HEDGE FUND BUYER - UNLIMITED BUYING POWER

[Andrew Bishop]

ATLANTA GA - new fund that is looking to spend $100MM in the next 2 months. Please let me know if you are getting properties that may make sense. Criteria is below:

Rentals:

-Must be a 3/1.5 or larger

-Not in a flood zone

-Not on a double yellow

-Must be within 2 miles from each point on the census map (They are excited about some areas and will go further)

-Carport/garage does NOT matter

-Tenant occupied/Section 8 is ok as long as they're paying market rent

-There is NO cap on their rehabs (This is their competitive advantage)

-Must have 3 sold and leased comps to show value

Flips:

-Doesn't matter where

-Doesn't matter what style

-Rehab amount is un-capped

-Their only criteria is to make 15% NET on each flip

-They WILL do additions

-All-in max is 1MM... This leaves all of Atlanta as fair game

Contract Terms:

-7 days DD

-1,000 EM

-Close in 14 Days

This fund will be super easy to buy for. They have to spend $100MM by December 31, 2018 or they will lose 1/4 of their funding. So in reality, there is no cap to the amount they will buy, but rather a floor.

[Wayne Brooks]

Well, they’re either going to lose 1/4 of their funding Or buy a bunch of bad deals.....no way they’re going buy around 1,000 homes or so at good deals in 6 weeks......sounds hokey.