All Forum Posts by: Wesley Thompson

@Tristan Roth put a 20 sec elevator pitch together

-Who you are

- What your experience is

-What sector you want to get into Wholesaling, SFH, Multifam, Commercial etc...

-What you're looking for (mentorship, coaching, JV partner etc)

-What you can bring to the table (time, effort, labor)

@Nicholas Hariprasad are you on email lists for wholesalers in your market? Completely agree with @Dan Guenther on house hacking. If you can find a 2-4 unit in your budget you can live in one unit and the tenants in the other units should be paying your loan on it, and then some!

Absolutely do it! While you're working on it, figure out how you can bring value to investors you meet who are doing what you WANT to be doing. Then, figure out how you can bring value to them (drive for dollars, help manage a renovation, possibly intern with them); whatever you can offer so they will mentor you on how to get to where they currently are. Maybe you can JV with them on a deal, they bring the money and you bring the labor.....

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chattanooga.

Purchase price: $110,000
Cash invested: $35,000

UNDER CONTRACT - 1st True Blue Investment Property

Tenant occupied duplex with each unit currently renting for $650/mo. Property does need renovations and working through DD on the cost of renovations and realistic market rent for the area once renovations are complete. Plan to refi out of the property between 12-36 months.

What made you interested in investing in this type of deal?

Good experience on a tenant occupied cash flowing property.

How did you find this deal and how did you negotiate it?

Property found on the MLS and was listed at $130,000. Contacted my agent about interest and she reached out the listing agent. Property was recently under contract at $130,000 but sellers backed out after inspection. Property was about to be re-listed at $115,000. I offered $110,000 and the offer was accepted. Seller provided inspection report already completed saving the cost.

How did you finance this deal?

Conventional

How did you add value to the deal?

Planning to add value with attention to foundation issues, roof replacement, and interior renovations when units are vacant.

What was the outcome?

TBD

Lessons learned? Challenges?

Investing from overseas and getting Power Of Attorney done for someone to handle closing of the property
Not being able to be present physically for walkthroughs or inspections - have to trust the team!
Estoppel Certificate - will become a critical component of deals moving forward
Was planning a buy and hold, then a BRRRR, will likely become a hybrid of sorts IF the deal closes

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent - Adrienne Green with Keller Williams
Lender - Gabe Whitmer with First Bank
PM- Ashley Cross with Whitewater Property Management
GC - will update
REI Concierge - Coaching, Mentorship, Networking
Active Duty Passive Income - Education and networking

@Doug Spence thanks Douglas! I'm not in the STR game personally, and for the time being I don't necessarily plan to be. My partner and I plan to start smaller 2-4 units for the first couple deals and then potentially start moving up to 5-10 units 11-20 units and eventually land into syndications. STRs might be possible in the future, but we're pretty adamant about setting our criteria and sticking to it. I am in the Active Duty Passive Income masterminds which have been a HUGE help! Like you said, alot of people out there are doing what we are or started where we are. Don't have to reinvent the wheel, just have to get better at pushing it :)

@Dan Guenther thanks for reaching out! I'm holding fast at the moment (crawl, walk, run) and trying to get this deal done. Once it's done, I have a partner to bring into the company and then we will need figure out our crystal clear criteria and where we want to take the company and how we will best be positioned to utilize OPM for future opportunities...

On the coffee side, I really want to figure out a good metro area for a test. Then, build a criteria for what to look for as potential listings to contact. Next, build a database to track all the info, build a pitch, and start reaching out. I haven't found a way to contact leads en masse other than hitting each individual listing through AirBnB for instance - but I guess that's what VA(s) exist for lol.

Greetings! My name is Wes Thompson and I am active duty military currently serving in Africa. I'm new to real estate investing but I am hungry! I have a former primary near Augusta, Ga which I still own as a rental. I am also currently under contract for a duplex in Chattannoga, TN which is the market I am primarily focused on. I also own a coffee company. I have this master plan to get my coffee into STRs around the nation, but haven't quite figured out how to pull that off yet. However, if you are managing a portfolio of STRs and want high-grade specialty coffee to offer to your guests; lets talk!