23 Oct 2013
NetWorth Realty is comprised of fully-licensed agents with both professional and personal knowledge in real estate. With over 30 years combined experience, NetWorth Realty knows exactly what investors need to build a strong portfolio and strive to bring only the best deals to the table.
Company: NetWorth Realty
Agent: Lee Patton
Location: Atlanta, GA
What type of properties does your company help buyers purchase?
We sell primarily single family distressed real estate. We only sell the very best deals and cater to each individual investor’s needs. As a company that focuses on a very small niche, we have perfected the process of buying wholesale properties and selling them strictly to investors.
How is your organization different from others doing property solutions to investors?
We are the original wholesale brokerage in the U.S. and have been using this model since late 2003 from Texas and are now expanding nationwide. Many firms handle many facets of the business, but we strictly focus on single family distressed real estate for investors only, then we back it up with unsurpassed customer service.
Where has your company purchased property and why is this location a good investment choice for investors?
Atlanta has been a hotspot for investors all around the world. We have purchased property everywhere in the Metro Atlanta area within a 1 hour radius from downtown Atlanta.
We only sell the very best deals and cater to each individual investor’s needs.
How many properties does your company help purchase each month?
We currently purchase between 15-30 prequalified deals depending on the month.
Where are your investors located?
Our investors are located all around the world. The investor base is very unique here as it’s a big hub for international clientele, but the local investors are starting to get involved again as well.
What information do you supply to your investors?
We provide tax rolls, comparables – both sold and rental, if applicable – rehab estimate, video/pictures of the property and a map relating to specifics about the location.
Do you recommend investors see the property before buying or do your clients typically buy sight unseen?
We always suggest buyers see the property or at least have a set of eyes and ears here on the street that can do that for them. We can even assist in setting that up for the investor, if they’d like.
What are the typical updates and renovations you do to the property?
Typically, our investors will completely redo properties to get them up to par, if not, be the very best house in the neighborhood on a flip basis. If it’s for rent, then a more basic renovation is typically done to maximize cashflow.
We have perfected the process of buying wholesale properties and selling them strictly to investors.
Can you share a couple of examples of typical investments you have available to investors?
We recently purchased a property for $210K with $60K needed in rehab. The after repair value (AVR) was $360K.
Another property sold for $82K with $50K needed in rehab costs had an ARV of $190k.
We also had a rental deal that sold for $55K with $10K in rehab costs. The estimated rent was $950 p/month showing a potential return of 16.5%.
How does the purchasing process work when an investor wants to purchase a property from your organization?
Once you find the right property, a down payment on the property is required along with the sales contract and any addenda that apply. Because our deals are sold quickly, it is our policy to give priority to the first investor that makes a down payment on a property.
How can investors avoid paying too much for a property?
If investors are given enough ammunition to make an educated decision, then that will help in avoiding paying too much. A big part of why our investors have success is that we can help eliminate a lot of the guesswork because that is our profession.
Not sure what wholesaling real estate is? Read our article The ins and outs of wholesaling to learn more!