RG 229 – How to ‘Flip’ Your First Multifamily Deal w/ Wright Wommack
Wright is the founder and CEO of Atlas Bend Properties and his focus is on value-add multifamily properties in Texas. Prior to this he worked in law in M&A and then in investment banking. Recently he has had success in flipping a 224 unit property in 110 days. Wright made his first dollar as a child on a lemonade stand.
When he went into the law it was just a means to an end because he wanted to be exposed to the right industries and to be training in critical thinking before he started his own business. He went to practice energy law in Huston and then went into investment banking. He spent 5 years in law before going to investment banking.
After 2 years in investment banking he knew he wanted to do real estate investing. He didn’t know where investment banking would be in a few years but people always needs real estate. He started on the side and got 1 deal done before he jumped ship. The first deal was the most challenging but it helped him grow into the next deals and everything got easier with finding deals. He then got a 224 unit deal through a broker he met early on. It was an off market deal that came in via email while he was on holiday. It was 33K a door and in Huston and the original owners had looked after it but there was no modernisation. The owner wanted to close in 39 days so he had to look at different money options like hard money etc because normal lenders couldn’t move as quickly. He then did a short sell where he closed and sold it onto someone else.
- Most important habit – Wake up early and have a consistent routine
- Post important person – Marie Bowden – started company called Hanover
- Most important tool – Excel