All Forum Posts by: Danielle Hammond

3rd floor bath (loove the tub haha) 

that is 3rd floor kitch. -1 bedroom. Ill load a cpl for pics :)

 ok... I do not rent an apartment.. I rent a really nice house. Its only $600.. but I pay extra for my dog and a month to month lease. So I pay 700... and that includes my $70 water bill... rent is seriously that cheap up here. The cost of living in my town is low because u have to drive 30 miles to the city. If this unit was 30 miles north, each unit would rent for 700-1000. I will send you pictures! 

oh and thank you for the loan advice... we dont have 30 banks... but I will definetely look at them all. 

 here is why I say 300. I rent (just down the street) a 3 bedroom, full basement, 2 car huge brand new garage with automatic doors, and a Very large back yard. The houseI live is all newly renovated with washer and dryer... I pay $600.00 pm... theres no way id go down the street to a tiny one bedroom to save 100$ a month.. the one bedroom apartment is small! I would have to decid on the price after renovating... the old man charged 300 and it is not so nice... so im unsure?

 my phone still wont let me tag names.. I think its been vacant a year... it is listed for sale as a triplex, I never thought to see if they would make it a single family? I will dbl check tho -thank you!  the utilities are seperated, each unit has its own thermostat and meter. The plumber told me it all looked good to go. 

... not sure about the space for in the apartment but there are hookups in the basement... that I could close off the area and they could share. Plumbers told me alot of good things... only the basement pipes were damaged, all the repairs and new boiler from them will be $12,000. I think I can purchase a boiler cheaper tho thru a friend.I am concidering partners. And dont qualify for the FHA.

 I thought I had found a private lender, but he wasnt trustworthy and I backed out. Still searching and property still for sale. :/ 

Ok, I've posted my story in here before, but not since ive upgraded ;). 

So I am Danielle. I am from a very small town, I am working extremely hard on repairing my credit score, but it will be another year or two. 

I have developed a business plan and I am so excited about it. Now I have this triplex just staring me in the face, waiting for me to get started! The price has dropped to an extreme low after it went up for auction and the buyer got it for hardly nothing and is trying to flip for a profit without making a single repair. GOOD for them, but I know what they paid, and after having a plumber walk through with me, I know the costs of repairs just to make it livable. It also needs all new appliances, as the previous owner stripped the place before his foreclosure. 

Here is what I want to do... tell me what you think. Please be honest!!! Long read sorry!

I am seeking a $50,000.00 private money loan. (Yes this will cover everything and leave the apartments in a very nice living condition). I would move into the middle story while making all repairs. This way my monthly payment for rent will go toward paying off theloan for a few months until I find renters. (This will not be difficult in my town) once renovated and rented out I will refinance the home through a bank with a traditional loan. With the extra money from the refinance I hope to get 1-2 properties in the late fall when prices drop extremely low (people dont like paying to winterize their homes and maintain for in the extreme winters. My construction crew have winters off, therefor they can work full time with me getting these homes ready for either sale or rental properties (depending on the home and location of the deals I find) by spring, when prices are up again and students are back in town. 

I would love to repeat this process every year, moving into the city when funds are higher, where I will flip Victorian homes and possible have vacation home$ ;). 

oh yes, I am also considering recieving a realtors license... unsure?

Any advice? Input? Where to find my $50,000 to start :) I will take what I can get you guys!! Hope this wasnt too long of a post. 

Thank you for your time!