All Forum Posts by: Katlynn Teague

Following on this post to get it back in the algorithm!

Good morning BP,

Okay Flippers, what trends are we seeing in your markets right now?

I am based in Atlanta, GA and we are back to bidding wars!
Average DOM as of last month is 41 days with a median sales price of $415k. 

Hey Henrry,

This topic always gets people riled up haha! I am a licensed agent, have my own brokerage, and we wholesale all in the state of Georgia. 
 I will say, 90% of retail brokerages know nothing about the investment side of real estate. While getting your license has benefits and creditability most brokerages are not investor-focused. 
If you have an interest I would highly recommend looking for brokerages specifically in the investment space. That way you're surrounded by a team who can help you as opposed to figuring it all out on your own. If you have more questions feel free to send me a DM!

Hey Felicia! 
Every lender is going to be different from the next. Find the lender that offers the terms and loan products most appealing and manageable for you. 
99.99% of HM lenders will have a 70%-75% LTV Loan program with terms between 6-9 months.
With origination fees between 1.99-4.99 and interest 10.99-13.99. They will probably also have the money in an escrow account set up on a draw process. 

I would say that's pretty much the standard and based on starting with your own funds. 

Now in regards to the inspection process, I have worked with lenders who have done in-person inspections for $195.00 each time they came out. The way we got around this was, to do as much as we possibly could and stretch funds. Then request the draw, replenish the goose egg, and do it again. It worked pretty well, with only three inspections in total. Now in-person inspections also have your back as the investor, having someone come out and check the quality of work your contractor is producing is good to know. However, you may prefer the take a pic and upload route. One of my investors does this and it works out well for him since he does multiple projects per month it makes more sense! 

Hey William!

Sounds like you have built a great team, especially getting an expeditor, that is HUGE!
If you're having trouble with HML's I would try reaching out to some private lenders in your area. Private lenders are great, and they may also be interested in potentially partnering with you on your flip. If you dont know where to find a PML, check out BP Forms and look for meet-ups!

In regards to partnership, make sure you have every duty, responsibility, and expectation outlined in the partnership agreement. One of my investors got burned badly when going down this route and having a clear outline was the one thing he would have changed. 

-----However, if you end up getting in contact with a PML  with the right rates you may even want to consider doing the project yourself. You are much more prepared than most! 

You need to get connected with wholesalers in your market. Don't know where to find them? There is a wholesaling forum on BP, make a post and try Facebook groups. The listed deals are always the hardest but if you can find a good wholesaler your set!

Hey Mike, would love to connect!

@Adam Bartomeo I am licensed here in GA and we do have to use state-regulated forms. I understand it's not necessary in FL but it just gives added protection. Given the fact GA and FL are syndicate states, you would think the same rules would apply. 

I also understand you do not have to be a part of a wholesale brokerage or go inactive, I was just simply giving possible ideas! A majority of retail agents and brokers do have an understanding of the investment space, If an agent wants to focus on solely investment and wholesaling, what's the harm of working with a brokerage that specializes in that pathway of real estate? 

Check out your local REIA groups!

Happy Investing! 

Investment Info:

Single-family residence wholesale investment.

Sale price: $195,000

The perfect cosmetic property. The house sits as a 3/2 with 1,600 sqft and was a 1989 build. All the major mechanicals were clean and up to date, the big ticket item was replacing the roof! I matched this property to my investor for $195,000, she is looking at $50k in rehab and we have a solid exit on this at $320,000! This property was purchased with a private money loan three weeks ago and she is looking to be back up on the market in two weeks!