er it’s a fix-and-flip, wholesale, “whole- tail,” assignment or buy-and-hold, we always try to stick with our first choice. We do a lot of what we call wholetail, which is a hybrid of wholesale and retail. We fix all the big-ticket “scary” items like HVAC, roof, foundation and then put the property on the MLS for a reduced price and let the future homeowners put in their sweat equity. Our advice is to know your neighbor- hoods and your customers and pick the best end buyer for the property. That will determine the exit strategy and put you on the path for success. •
how it will look when Corinne places the furniture and the house is finished.
they see. It’s why we love this business.
USE MULTIPLE STRATEGIES Because of our volume of houses (60 this year) we use multiple strategies for selling a property. We are continuously building our buyers list from incoming phone calls, networking, Meetup groups and our local REIA members. We wholesale a lot of properties using MailChimp and our database of investors and through Greens- boro Deal Makers Sessions. Deal Makers is a venue sponsored by local HomeVestor franchisees at which wholesale off-mar- ket (non-MLS) properties are presented. Generally, these draw 65 to 85 attendees, and we’ve sold at least one house at every meeting since December 2014. We also use Craigslist, Zillow, Trulia and of course the MLS. When we get a property under contract, we work on the best exit strategies for the house. Wheth-
SOCIAL MEDIA PLAYS A BIG ROLE We wait until we are halfway into the project before we start posting the progress of the job on our Facebook page. This helps compress the eight-week project into three or four and builds the frenzy we’re used to in the final week or so. People love to see the “before and after” pictures and want to see the house in person. Realtors send potential buyers to our social media sites to watch the progress, too. We credit that social marketing push with the crowd of 80 to 100 people who typically show up at the open house when the prop- erty goes on the market. Open house day for us is a “good kind of crazy,” as Corinne says. After eight weeks, it all comes down to people walk- ing through the house and liking what
John and Corinne Tesh are real estate investors and owners of Citygate Homes LLC, a HomeVes- tors franchise in Greensboro, N.C.
John’s background as a professional photographer and Corinne’s expertise in interior design play a big part in the success of their business, which includes rehabs, buy-and-holds and wholesale proper- ties. Contact them at john@citygatehomes.com or corinne@citygatehomes.com or 336-854-8000.
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