ARE YOU THE NEXT PROFITABLEPROPERTY
PARTNERING SUCCESS STORY?
Ray Contee is a licensed Realtor in the District of Columbia
and Maryland and has some previous experience buying and
selling houses. However, he is the first to admit that he
has learned a lot from John Peterson and ProfitableProperty about
making money in real estate.
Ray first heard about ProfitableProperty in September
2003 when he received a postcard in the mail. “The
postcard was so powerful that I just bypassed the free class
and went directly to the weekend seminar. Less than a month
after I went through the weekend training, I found a property
worth $140,000 that I bought for $52,000.”
Ray and John were partners in that property and John put
up the initial capital to purchase it. “I had a couple
of contractors, but John has a whole team of contractors
whose prices are great,” says Ray. “For example,
for air conditioning and a new furnace, my guy wanted to
charge $4,500 and John’s contractor quoted the job
for $2,250. Need I say any more? I will probably wind up
netting $20,000-$25,000 profit on the deal.”
Ray explains the advantages of working with John and ProfitableProperty. “John’s
program is great because it’s a one-stop shop. You
can go there and learn investment techniques, plus he has
the money available to purchase properties. And no one in
the Washington metropolitan area is offering that combination.”
According to Ray, John “takes all the guesswork out
and makes it a science. It’s a template that he has
and if you follow his instructions, you can’t help
but make money. Then you also save money fixing it up because
he has the contacts with the contractors.”
Sharon and Ben White met John Peterson through the Washington
REIA [Real Estate Investors Association Network]. “We
kept talking about doing something for a while,” says
Sharon, “After I started sending out letters I found
a property so I put together the numbers and showed them
to John to see if it was something he would be interested
in. He was interested so we went ahead and formed a partnership
to renovate and sell the property. The property was located
in Dale City and the house needed heavy cosmetic work.”
The Whites did not have enough money or the experience
to do the full renovation. They provided the money to bring
the loan current and pay off the owners. John took care of
the renovation and associated costs, and also kept the mortgage
current.
“Soon after that project,” says Sharon, “I
identified another property in Alexandria that I wholesaled
to John’s company.”
Sharon says she appreciates being able to talk with John. “It’s
really good to have someone to run the numbers by and ask
whether it’s a good deal because I’m still learning
what values are in the market. It’s nice to have someone
tell you that the numbers work, go ahead and get the contract.
And he is there to help you all the way through—he
has attorneys to help with the closing, so I didn’t
have to wonder how to close after I got the contract. Plus,
I needed to close very quickly because it was a foreclosure
and John had all the contacts to do that. It was very easy.”
Wen Lee came to the United States from Taiwan 26 years
ago. The owner of an import/export business based in China,
she was successful each time she sold her house and traded
up over the past 10 years. Wen knew real estate could be
a good investment and wanted to be more involved than just
owning her own home.
She decided to attend a ProfitableProperty seminar
last year after a friend heard about the Free Workshop on
the radio. After she took the two-day training course, she
began applying the various techniques she learned to locate
undervalued property.
Working with John Peterson, she found her first property – a
single-family brick home in Rockville whose owner had financial
problems and couldn’t keep up his mortgage payments.
The property required basic cosmetic work including cleaning,
yard work, painting and new carpet. After consulting with
John, they decided to market the house immediately and the
partnership netted approximately $50,000 after expenses.
Wen said that her experience with ProfitableProperty was
invaluable. “John has taught me a lot. A year-and-a-half
ago I had no idea how this business worked.” Our last
deal together went very well. The property was sold without
a hassle and we all did very well financially.”
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everyday people in the D.C. area who have taken the NEXT STEP
to ProfitableProperty partnering, Take
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