In last month’s Nest article, “Who Wants to be a House-Flipper?” we met John and Corinne Tesh of Citygate Homes. They spoke briefly about their success with the Greensboro Deal Maker Sessions. These monthly networking seminars are a place where real estate investors and wholesale property owners get together and present their deals; real estate is bought and sold following the sessions, and house-flippers, investors and wholesalers mingle. Nest Editor Alex Klein decided to attend the last Deal Maker Session on Tuesday, October 6, to see what goes on behind the big doors of the Wyndham conference center.
The conference room at the Wingate by Wyndham Hotel was big, but not menacing, and the people in attendance were casually dressed and friendly. Plus: Free cookies and coffee! Jim Williams of HomeVestors Inc. and one of the originators of the Deal Maker Sessions is a tall, slim, gray-haired man with a wide smile. He stood in front of the room and spoke to the full house that had gathered. Jim said a few words about the Sessions, and stated what John Tesh would later repeat when he took over as moderator: The purpose of the Deal Maker Sessions is for presenting wholesale properties around the Triad, and for making deals. No speakers, no selling of educational material, no submitting blind offers or bids. Just deals.
Shawn Ribeiro got up first and talked about his recent success.
A very happy anniversary
In January of 2015, Shawn quit his job in apartment maintenance to begin working full-time in investment properties. He started his own company, Triad Home Savers, with his wife, Andrea. They went to a Deal Makers Session on May 2 and the very next day purchased one of the properties that had been presented there for $64,000: a house on BentBrook Drive in High Point. It was the definition of an ugly house — dark, closed-off rooms and old carpet with low, acoustic-tiled ceilings and a corrugated plastic roof. The appliances dated back to the 1960s. Andrea stated that although there were no major problems with the house, it was more than just a cosmetic fix. Shawn and his team completely gutted the house and replaced the drywall and roof. They raised the ceilings to 11 feet, tearing down a kitchen wall in the process. The floors were refinished, a new kitchen and bath were installed, and the old HVAC system was replaced. He then added French doors that open to a deck and fire pit, and gave the property some much needed landscaping. The house was almost unrecognizable after the renovations. During the Deal Maker Sessions, it was estimated that the house would sell for $160-$170,000. The Ribeiros put it on the market and it sold four days later for $189,000. Shawn and Andrea will have their 17th wedding anniversary just a couple of days after closing, giving them plenty to celebrate.
The Ribeiros aren’t the only ones who have recently benefited from the Deal Maker Sessions. Kerri Craig Person and Bobby Sink joined forces to form Rent-A-Home of the Triad. They too purchased a home presented during the Deal Maker Sessions and, after some minor repairs, had it rented before closing.
From biochemist to real estate investor
Amanda Shaw left her career in biochemistry this past March to start Fairway Property Solutions, a HomeVestors franchise. She is currently completing her training along with her partner, Violante Schiano di Cola. These two young entrepreneurs are looking for their first rehab property. When asked why they were in attendance at the Deal Maker Sessions, they stated that in this business, knowledge is key. They were there to absorb as much information as possible relating to their new field and to learn from those who are already making a career in investment property.
Look for their properties on the market soon.
Greensboro Deal Maker Sessions meet the first Tuesday of every month.
FREE and open to the public.
Next Deal Maker Session:
7-9 p.m. Tuesday Nov 3
Wingate by Wyndham
3901 Sedgebrook Street (off Highway 68 near Interstate 40)