Memphis Tennessee Real Estate Investing Case Study – Day Four. Lorena Gerlach here with Day Four of my 1:1 with student Kay Kirkpatrick in beautiful Memphis, TN. Kay greeted me with nervous excitement. She had numerous hits on her property and admin assistant ads! One showing for the property was scheduled for the afternoon, so we focused on getting ready for it.
We started by contacting local loan officers that Kay knew or were recommended to her by her growing network. Never underestimate the power of networking! After a few calls, Kay found a lender well versed in FHA and Tennessee first time homebuyer incentives. He provided an application for Kay to use to have buyers complete and have their credit report run. The loan officer was willing to run the credit reports in exchange for potential clients.
I provided Kay with a few other buyer forms and she prepared packets for her prospects. Now we have home buyers calling Kay wanting to buy homes and she’s building her buyer’s list! We ultimately had 3 people make an appointment to view Kay’s flip. Two of those completed an application and left a deposit. Ain’t it great when a plan comes together?
After the excitement of the showings, we returned to Kay’s home office. More hits on the Craigslist ads for both the property and the admin assistant. Kay joked that she needed an admin assistant to handle the admin assistant responses!
We spent our remaining time making sure Kay has a well rounded business. We ultimately had a plan of action that identified activities on a daily, weekly, monthly, quarterly and annual basis that Kay can focus on to keep her business moving forward.
As Kay progresses and builds confidence, I want her to add layers to her business to build depth. She needs to work the private money side to give her business more flexibility with exit strategies. I left her with scripts and contacts for notes and hard money. Bottom line, Kay has all the tools she needs to get started. And we are going to be with her every step of the way!
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