All Forum Posts by: Shane Hetzel

Hello all,

I am very excited to be putting my first two properties on the market in the next several weeks after converting my two family home to condos. I have done an extensive, almost gut-to-the-studs renovations on almost everything in the building. This being my first big project caused me to naively think that it would be no big deal to continue living here throughout the renovation. Now after living through the process and having to shift almost all of my stuff into storage units anyway, at this point, I basically have only the furniture left here that is in my bedroom. The nature of this reno has been to convert large portions of both my basement (almost all above grade) and attic spaces and attach an extra living floor to each of the units. The layout of the rooms in these converted areas is somewhat unique, but more concerning to me is that the location of the new master bedroom in the basement/ground level is in a place with that is not abundant in natural light. My real estate agent thinks that staging will be really key to reaching the kinds of buyers we are looking to reach here in the metro Boston area. Both units have been improved and expanded to a level where there are not many good options to choose from in finding comps for price justification, etc. I've heard many many times that home staging, when done properly, will often well more than pay for itself in the form of higher selling prices. I'd like to hear anyone's thoughts, and also find out any good referrals of great contacts at reasonable prices in the Boston area that someone has worked with or has positive experiences with.

Thanks!

The total amount owed currently is about $726K, including existing mortgage and other small loans taken to date. I will need about another $100K to complete. Projected ARV is about $1.05M. Feel free to private message me with any info or details. I appreciate any help immensely!

I am in the final stages of my first real estate fix and flip project. I have a conventional mortgage note on the property, and to finance some of the construction so far, I have drawn out several personal loans. I need another approximately 80-90K to finish the project. I have heard about options where I could do a refinance based on final ARV, so that I could incorporate my existing mortgage, pay off the personal loans, then draw out enough cash to complete the project. Can anyone give any more guidance on this option? I really need something with a very quick turnaround, and do not have a deposit to put down due the fact that I have been so drained by financing this project to this point. Any guidance or suggestions would be greatly appreciated!

Has anyone had any interactions or knowledge of a company called Equity Lenders International, Inc? This is apparently a group of private investors and/or facilitators for pairing up available private money to worthy and profitable projects, like mine. I don't know anything about them, and they appear to operate out of Mableton, GA. I really would like to believe it is legit, but I have tried to google the company name, and NOTHING even comes up in any of the results where that name is mentioned. And there has just been a few other quick moments passing where I have had to question. I don't want to be overly cynical, but also have had my fair share of run-ins with scam artists lately. 

If anyone at all could even give me any idea if they have heard of these people before, or had some interaction, I would greatly appreciate it!

Hello,

I am in a serious time crunch and am really hoping to find one or two private investors who would be willing to provide $60-70K on a very short-term basis. I am in the final weeks of a very significant conversion of my two family property to condos, and each unit has basically had everything redone, and expansions made where about 1000-1200 square feet of new liveable space has been added to the value of the deal. The financials of the deal are extremely sound, I am just in a large time crunch situation. I would be willing to pay higher fees/points on the front end to have this move quickly and without holdups. Because I have been working to finance the rest of the project to this point, I am not really able to get more funding from traditional banks because my ratios are high. I'd really appreciate anyone who might be willing to step up and help me get this, my first project, over the finish line. I have meticulous records and can provide copious documentation on the total investment vs. the project sales prices for the two units, and there is a very healthy margin. If anyone thinks they might be able to help, please reach out to me right away.

Loan Depot

I am currently in the middle of a large renovation project on my home, which I am converting into condos and plan to flip as soon as the renovation is complete in early December. Originally I was planning to have a partner investor, but at the last minute he backed out and I had to figure out a new financing plan. I have already taken out several personal loans to fund the project so far. Now, when anyone looks at my credit report it appears that my ratios are too high. However, two of those loans were a part of a Massachusetts energy efficiency program that incentivizes heating and cooling system upgrades by providing substantial rebates, refunds, and other incentives including no interest loans. I am in need of approximately $30,000-$40,000 more but I am having difficulty securing the money because of the ratios that show up as a result of the recent credit I have taken out. The term of the loan will only need to be very short, as these two condos will be going on the market within the next 4 to 6 weeks. This deal is rock solid and am expecting to reap a net profit in the six figure range, and if I could have the opportunity to present the details of the project to the prospective lender as opposed to having a default decision being made simply after seeing my credit report, I am certain any lender would have confidence in making the loans. I would greatly appreciate any suggestions about where I can secure this funding as quickly as possible, even if it's a hard money lending type of the situation. I also realize that for hard money loans, I have been told several times that I could not get this type of funding because I am an owner and currently living in the property. Also, since I already own the place with an existing mortgage, hard money lenders have so far been unable to help. Any advice that could be provided would be greatly appreciated.

I am currently in the middle of my first real estate project, a condo conversion/renovation of a multi-family property. I already have the majority of the financing in place, but am looking to lock down the remaining amount as soon as possible, either through a hard money loan or private investment. I am really only looking for a maximum of $50K, and the actual amount could turn out to be less than that as the project nears completion and I see how expenses are tying to budget. I am happy to consider hard money options, although I'm not sure if there are any out there to cover this situation where I already own the property under a traditional mortgage. I am open to any and all suggestions!

Regards,

Shane Hetzel / 617.413.8820 / [email protected]

Great! I'll look forward to hearing from you!

Charles,

Thanks so much. I'm still pretty new here and not familiar with what you mean 'NOO project.' Feel free to email me also at [email protected].

Thanks!