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Before After Before After Before After
 

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.”

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ProfitableProperty.com

152 Rollins Avenue, Suite 200
Rockville, MD 20852

Phone: 301-881-5541 • Fax: 301-881-5542
Email: info@profitableproperty.com

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