One of the struggles that investors, especially new investors, face is their inability to fund a GOOD project.

Let’s be clear on something.  If it’s a good deal – the money will be there IF you are looking in the right place.

That is a powerful statement that many people breeze past.

FIRST – FUNDAMENTALLY, it must be a good deal.  If your deal is too “thin”,  private money and hard money will run the other way – or even worse – will slow you down while they “review” the deal.

If you are trying to find money through friends and family, they might not know what a “good” deal actually is – and in most situations, working with friends and family – especially as lenders – can be a recipe for relationship disaster.

A short video about our next WREIA meeting in Bethesda where we will be talking about “Finding Money and Finding Deals” is posted here:

SECOND – The money will be there IF you are looking in the right place.

“Some people are crazy” is a blanket statement we all hear from time to time.  Well, let’s all be honest – that extends into business too.

It’s a fact of life that we all run into people who “rub us the wrong way”.  We think that one person may be terrific, while your good friend may have a different opinion of that same person.

A big reason we might  have a rewarding business relationship with one person and not another may be where we SOURCE that relationship.

At our monthly WREIA meetings we see a lot of people that become lasting friends based on their shared passion for real estate.  They may come from different ethnic, cultural, political or religious backgrounds, but because of their shared love of real estate, they have a deep common bond.

It’s a beautiful thing to see our WREIA members truly bonding – especially over shared success stories and even stories about their struggles.  Successful people WANT to help the person that is just getting started or facing an obstacle.  Our WREIA organization is full of successful investors.

When it comes to financing a property – if your source of funds comes from someone who is a great investor because they have a sizeable stock portfolio that could pose problems down the road.

Someone who has had success building a stock portfolio by trading stocks, but never held real estate, may not have the temperament for a six to 12 months renovation project.   You can’t liquidate a house by pushing a “sell” button.

Remember, this all hinges on that fact that a GOOD deal makes life much, much easier.  When you FIND a good deal, you can screw up in a lot of other parts of this business and still find success.

So – come on out to our WREIA meeting this month and join us as we discuss the process of finding a GOOD deal here in the DC area and marrying it to the RIGHT type of capital.

John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

Re: Pet Cemeteries

Of all the renovation shows, few get the negative feedback that “Flipping Vegas” receives.

When I bring up the show to a few friends I heard these descriptive replies:

“I *&$#ing hate that show.”

“Garbage TV.”

“Unbearable.”

“It’s everything wrong with America today.”

Calm down a minute already. It’s not that bad.

When it comes to that “special type of acting required” for reality TV that we mentioned in our post about the Flip or Flop couple – well, this cast takes it to a whole new level.

“Overacting” might be a better way to describe the show.

Everything is a major catastrophe.

I did a quick search to find what the broader internet audience thinks of “Flipping Vegas” – I will spare you the bitterness. Let’s just say the feedback amongst my flipping friends was not far off the internet consensus.

Here is a clip from the Cat House episode where Scott Yancey talks about “hemorrhaging” money. (As he does on every episode.)

You get a taste of his special type of acting skills.

However – if you watch the episode you will also find a take-a-way from the episode. My discovery was that it is possible to respectfully deal with a previous owners love of their pets.

Specifically, dealing with a home-made pet cemetery.

I am a pet lover. I grew up with pets. I have owned pets. I think they are valuable and can help teach our kids responsibility and compassion.

That said – the previous owner of the “Cat House” obviously took things too far.

That house was really in bad shape. When you have to remove up to 4 feet of drywall from the pet “debris” – things have gotten out of control.

For a few hundred dollars they had a local “licensed” professional deal with the remains of the few cats buried and memorialized in the back yard.

Now, after a thousand renovations, I have seen pet memorials on properties.  Numerous times.  We usually just ask the previous owners if they have a desire for the memorial if we thought there might be any value. Otherwise, we have been reluctant to due much of anything.

Now I know it is actually possible to exhume the remains and have them properly cremated. Which perhaps is safer for the environment and respectful as well.

Maybe this was a little gory topic for the weekend? Maybe. But now you are equipped with something to talk about that doesn’t involve the weather.

Re: HGTV Reality TV

P.S.  Interested in a lender or construction partner for your pending project?  Yes, we do that.  We lend to and partner with people all over the DC area.  Call the office and lets set up a time to talk through or walk through your project.

Re: HGTV Reality TV

First up – Happy New Year!

Did you take a few days or weeks to unwind a bit?  Are you ready to tackle the new year?

Personally, I could use a few more days of unwinding – but the calendar (and the bank account) says it’s time to get back to work.

Thank you to all the WREIA members who joined us for the “Members Only” event in December.  We had a good time together, and I really enjoyed the feedback.

Now – it’s time for all of us to start executing the 2017 game plan.

Top of the TO-DO LIST – Plan to join us on Jan. 16th for the WREIA 2017 Kickoff meeting.  We are going to have a little fun bouncing ideas based off the top HGTV shows.

Like some of you, I spent a “little” time over the break binge watching some of my favorite renovation shows.

Some of these shows just made me laugh with their drama and lack of details.  But a few actually had some key points I want to share with you.

More on that over the next few days.

For now, dust off that winter coat and break out the winter boots.   We have a few weeks of cold ahead of us – but it’s no reason to curb your enthusiasm for the year ahead.

What do you say we get together on the 16th and start executing the 2017 plan together?

I am convinced we have the best group of WREIA members in the DC area.

Let’s get this 2017 Renovation Party started!

P.S.  Interested in a lender or construction partner for your pending project?  Yes, we do that.  We lend to and partner with people all over the DC area.  Call the office and lets set up a time to talk through or walk through your project.