Success Story (or How I found a Buyer on BP)
Saturday, October 16
Hello everyone. At long last it's time to post my first blog entry. For the last year, I have been working for someone else. I found BiggerPockets while doing some research on probate marketing. Simply typing in my question and hitting enter on a google search turned up tens of answers to my question, however, the top 5 results or so were from this funky sounding web site called "Biggerpocketts". I thought "what a strange name", but went digging for my answer. In no time at all, I realized I had hit the mother lode.
I quickly got myself set up with a profile, then settled in to lurk. It seemed every single day I was coming accross another gem. Answers to questions even my boss couldn't answer, and she's one sharp cookie let me tell you. I started applying these litttle tidbits in my negotiations with sellers, and watched as more and more deals went through. I use notepad, and copied articles, links, and forum threads entire to read and reread. (I'm in the process of using that saved stuff to hammer out a manual for my future employees!)
Then one day I came accross a post from Bryan Hancock. It was a simple question: "how do we get more people to engage?" I realized I was only taking and not giving anything back. That just doesn't work with my life view and faith. So taking the plunge, I started posting. I stayed with welcoming new comers for awhile, thinking that was about all I could handle. But one day, some one asked a question about marketing. I actually knew the answer. At least what worked for me. So I answered. Got voted up to. I was amazed that people I had been looking up to for so long (with I admit, almost a mystical reverance; they had all the answers!! Had done all that, been there, and had more t-shirts than Walmart) were actually acknowledging my efforts.
So I posted more. Next thing I know I have colleague requests pouring in. People are following me, wanting to know what I have to say. Giving me the opportunity to get to know them to. I know it took me a while to get here, but here's where the subtitle of this post kicks in.
We got this deal. We were normally buy and hold types, but had just spent the capital on another house, and did not have an active buyers list. So I find myself in possesion of a fully executed contract that I know we can't close on. Not my style, and this particular seller has multiple properties. I did not want to disappoint. It was a good deal with plenty of room in it for either a retail flip or a grade A rental.
I decided on the following as a strategy: I would offer the deal first to my colleagues on BP, then post the deal in a forum, and if that didn't work I'd try the sort of e-mail blast that I receive dozens of every day. So I start down my list of colleagues, and go to each of their profiles to see what they're looking for. I PM'd the first which led to a phone call. He wasn't buying at the time, but we've since met for lunch, and between us set up a DFW meet up. The next one said this: "looking for an easy rehab for our first fix and flip. Even if we just break even we know it will be a great learning experience." So I PM'd and said, "Harry, how'd you like to do quite a bit better than break even?" The rest is history. We had the contract assigned within a week, and closed without incident a couple weeks later. You can read his side of it here:
The moral to the story? BP rocks! Make many colleagues, treat them well, extend your network and do more deals. Lesson number 2? Post in the forums; throw your 2 cents in; start new topics; find old ones and revive.
Thank you for your attention. Next post I will formally introduce my new business "New Refined Images". Working for yourself is the gratest feeling in the world.