Atlanta Wholesaler Taking Action...

[Allen Gregory]

Hey guys,

There's always great advice here on BP and quite a few heavy hitters in Atlanta. I'm taking action and I was hoping to get some feedback.

I got a package of 3 properties from a wholesaler that I took to two different groups. The first group is NetWorth Realty. And the second group is a broker friend of mine who has pocket buyers. The guys at NetWorth want to flip it to one of their end buyers for a quick $3K-$5K. My brokers' pocket buyers are just as interested. I hope to have a contract in hand from one or both of these groups by the end of the week.

To give you a little insight, it's 3 Decatur properties in the low to mid 60's for all 3. $20K per door isn't too shabby. The total repair estimate came in at right around $40K so the all in price for all 3 is $100K or so. I didn't do the repair estimate, NetWorth did. I'm going to ask them to show me how to do it by taking me past one of their properties.

I'm also working with a motivated seller of 7 Atlanta properties that she owns free and clear that are already rented and generating cashflow. My brokers' guys won't touch it because the properties are within the city limits and they don't like those properties. I was planning to take it to NetWorth by the end of the week after they tell me about the 3 Decatur properties. Maybe they can sell them.

I'm also working with a group who has turnkey rental properties. They buy them cheap, fix them, rent them, manage them, and sell them. My brokers' guys are working on picking up a few of those too.

And, I'm working with my broker to get deal flow for multifamily and hotel properties. We have one of each on the table as I type this to you. Our plan is to acquire the properties at a discount with transactional funding and then flip them to our/his end buyers for a fee. I got those two deals by networking on LinkedIN.

I also have a gentleman that I met right here on BP who is willing to work with me although I haven't closed a deal just yet. He wants Roswell/Alpharetta. But more specifically, he wants properties in the Centennial High School District. I found 7 of them on the MLS and asked him what he would be willing to pay. He gave me his numbers this morning and I had my broker submit offers on the 3 the buyer is interested in at $10K below what he is willing to pay.

I would like to do a few flips of my own with brand new people so that I'm not dependent upon the people presently in my business. I just purchased Freedom$oft a few weeks ago and I'm learning a lot from that as well.

I don't have my LLC set up just yet. All it's gonna take is a deal or two to get that set up and I even have the person picked out who I want to help me: Al Aiello. He's got a $600 program with Lance Edwards of Apartment Wealth Machine where he sets it all up for me with this awesome Operating Agreement specific to REI.

My end goal is to purchase multifamily and self-storage and hold them for cash flow while also picking up beat up properties in Atlanta and greening them (as long as the local government will be a willing and able participant).

I'm saying all of this because I want to know if I'm on the right track/doing the right thing. I have the trust of all parties mentioned (except the government, I haven't gotten that far yet) and I'm straight-up with everyone. I follow up, I don't nag, and I'm as professional as my experience allows me to be at this time.

Any and all advice/feedback is greatly appreciated.