Residential Redevelopment
Clean Slate Properties is focused on performing or helping others perform “residential redevelopment” which means buying an existing residential property, improving it for its best intended use, and then reselling the property. Most people colloquially refer to this as “flipping” made famous by various HGTV shows on television. However, entertainment television is not “reality” and real-world residential redevelopment is quite different than what you see on TV.
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Rental Properties
Most people understand the concepts of someone or a company owning a piece of property and renting it out to someone who needs a place to live. This is an over-simplified view of rental properties. There are numerous strategies and niches for working in rental properties such as: house hacking, self-management, 3rd party management, turnkey investing, BRRRR, short term rentals, student housing, specialty care facilities like group homes, and many more. Clean Slate Properties is primarily focused on 3rd party management and the BRRRR strategy.
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Wholesaling
Clean Slate Properties has a marketing program to generate attractive real estate deals. At times, our ability to execute residential redevelopment projects in a timely manner may exceed the number of deals we have in our pipeline. Additionally, at times after we own a property, we may choose to sell the property without doing any work to the property. These are examples of situations where wholesaling makes sense. There are two primary types of wholesaling: A) After closing and then reselling without doing any work to the property or B) Prior to closing where the purchase contract is assigned to another buyer.
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Private Money Lending
Buying houses takes money. In a conventional scenario, the home buyer goes to a bank, gets a loan from the bank and gives the bank an agreement to pay back the loan. The buyer also gives the bank a mortgage to “collateralize” or secure the loan so the bank can get an asset (the home) if the buyer fails to pay the bank back. In the same way, when Clean Slate Properties finds a property we want to buy and rehabilitate, we give our private money lenders an opportunity to fund all or a portion of the purchase and the renovations.
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