All Forum Posts by: Katlynn Teague

Absolutely amazing job! 

The before looks like it was out of a scary movie and the after is absolutely beautiful! Great job and congratulations!

 Trevor, you are absolutely right!

 Bruce, thank you for your comment! 

I can understand why most investors steer clear of these neighborhoods when there is some uncertainty about who is living next to you for the safety of the rehab crews. This happens a lot in my market here in Atlanta. However, this is where the best deals can be. I have noticed it is harder to prove value in these areas as well.

 Eliott, thank you for the comment!

I completely agree! 

 Kyle, thank you so much!

The MLS is very straightforward. It makes the finding part a lot easier, but it reflects in the price. With that being said, there are many great deals on the MLS you just have to be on the hunt to get there first! The MLS is an excellent source.

My parents always told me growing up that when you are uncomfortable is when you are most successful and you are able to learn the most! Purchasing off-market can be very stressful if you do not have the right person on your team. If you want to acquire deals yourself there are many things you can do like direct mailers, driving for dollars, cold calls, door-knocking, etc. Most investors do not have the time to do all of these things which is where the wholesalers and agents come into play. Finding an excellent wholesaler that is knowledgeable about your market and won't bring you daisy-chained Facebook deals is like finding a needle in a haystack. It is all about asking the right questions up-front and vetting these people to see if they have the skills needed for your team and your goals. Another great option is working with a knowledgeable agent in the investment space who can bring you pocket listings in your desired area. You will have the commission involved if you would like to have them represent you on the sale but, you can always negotiate a flat fee if they are able to bring value to your team! I hope this helped if you have any more questions or need some more clarity, don't hesitate to contact me directly!

 Nate, I appreciate your comment and perspective. That said, I know that this business is very relationship based, and going around somebody to save a dollar will never be worth it. 

I work with a ton of agents, who have investors looking for our fixer-upper inventory and I would never go around a single one of the agents. The value of doing multiple deals with them will always supersede the money we make from cutting them out on one deal.

Good morning BP,

This may be a stupid question but I am curious, do you prefer on or off-market homes when purchasing a property to flip?

The reason for this question is that after my last post asking how most investors are currently finding their deals, a majority said off of the MLS. Which kind of made my head spin a little bit, most times when a property is active on the market it is listed at the as-is value. That as-is value is typically a higher price point than what most investors are willing to pay when they are looking to flip.

As a wholesaler and agent, our off-market properties are deeper discounted and priced at a number that makes sense. So when the time comes to sell the investor already has 20% equity in the property and is able to make a greater return. 

What are your thoughts? 

 A great way to get started is by watching someone else and doing it better haha! I love to hear that Bob! 

Your goal of being able to work anywhere and having the freedom to do so is many new investors' goals as well. I love to see that you were able to achieve that and continue to grow your business. It shows the newbie investors, that it is possible as long as you are willing to put in the work and dedication to getting there!

As a wholesaler and agent myself, I have found that in many situations the middleman is actually the agent. Experienced investors know what a property is worth and what they can look to gain on the resale without the help of an agent. An experienced wholesaler knows their market and can answer any questions the buyer may have. An experienced investor will not need to be represented on a buy when they have offered on their own 10+ times when a wholesaler brings them a great deal with the wholesale fee included. I have found some of my deals to fall through because the agent representing the buyer wants 3% of the sale price and when rehabbing a home every single penny counts. 

Typically when a wholesaler brings a property to an agent the wholesale fee is already included in the price brought forth. So when the agent sends the deal to their buyer with their commission added on top, the numbers don't make sense. It's not that the wholesaler is bringing the agent a bad deal it is because the agent has added a good chunk on top.

With that being said, a lot of retail agents are not comfortable working with investors as well. They often refuse to put in a lowball offer on a property for their investor client. However, as a wholesaler, it is a norm. Agents are not in the investment space and working the different types of strategies every day but, wholesalers are. A majority of agents also do not know how to find off-market properties and they do not make it a priority for their clients.

Being on both sides, there are ugly ducklings out there on both sides wholesalers and agents. Unfortunately, these ugly ducklings have created a stigma between wholesalers and agents. It's sad to see because it tarnishes the great agents and wholesalers out there. Hopefully, the day will come when we can all work together and make money! It is more than possible, I have done it as I'm sure other wholesalers and agents have as well.