All Forum Posts by: Heather Pelletier

Tim,

Can I ask why you show your BP posts on your financial statement? How does this help you? I'm just curious. Hope you don't mind me asking.

Heather

Hope you have a great trip. I live in Western MA (border of VT and NH) There's lots of great places to go, I've heard Okemo, Stratton, and Killington are nice. I'm not a skier myself but I worked in Brattleboro VT for several years and those were the resorts of choice.

Have fun and be safe!
Heather

Hello all,

I am sorry, I usually get an Email when someone replies to a previous post, I have not checked this forum in a while. I have posted an update in the general forum where you can get the specifics. You can view the before and after pics on our website hainprop.synthasite.com

Of course Wheatie was dead on with his estimates of the completed project. Advice to all newbies out there, when Wheatie gives advice...LISTEN! :)

The house does look great, however most of the credit must go to my husband and his partner. They acted as their own GCs with no prior experience. Just 2 handy guys with the same goal.

My business model is to purchase single or multifamily homes at a discount creating $100 cash flow/unit. I'd like to buy/hold these units and sell a few when the market turns and use profit to invest in a large apt complex.

This sounds like a great idea! I put in my donation! I like the idea of Hard Money, it could help all of us newbies!

We're looking now. Thanks for your reply!

Heather, We all want to know how you first rehab turned out..

I just received the above PM from Tom C and decided to make a post for all of you critics out there! Be kind, remember this was our 1st project!

We purchased the property for 55k. Our original budget was 30K to rehab and our original timeline was 3 months. We ended up going WAY over budget due to needing to rewire the entire house ( we thought only the downstairs needed to be done) and we ran into some plumbing issues. We also had an electrician bail on us which added to our timeline by 3 weeks. To make a long story short we ended up putting 60K into the house and it took us an additional 3 weeks. We're into the house for 110K and it appraised for 160K. Our goal was obviously make a profit but we figured as long as we broke even we'd be OK. We were willing to take on the challenge and overall I think we did alright. Currenlty it is being leased with an option to buy. We have hooked our tenants up with a credit repair specialist to help them work out the kinks and hopefully they will end up buying the house. We have checked their references and the seem like good people.

You can see pictures of the before and after on our website hainprop.synthasite.com. While you;re at it feel free to give us any suggestions we have to improve our website. We'll take any constructive criticism you may have.

Tom, Thanks again for following up, it means a lot!

Heather

We shall see what this new year brings. I'm assuming once again the government will bail out the big guys and give freebies to the low income and once again forget about average Joe in America.

Anyone have any luck finding a HML who lends on the value of the property? I have only spoken with one HML and we did not have enough liquid assets to qualify. I assume once you have built your portfolio and have proven yourself this gets easier. We have only rehabbed one property so far, we partnered up, financed an REO traditionally, rehabbed with credit cards and refinanced after 6 months of seasoning the loan. It worked but I'd much prefer to use a HML next time.