Anyone heard of Skystone Acquisitions?

Question

Hi,

Has anyone heard of Skystone Acquisitions? Their website says they’re a brokerage firm based out of Atlanta that finds exclusive deals for investors. As a newbie, this sounds great and they have all 5 star reviews on Google. However, it all sounds too good to be true and makes me give them a side eye. Anyone heard of them or worked with them before?
Thanks! Kristian

Thanks!

Kristian

Dinesh Patel · Answer

Here is what I know about Skystone Acquisitions and Networth Realty.

My background:

I am planning to enter in flipping/BRRRR business in Atlanta area. I have no experience in this field yet.  I am building up my network of GCs, lender and other professionals. I am in Cumming, GA. My initial total cash allocations including down payment, and other reserve is around $50K.

Skystone Acquisitions:

My wife and I visited Skystone on 4/27/21 at Piedmont Center and talked to Adam Polokoff. He is very professional and he answered all of the questions thoroughly. He provided me a reference of his latest client. Last night, I talked to that investor-client who has bought two properties from Adam at Skaystone. This client has very good opinions about Adam and Skystone.  He is happy with them. His rehab estimate on one of the property is lower than Skystone's estimate which is good thing. Skystone asks for $10K non-refundable deposit.  I am not comfortable with that. Since, I have not signed up with them yet, I have not had an opportunity to check their listings.  I am still doing my Due D before signing up.

Networth Realty:

We have also visited Networth Realty and talked to Anthony S. He is also very professional and helpful. He also drove us to two of their properties. They ask for $5k non-refundable deposit except some title related situation. I do not know enough to grade the quality of their ARVs.

So far, I have not pull the trigger yet to buy any REI property from anybody.

Like I have mentioned above, I am building my team and confidence, and I would love to get quality help, support, and suggestions from the community. Please, feel free to contact me.

Thanks,

Dinesh Patel

Brent Bagley · Answer

Hi Kristian,

Yes, I have heard of them and have worked with them.  They are a great wholesaler to work with.  My contact with Skystone is Tyler Uliss.  He sends over properties for me to review once they have them under contract.  Below is a sample of what they end over.

Purchase Price: $97,500Earnest Money: $5,000Close Date: 2/17/2021Lockbox: Contact me if interested in viewing

Pics https://www.zillow.com/homes/347-Fairburn-Rd-NW-Atlanta,-GA,-30331_rb/35872175_zpid/

Notes

• Brick ranch in 1956
• Currently a 3/1 on main with a full unfinished daylight basement
• Property will be nearly 2000sf after investor finishes basement--975sf on main and 975sf in basement. Copy 364 Argus and do 3/1 on main and 1/1 in basement for a 4/2 total.
• Plan should be to get rid of garage and replace with sliding door. Square footage is going to be more valuable than the garage. Both comps don't have garages.
• 364 Argus is only slightly larger and got 238k but the pending comp (more recent/relevant) went pending 1 DOM at 220k and it's only 1350sf on crawl. We'll be nearly 2000sf.
• Could work as a rental too. $1550-$1600 depending on reno
• Low DOM for comps
• No addition needed
• Affordable price point

Comps

• 246 Argus CirPending at $220,000 scheduled to close 2/26/214/2 ranch1350sf on crawl (1000sf original + 3000sf enclosed carport)Good reno
• Pending at $220,000 scheduled to close 2/26/21
• 4/2 ranch
• 1350sf on crawl (1000sf original + 3000sf enclosed carport)
• Good reno
• 364 Argus CirClosed for $2380,000 on 10/30/204/2 ranch (3/1 main, 1/1 basement)2100sf (1050sf main + 1050sf basement)Good reno
• Closed for $2380,000 on 10/30/20
• 4/2 ranch (3/1 main, 1/1 basement)
• 2100sf (1050sf main + 1050sf basement)
• Good reno

• Pending at $220,000 scheduled to close 2/26/21
• 4/2 ranch
• 1350sf on crawl (1000sf original + 3000sf enclosed carport)
• Good reno

• Closed for $2380,000 on 10/30/20
• 4/2 ranch (3/1 main, 1/1 basement)
• 2100sf (1050sf main + 1050sf basement)
• Good reno

So far, the numbers have been there for us to purchase, or the property goes too fast and we can't get our offer in fast enough.

I would definitely give them a try and see if they have a deal that may work for you!  Let me know if you have any other questions/concerns.

Thanks,

Brent

Brent Bagley · Answer

@Kristian Walker  I've worked with Tyler with Skystone since July of 2020.  We've not purchased a property through them yet.  It's not for lack of trying.  We are more corporate style when it comes to purchasing our fix & flip properties... meaning we will not purchase sight unseen and without getting our contractor in to determine the rehab.  Due to this, the properties that have worked for us are sold within a couple of hours of Tyler sending me the property.  Sometimes, the property just doesn't fit our model.  We are still working with him and hope to purchase a deal through Skystone soon.

Let me know if you have any other questions.

Thanks,

Brent

Kalim Kalla · Answer

Hey Mike, Pleasure to connect. I Love the safety and Due diligence tips on your end. I must add that none of the reviews are fake or 3rd party contracted. Each individual review is done by our investors that we have serviced. Give them a ready and I think you would be touched by the amount of detail and the extent that they go to make sure investors like themselves are in the right hands- especially in todays market.

Ope Akanni · Answer

Hi @Kristian Walker @Dinesh Patel @Frankie Morris @Brent Bagley

Hi all

Thank you for this thread. I started talking to Skystone Acquisitions this week and wanted to find out if you eventually worked with them. How did it go? Would you recommend?

Frankie Morris · Answer

Our REIA group visited a property purchased through Skystone by one of our members. We all agreed the price did not seem like a great "deal" price wise. However, the purchasing member was new to flipping and thought process was at least smooth.

Kristian Walker · Answer

@Brent Bagley Thanks Brent! How long have you worked with them and how many properties have you purchased through them?

Kristian Walker · Answer

@Mike Baxter Thanks for the advice Mike!

Anyone heard of Skystone Acquisitions?

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