Chris Sonnino and Mark Woodring walk through buying a turnkey property from Freedom Real Estate: from the email list through closing. You get three property types (rented homes, rehab plays, finished units), how financing-ready status helps appraisals, and the handoff to Independence Property Management before closing.
Everybody, welcome to another episode of Real Talk. That's Real Talk for Real Estate investors vlog number 73. I'm Chris Sonnino, joined by Mark Woodring. Today we're going to talk about just a deal, walking through a deal from start to finish, what that looks like and what you can expect as an investor. I think right off the rip, Mark.
Yeah, absolutely. I know that in the podcast we'll jump a little bit deeper, but so in the podcast we'll probably take it from, you know, when we acquire the property all the way through, you know, when property management gets the handoff and really starts making the money for our clients. But you know, for this short blog, obviously we're just going to try to explain people like the quick steps, you know that once you become one of our investors, you're going to join an email marketing campaign so that our marketing managers, Caitlin and Lauren are able to send you updates on properties when they become available. The different kinds of properties that we have, we've talked in different kind of vlogs and podcasts as far as ones that are already rented, that are instant cash flow properties, ones that still need to be rehabbed, that have some equity in it for our investors. Then of course our signature series, which is the complete finished product. So they'll be sending those emails out to let you know. And then also some of the information in there would be to explain to you the difference of whether these are to be purchased in cash or if they are finance ready. I know that that's a big question people ask. All finance ready properties mean is that if you're working through a bank, they have to be done or very close to done in rehab so that it can appraise. Some of these homes that we buy in their current condition are not going to be at appraisal value right away.
Right. So yeah, that's, that's a good point, is that they're not always, they need some work. Right. So they're not always ready. Right there. So you, you mentioned that, you know, first our prospective clients could expect to join our mailing list. That gets us in a position where we can get the properties to our clients. Right. If we haven't already done business in the past, if you already did business with us in the past, you're already on our mailer list, which is great. Right. The next step is, you know, getting interest in a property, putting it under contract, working through the financing and all the wonderful things that go with that through the closing process of the property. We're also Introducing back to ipm. If you're a new client, I'm involved or our company's involved earlier in the process, pretty much a couple weeks from closing. Yeah, like we started having that conversation. Hey, here's Chris and the team, or Independence Property Management. We set some expectations of what you can expect through what happens when your property closes, what paperwork you have to fill out for that, how rent paid and collected and all that good stuff if you're an existing client. Right. So somebody has already bought a property from Freedom Real Estate, already a client of ipm. It's a much easier process because we already have financials, already have all the pertinent information. So usually we get like a quick email intro and we're like, hey, nice to see you again. Congrats on your new property. And then we go into a one page, two page document that just adds the property, the portfolio. We try to make that transition as easy as possible, obviously. But needless to say, for the purpose of this vlog, it's a long process. There's a lot of people and parts and moving pieces. And for a newer investor in our business, navigating that can be fun. It can be interesting.
Yeah, absolutely. I mean, until we give the handoff to you on my side as a realtor and Chris is a realtor as well, it's like buying a regular property, you know, just like primary residence. You're going to do inspections and the appraisal and, you know, work through title and, you know, arrive at a, at a closure, hopefully, and through the process. But yeah, in the podcast, I think we'll dive a little deeper on, you know, what to expect, maybe some curveballs that come up along the way and how we manage and navigate through that.
Yeah, yeah, it's going to be interesting conversation for sure. Well, I think that's it for the, this section. I mean, we have a, like we said, we have a podcast coming shortly where we're going to dive in all the details and aspects of it, including shopping for the property is right for you, how you let us know if you're interested, if you're a new investor, how to do the process of getting it under contract, who's your contact for that, and then also I'll go into details a little bit more for the actual closing process and how we get that property set up for property management. Fair enough. Yeah. So, well, we'll look forward to seeing you on the podcast. Mark, thanks for hopping in. We like to end these things by saying invest smart and live happy. Awesome. Take care.
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