All Forum Posts by: Suzanne Griffiths

Back to looking for funding for this project.  Bank has included a second parcel for a total of 5 acres or two separate 2.5 acre properties.  Our PML wasn't able to fund at the last minute and we were able to get an extension until Friday.  Need $375,000 to close.  Rate and points are negotiable.

Status Update: We were able to get an extension until Friday the 24th.  Still scrambling to see what we can come up with.

they were funding 100% so we had agreed on 12% and 2 points.  Initially they were going to do 80% at 12% but through our discussions they went to the full amount.  

@Percy N. thanks for the referral.  I'll definitely reach out.

Funding our projects, this has been my biggest stress and hurdle. We are working on funding our 3rd project and here's our struggle: We have an awesome property, quick cosmetic rehab, best school district in the area and great ROI. We had connected with and secured a private money investor. Last night we got a call from them that they didn't dot their 'i''s and cross their 'T's and their funds weren't going to be liquid to transfer for closing. Closing is/was today. Talk about a show stopping jaw dropper. So what did we do? Well, it's been 24 hours and I can't say it's a success story...yet. We've been making calls, talking to other in our network, following up on referrals to people in their network. Until the bank says times up we are going to keep grinding. The positive in all of this is that we know our numbers are good. Not a single person has said no to the numbers, the hesitation is just the timeframe to pull this off. So, for those that want to do this business or are just getting started. You are going to hit speed bumps and hurdles. As long as you continue to grind, think outside the box and work hard, you'll find results. P.S. Creative ideas accepted. Have a great night and do something. Active in your business this weekend!

@Jorge Manguane Thanks for reaching out, email received.

Hi Sean, yes.  The majority of the work is the addition, the existing structure has some cosmetic work.

We are getting going in the Twin Cities area and things have been exciting for the last month to say the least. We closed on our property in Chanhassen MN, have plans drawn up and working on finalizing with a contractor. PP $140, Repairs $120, ARV $469. Looking forward to be able to get moving forward toward getting this soon to be beauty on the market.

Also looking forward to a reno in St Paul.  We have our first position lender secured and are just trying to get the gap funding finalized.  Closing is 6/10 and grinding every day to get  it done. 

Our experience has been exciting, scary, nerve racking, full of highs and lows, but holy cow do I love this.  The ups and downs, it's all worth it to be free of the J.O.B.

If you haven't done your first deal yet or are just thinking about it, just go for it!  You won't regret it.

@Jay Hinrichs I think in most markets you are probably correct.  In MN and more specifically the Twin Cities the homes are primarily 1900's homes with beautiful woodwork and good bones that just needs a little love. 

@Jay Hinrichs I hear what you are saying.  In the Twin Cities we have a tremendously high number of homes that are bank owned being foreclosed or going into foreclosure.  By purchasing these homes as well as off market homes @Madeline J. can make a positive impact on these neighborhoods just by being an investor that is diligent and respectful of the neighborhood.

No matter what neighborhood she buys in here there will be a fantastic impact as long as the rehab is done with integrity and improves the overall value.  Some neighborhoods will obviously have more profit and would be more sound from a business standpoint.

I know that in this market you can succeed two-fold, in improving the neighborhoods and in sound business investments.

We are still looking for an awesome investor to work with on this project.  Terms and rates negotiable.  Closing date is looming and this soon to be gorgeous new home needs our help.  Please email me at [email protected] or connect with me here on BP

We are investors with experience as well as 22 years in the construction industry.  We plan on being in and out of this home in 30 days and houses are only on the market 22 days on average.