- We have a $150k LOC from a hard money lender
- We just got approved for a $500k "revolver" account from Community Preservation. This entity provides funds for purchase and rehab.
- We got a $40k HELOC from the first house we purchased last April
- We have transferred my Roth IRA to a self-directed IRA which will allow us to purchase real estate
- We purchased one of our recent houses using a "subject to" strategy which allowed us to take over a $144k mortgage
- Last night we held a Private Money lending seminar during which I illustrated how investors could loan us money secured by real estate using their IRA's and earn 10%. We had 3 people interested but don't have any firm commitments yet
So, we have exceeded our goal by about $350k so far. It still would be nice to have some more free cash, since none of these strategies involve 100% financing (except the private money lending option). I tried to use Prosper to get funds but did not get funded. But Prosper limits you to one $25K loan at a time. I had enrolled in a group but for my AA credit rating, I think that was a mistake since the group leader was adding 1% to the interest rate.