Speaker: Kevin H.
Describe your experience of getting real estate investment funding from The Investor's Edge.
Kevin H.: Hello, my name is Kevin Herrera, and I'd like to talk about my experience with Investors Edge. I'll put that down in 3 parts. First part is the investment funding. Second part is the process through the whole rehab, and the third part is the closing. First part with the investing funding, I found it very unique the way that the team took my interest as priority, made sure that I invested into a great deal. It was a great experience working with Jerry Lynn from start to finish to make sure that. I had the right deal. They walked with me as I analyzed the deal right through the closing process. Uh, the second part was actually with the rehab and work with my project manager Dick was awesome. truly felt like he had my best interest at heart. Though my weekly connects, he made sure that everything was thorough and walked me right through the project from start to finish. The last piece was a closing and exit strategy. This one is where I felt the group is true professionals and the best customer service to walk me through with a closing deal with the exit strategy to complete my first rehab real estate deal. My experience with Investors Edge was an awesome experience. I'm looking forward to doing my next deal.
Describe your experience of rehabbing your real estate investment property. (The challenges, your wins, and lessons learned.)
Kevin H.: As far as the rehab, I would say some of the challenges and lessons learned was knowing how to pick the right contractor and building that great business relationship between your project manager and your contractor, um, through the weekly connects on how to thorough make sure the checks and inspections is exactly what you're looking for as an investor from the finished project or finished task for that week. Um, some of the big wins that I had was really that great partnership that I developed early in the project that really yielded some really awesome results, a good finish project, and my rehab came in above the comparables, which really set me up for a great spot when it comes to the exit strategy. So hats off to Dick and being my mentor through that first project.
Describe your experience of reselling or refinancing your real estate investment property. (Challenges, wins, and lessons learned)
Kevin H.: Through the refinancing of a project that was I would say my most challenging part, uh, I think I waited too late before I started the process, so knowing when my mature date of the hard money loan is just to make sure that you give yourself at least 60 days as you prep yourself to resell or refinance out. uh, what I learned, I learned a lot. I learned the whole banking industry, how does that work between a broker. A lender, home insurance, um, the whole nine yards as far as how you close out a deal and go into an exit strategy so you can go into a long term mortgage that's if you're not reselling a property, a huge win for me. I, um, had a really good appraisal and was able to refinance and now I have cash flow, so a great experience in learning for me with Investors Edge when it comes to reselling and refinancing the property.
How much money are you looking to make on this property and what do you plan on doing with the profits?
Kevin H.: Well, my first property, I actually refinanced it and I have about $80,000 in equity based on the appraisal of where the house is now. My long term plan is just to build a legacy of wealth for my kids and have affordable housing projects within the city of Philadelphia. So my next project is focused on um finding some. Houses within the Philadelphia market that I can rehab, bring some beauty back to the city and offer affordable living to folks that without that wouldn't have a place to live and call their home. So that's my plan, my next steps, um, in 2025 and 2026.
