All Forum Posts by: Corey Thompson

I recently spoke at an event in Corpus.  Few of the folks wanted to get together and learn some marketing so we put this together.  This will be a hands on class, where we will pull list, stack list, drop RVM's and take calls.  We will show everything we use in our business.  Look forward to meeting some local investors.

We are coming to Tennessee soon with a marketing class.  Should we not mention bandit signs?

My team did it.  4 guys total.

Bougie crowd I see.  I doubt any of y'all shop in the neighborhoods we buy in.

 Yes sir

The city is off, so they won't be pulling your signs.  Other investors are lazy, so they eating left over turkey, they won't be pulling your signs.  Our signs will produce 10 buys.  Signs have already produced a 400k listing and two wholesales as I type this.

Get out there and gobble up some market share while other debbie cake it. 

So this was an interesting deal.  Wholesaler posts an apartment deal for 1 million in our fb group.  The location was a small town 25 miles south of San Antonio in the town of Lytle Texas.  The apartments sit on 7.5 acres right next to HEB plus.  4 of the acres are vacant and touch the parking lot of HEB.  The apartments are 26 units, gross rents are 14k per month, but they have 0 records or deposit history.

Seeing the location, I drive down immediately.  By the time I arrived there the price had grown to 1.2 million. Apartments were very clean.  They needed pavement and some TLC, but were very clean.  The rental comps in the area told me we should get $900 per month per door.  We could also add 2 more units by converting an office and small cottage on the property.  We could potentially add 10k per month for less that 100k spent.

I wrote the wholesaler a $7500 check in her personal name on the spot.  

Now, at this point we owned 5 or 6 mobile home parks.  We understood forced appreciation.  But we didn't know if we had a lender that would loan us the money, but we had 400k to put down.

So the wholesaler talked the seller into owner financing us the complex.  We put 400k down.  275k went to the seller.  They carried a 525k note at 5.5% for fifteen years.  The wholsaler received 125k and a note for 275k at 10% interest only for one year.

Fast forward to now, we are on a 900k bridge loan, we have a 1.726 million appraisal, and are about to borrow 1.1 million against the apartments.  We separated the land out when we got the bridge loan and have a 200k line of credit against it, but will most likely sell it for 300k for a quick sell.

All in all, we will have BRRRR'd into our first apartment complex using creative financing, and put 200k in our pocket in the process.

So I bought some ticket's to a suite at 10x Growth Con.  I'll also be interviewing Grant Cardone in the near future.  I thought it would be fun to put together a mastermind centered around how to monetize rural leads, and also have some buddies come in from all over the country to share marketing strategies, and how they source private capital to do these deals.  We will also be hanging out the day before too, doing some driving for dollars in a limo (limited space so first come first serve) an meeting with some local Vegas investors.  All in all it's the perfect pretax vacation, and if you're like me, growth con is the perfect place to find your future money partners.

Look forward to meeting the BP community.

Look forward to meeting folks from bigger pockets!

I’ve got the entire Roughneck 2 Real Estate fb group leaving reviews with a link to this thread and a pic of his mugshot on the note closers podcast.  Y’all should do the same.