ARE YOU THE NEXT PROFITABLEPROPERTY
FINANCING SUCCESS STORY?
Al Peltier and Gerald Mathis came to ProfitableProperty for
a purchase money loan on a two-level rowhouse in Northeast
Washington, D.C.
The property is located in a neighborhood that has experienced
rapid price appreciation and gentrification. The partners
recently completed a renovation on the same street and were
approached by a neighbor about the possibility of purchasing
his home. The townhouse was similar to the project they had
just completed and the numbers were favorable.
Instead of providing all the capital themselves, they went
to John Peterson to arrange a short-term funding loan. The
pair borrowed $160,000 from ProfitableProperty and
used their own funds for the balance of the purchase and
the renovation expenses.
After the project is completed the partners have plans
to retail the property for approximately $300,000. Al and
Gerald are learning that using OPM (Other Profitable Money)
has many advantages and can accelerate their success.
 Joyce
Palmer had to convince her husband Robert that ProfitableProperty
was a good idea. She recalls, “I met John at the first
Washington REIA [Real Estate Investors Association Network]
meeting in July 2002. Robert and I then went to a real estate
training program in Florida in February 2003. That was when
he decided that my attending John’s ProfitableProperty
training weekend could really work for us. We had both been
interested in real estate investing, but my husband is an
attorney and he was very skeptical.”
After the two-day hands-on course, Robert “became
convinced that we could honestly and ethically make a great
deal of money in real estate.” Joyce says. “He
told me to go and just do it and that is when I told John
I wanted to be a serious real estate investor.”
After John’s ProfitableProperty class she
began doing deals. In June 2002 “we did a hard money
loan with John for a house in D.C. worth about $135,000 that
the owner was willing to sell to me for $78,000 and we closed
in 10 days. I went to John because—and this is one
thing I learned from John—we needed to use other people’s
money.”
More deals came after that. “We are landlords,” Joyce
says. “We own multiple properties right now. I like
being a landlord - I’m a people person.” And
she has very definite plans for the future.” We absolutely
will do more deals with John. I want to use John’s
money for bigger deals.”
The Palmers have a clear view of what they hope to accomplish. “To
keep the asset, and get all our money out, with a positive
cash flow. That’s our goal. That’s why I look
for houses we can get for 60 to 70 cents on the dollar and
refinance them. Plus, it’s increasing our net worth
too, because we refinance 80% loan to value so we always
end up with 20% of the value of the house added to our net
worth. We have a goal of buying at least 10 houses a year.
We’re not quite there yet this year, but there’s
still time left. This is not a get rich quick business. It’s
a get rich slow business.”
Bert Bonnette of Silver Spring, Maryland was referred to
John Peterson about three years ago by another investor.” When
I first met John, he seemed to be quite reliable and he provided
capital for projects at a good rate,” Bert says.
John funded Bert’s first deal, “making it very
easy to get the acquisition done,” Bert recalls. Plus,
John “gave me the construction money and it didn’t
cost me a dime. So it was a no-money-down acquisition for
me. The settlement took two minutes and we were done. The
speed and the time that it saved me, along with not having
to have the money come out of my pocket, made it very nice
for me.”
Since then, Bert has purchased a four-unit apartment building
and a single-family house in Prince George’s County
with John again providing the funding. “On the four-unit,” Bert
says, “he bailed me out because at the eleventh hour,
my financing fell through. I called John the day before and
told him I needed $115,000 and he came up with it the next
day. He saved me from losing my shirt because I had put in
all the construction money myself. That made a big difference
to me.”
According to Bert, John’s strengths “are his
reliability, his speed and how easy he makes the acquisition.
That’s a phenomenal vehicle for any small investor.
The availability of the capital makes it painless. And he
typically funds the construction, so between the two it’s
completely pain-free. I plan on using him for many more deals.”
To View More Success Stories of
everyday people in the D.C. area who have taken the NEXT STEP
to ProfitableProperty, Take
Your NEXT STEP
For Answers to Frequently Asked Questions
about ProfitableProperty Financing, Take
Your NEXT STEP
|
