All Forum Posts by: Katlynn Teague

Investment Info:

Small multi-family (2-4 units) wholesale investment in Marietta.

Sale price: $340,000

Beautiful Off-Market Duplex in the heart of Marietta!
Got my investors into this deal at $340k, and we're looking at rehab on this one at $63k to get it up to market standards. As it sits, each unit is a 2/1. My investors plan on holding this one and renting out each side for $1,700, which should a easy given the location. After renovation, the property's appraised value will be $525k.

Investment Info:

Single-family residence wholesale investment in Smyrna.

Sale price: $305,000

This was a fantastic off-market duplex opportunity in the highly desirable city of Smyrna. Originally, when I matched this property to my investor, the play was to BRRR. The top unit was a 3/1 and the bottom unit was a 1/1. However, after close and further evaluation of the property he decided he wanted to do a new construction play. New construction comps in the area range from 1.1 - 1.4m, he will start demolition on February 19th and he expects to be done building and back on the market by the summer selling season. SO excited to see the after on this property!!

 Actually, I have not! I will have to look into this! 

Investment Info:

Single-family residence wholesale investment.

Sale price: $305,000

Matched my investor with this off-market duplex in the hot city of Smyrna. When he bought the property he was planning on holding it as a rental, rental comps were solid sitting at $1,800 per unit. However, after closing he decided that he was going to tear it down and do a new construction play with comps in the area as high as 1.5m.

Hey Nathan, welcome to BP!

For your first deal, I would highly recommend doing a JV with another trusted wholesaler in your area. That way you can learn the basis and hear how the conversation flows to feel more confident when calling sellers and buyers. Grow your network and don't be afraid to ask questions! BP is a great platform to meet with experienced people in the industry!

Best of luck to you! 

I think everyone has different strategies regarding how they run their business. The one thing we can all agree on is that this is a relationship-based business. 
My recommendation would be to build off of the relationships. @David Ramirez and @Jason Thompson gave some great advice! 

Hey Katelynn, first off love the name!! 

I am so sorry this situation happened. I know you probably did not go into it expecting the worst to happen. You need to do everything you possibly can to get that money back and hopefully give that crook what he deserves. You have had a lot of good advice given to you up top, just a matter of turning it into action now!  

My boyfriend and I are looking at doing the same thing. We found a duplex that was severely fire-burned. Probably looking at a renovation budget of $130k. Trying to find reliable licensed contractors is the hardest part. However, we will not work with anyone who cannot provide at least 5 quality referrals and is fully licensed. I know some investors work with unlicensed contractors and get great work with cheaper cost but its all about liability. 

 A seller finance deal. We were looking at properties that were bought in 2020-2021 with low interest rates that we could take over the existing mortgage! 

Good morning BP,

My boyfriend and I are looking to Househack a creative finance deal as our first property together. We are both full-time real estate agents who work with investors and have been getting lots of deals thrown our way to review. However, we have never done a creative finance deal before. What we are looking for is a SFH with a fully finished basement. We plan to live in the basement and rent out the upstairs of the house.

Has anyone done this? What was your experience? Anything we need to look out for? 

Hey LeeAnn, congratulations! 
There are many wholesalers out there, but trying to find a good one is hard. 
Some Tips - 
1) Go to your local Investing Meetups in your area! They can be found on BP, Facebook, or Meetup.com 

2) Finding an investor-friendly agent is also a good option. But definitely ask how often the agent works with investors. 
3) Reach out and try to find a wholesaling brokerage in your area. A brokerage is always a good option, you may pay a little higher than you want to but you have more deals to look at and brokerages operate differently than stand-alone wholesalers. 

 Questions- 

1) How many years of experience do you have - I feel like this one is obvious. 

2) Are you double closing your transactions or assigning - Assigned contracts need to be direct to seller, not assigned to another wholesaler then assigned to another wholesaler whose cousin's mom's dad owns the house. 

3) Can you show me your HUDS - People can lie but the HUDS don't!  

I hope this helps! Good luck on your first property!