful REI business, need more capital - Posted by Damon

Posted by Kent on July 08, 2003 at 10:35:34:

Damon,

I would like to learn more about your business. I may or may not be able to help you with some ideas. Email me and we’ll discuss things.

Kent

Successful REI business, need more capital - Posted by Damon

Posted by Damon on July 06, 2003 at 22:05:24:

I have a successful REI business which is growing rapidly. At this point my greatest need is for more investment capital.

Here’s what I do: I buy and sell distressed properties and distressed notes. I’ve done 20 deals this year and my average gross profit per deal is around 34K, my net after expenses is approximately 20K. I only buy houses or notes where my total acquistion cost compared to value is 75% or less. I don’t rehab and my average time to sell is less than 60 days.

In my local market I have all the money I need. I have relationships with HML’s, investors, and my bank and can get the money.

However, a good part of my deals come from partnering out of town. Any ideas on how to gain access to more capital? I have excellent credit (Fico low 700’s), a track record, some collateral (2 apt blds, 1 small business, various notes and rolling inventory).

I already pay my investors a 12 to 20% APR. I’m looking for where to direct my focus for finding money. Commercial credit lines, private money, hard money lenders?

Thank you for any help.

Damon