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All Forum Posts by: Danielle Hammond

Danielle Hammond has started 12 posts and replied 89 times.

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Wendell De Guzman:
Originally posted by @Danielle Hammond:I will guess that I need a loan for $55,000.00

Here is the catch. The bank will not give me a loan for this house, as it is not llivable. I am going to search for a private loan, or if you all have another idea??? I dont want to miss this opportunity!!! please tell me this is a great starting out property. I think it would be such a loow risk chance. I will attach more images!!!

 You can get a HARD MONEY LOAN or REHAB LOAN first. Rehab lenders can lend you up to 80% of project cost up to a maximum of 65% of the After Repair Value.

Once you renovate the property and is now livable, you can do a CASH OUT REFINANCE with a conventional mortgage lender.

This is exactly what I explain in this video:

How You Can Buy 20 Houses With $20,000

Let us know how this goes.

 thank you for the link!! I will read tonight... the bank wont give me anything because of hospital bills in collections are killing my score. Im working on it tho :)

Post: so sick of scammers Help :)

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

For 2 weeks I have been bombarded with scam artists! Im over it. I am seeking a private money loan for only $50,000.00 to start my realestate rental/flip business. Also, To gain experience and learn how everything works. This investment has very very little risk.. its 50k into a property worth atleast triple.  Once the 50 is used to purchase and completely renovate it will be worth MUCH more to a bank who will more than willingly refinance it, paying back the original loan. 

I am looking for advice on where to find a lender... like an actual lender lol... not some guy from some country ive never heard of who speaks no English and agrees to anything lol! I have read many forums... my problem is I dont have LOCAL groups, should I travel? Im running out of time. :( Help me out please. Since the deal I have found is soo good I am willing to make up for it in a high interest rate. ;) I realize I will not make a ton of money off the bat, and I am comfortable with that, I just want experience and equity!

Post: Is there a thing as a fraudulent investor?

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Stephanie Beard:

ugh speak text. I DO have experience and a job. We can barely save as it is not see.. Ugh

 I am so sorry this happened to you.. they get you sooo excited!!! Happened to me too.. only for 50,000. I started asking him questions and he never gave a straight foreward answer.. then he called me and had a huuge accent and was trying to fake it... spoke very broken lol. Hi. This. Is. Haroolld. Couldnt even speak a sentence... why fake an accent????Speak whatever you speak?!  I asked him to send me the contract so my lawyer could look it over with me, he never replied. Waste of time :( sucks these people have nothing better to do. Best of luck to you!!! 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Mark Hutchins:

I see one of the bathrooms showing a bath only (no shower head),  is there another bath in that apartment that has one with a shower?  Just from my own experience having showers is nice and allows you to charge more for rent.  Having a bath only it limits the quality of renters you will have .  Again just from my own personal experience.

 that is the tiny apartment... I would have hooked it up on the taller end... but the ceilings are all slanted.. it would have to have a shower hook up like the one in the other bathroom (pictured). Not so cheap like but my contractor would probably be able to do more with it. that apartmentwas an attic I think.. they didnt do a great job.. that is why id debate making the second floor and third floor one large unit... unsure... havent got thatdeep into it.. as I can not find a loan!!! Lol 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @George Allen:

Thats way out there guy.  Your far enough north there to send me some pasties.  I like the Air force base. Depends on the size.  You might want to check around there and see how housing works the AFB or any colleges.  Actually go there and ask questions.   I'm not a buyer in rural areas.  Two few and far in bettween. 

 best damnpasties youll find. The AFB is closed... low income duplexes/meth labs... slumlords.. its extremely sad. Once the policeget it cleaned up I will probably get a few rentals out there.. but right now is bad. 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

all new kitchen cupboards are in the garage...this is the worst unit... second floor is way nicer. Then there is also a new deck.. and a garage worth more than there total asking price lol. can u see why I love it yet? 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

the second and first floor are a lot alike.. thus is first floor (the stinky unit-needs new carpet and possibly floors) 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

then this is how the second and 3rd floor Could be turned into one big unit and still be nice... 

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12

@maryann... I agree.. barbara is my fav. Advice giver !!  :)

Post: opportunity you all wont believe!

Danielle HammondPosted
  • Marquette, MI
  • Posts 93
  • Votes 12
Originally posted by @Mary Ann:
Originally posted by @Barbara G.:

This sounds good

The house is $25,000  You have estimated $55,000 for renovation so the total cost will be $80,000.  So with your rent roll of $1,200 to $1,350 it looks like it will be an OK cash flow. It also sounds like once renovated rents can be higher?   As you say you just have to get the money to Fund it.  You have a contractor partner so how much cash can you each bring in?  

Are you buying this from a local Bank?  Can you sit down with them and see if they can or would offer you any kind of Personal loan on this?  

I think your idea of Moving in is a good one.  It certainly would helyes ip you get this whole thing together.  Get the heat going and move in. It is getting warm right now.   You say you could contribute $700.00  (your current rent) and that  would help.  Look at your credit card situation and see if there is anything you can do with that.  Can Home Depot give you a $10,000 line of credit toward your building materials?  What about Lowes line of credit  for your building supplies?  What can you borrow with Hard Money?  What can you and your partner do with credit cards?  How much sweat equity can you and your partner put in?

Good Luck.

 This is excellent advice that can be applied to most creative financing situations, when time and money are the biggest challenges.