I Just Bought my first house on Bigger Pockets from a Wholesaler! - Seattle

Real Estate Deal Analysis & Advice
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I Just Bought my first house on Bigger Pockets from a Wholesaler! - Seattle

Tarl YarberPro Member
Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes

Hey everyone! 

I just wanted to share a recent success story (will know if really a success in a few months after re-sale) all due to Bigger Pockets and the community here. 

About a month ago due to one of my previous posts, I received a colleague request from @Rory Boone. Rory is a local wholesaler and real estate investor here in Seattle and he wanted to connect.  No big deal, that's what we do, accepted the request and then forgot all about it.  One month later I get an email for a property (see pic below) in Seattle from some Rory guy.  I couldn't remember how we met, until I realized it was from BP!

Rory had tied up the property off market, and remembered me saying that I bought in Seattle/Tacoma, so he figured "why not! I'll send it to this guy and see if he is legit." We then met at the property, and the next morning we signed the Assignment Contract!

Don't stop networking, ever, in this business.  I can personally say that the majority of my success from this business is directly related to my network and meeting great, professional people like Rory Boone. 

And now the Deal:

Purchase for me: $385k

Rehab: $60k

After Repair Value: $565k-$575k (hard to believe, but its Seattle)

Profit Projected: $71,350 - $80,550

ROI: 15.9%-18%

This is a hot area with NOTHING on market, so im sure it will move fast and will possibly sell for more.

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Yasmine Bisumber
Realtor/Investor · Ft Lauderdale/ Miami Florida · Member since 2015 · 311 posts · 104 votes
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Awesome, congrats to you both. Kudos to BP and those who make it possible for is to network through this site. 

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  • Chanté Owens
    Insurance Agent · AZ · Member since 2013 · 306 posts · 161 votes
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    @Tarl Yarber and @Rory Boone Congrats to you both! I'll be excited to see your rehabbed completion. By the way, what area of Seattle is this located? 

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  • Tarl YarberPro Member
    OP
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
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    @Chanté Owens

     Hi Chante!  Its in Greenwood, north seattle.

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  • Chanté Owens
    Insurance Agent · AZ · Member since 2013 · 306 posts · 161 votes
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    @Tarl Yarber Oh, awesome! I am in that area frequently - Greenwood, Greenlake, Phinney, Fremont, etc. I sent you a PM. 

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  • Yasmine Bisumber
    Realtor/Investor · Ft Lauderdale/ Miami Florida · Member since 2015 · 311 posts · 104 votes
    11y

    Awesome, congrats to you both. Kudos to BP and those who make it possible for is to network through this site. 

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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    @Tarl Yarber

      no way you can't make money on the west coast there are no deals here.. this must be some kind of trick !!   :) good one..

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  • Rory Boone
    Investor · Seattle, WA · Member since 2012 · 42 posts · 19 votes
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    Thanks @Tarl Yarber. I totally agree. Networking is key.  It always fun to meet new people and making some cash while doing  so does not hurt. It was pleasure chatting with you yesterday man. You are a  cool dude.   

    2Reply
  • Mark Brogan
    Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
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    nice job @Tarl Yarberand @Rory Boone

    i agree networking is a must in this business 

    1Reply
  • Rory Boone
    Investor · Seattle, WA · Member since 2012 · 42 posts · 19 votes
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    Thanks @Yasmine Bisumber and @Chanté Owens.    lol at @Jay Hinrichs. I just laugh every time I hear that and let people keep thinking that. 

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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    just ask @?ali boone   its pretty much her mission statement LOL

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  • Jami Morton
    Investor · Bonney Lake, WA · Member since 2015 · 44 posts · 8 votes
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    That is awesome. The power of networking.!!!!  I love it.  Congrats you two!!!

    1Reply
  • Tarl YarberPro Member
    OP
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
    11y
    Originally posted by @Rory Boone:

    Thanks @Tarl Yarber. I totally agree. Networking is key.  It always fun to meet new people and making some cash while doing  so does not hurt. It was pleasure chatting with you yesterday man. You are a  cool dude.   

    Thanks Rory! Lets keep doing business together!

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  • Tarl YarberPro Member
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    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
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    Originally posted by @Jay Hinrichs:

    @Tarl Yarber

      no way you can't make money on the west coast there are no deals here.. this must be some kind of trick !!   :) good one..

    If only I was doing investing somewhere else, in my city all the deals get snatched up too fast because there is way too many other investors, and there is NOTHING on the MLS, and no one is answering my letter I sent them...it would be easier somewhere else...

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  • Marc M.
    Contractor · Rockville, MD · Member since 2014 · 423 posts · 135 votes
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    Originally posted by @Tarl Yarber:
    Originally posted by @Jay Hinrichs:

    @Tarl Yarber

      no way you can't make money on the west coast there are no deals here.. this must be some kind of trick !!   :) good one..

    If only I was doing investing somewhere else, in my city all the deals get snatched up too fast because there is way too many other investors, and there is NOTHING on the MLS, and no one is answering my letter I sent them...it would be easier somewhere else...

     I think a lot of people are saying that these days....

    Congrats on the purchase and if any wholesaler in the MD/DC/VA area is looking for a serious cash buyer, get in touch!! (Let's see if the magic continues) :-)

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  • Mary B.
    Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
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    1,000 Congrats to you, Tarl and Rory. Wishing you both much more prosperity in your REI endeavors.

    @Brandon Spurgill - How can you take this away from them?! 

    Kudos,

    Mary

    2Reply
  • Tarl YarberPro Member
    OP
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
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    Originally posted by @Mary B.:

    1,000 Congrats to you, Tarl and Rory. Wishing you both much more prosperity in your REI endeavors.

    @Brandon Spurgill - How can you take this away from them?! 

    Kudos,

    Mary

    Thanks for the post Mary!  Good luck on all you do as well!

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  • Ruth Bayang
    Investor · Kent, WA · Member since 2015 · 624 posts · 274 votes
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    @Tarl Yarber it's been more than 3 months since your original post. Are you done with this flip? Were you using your own cash? Or borrowing? From the #s you gave, I'm not seeing the $70k profit after holding costs, etc.

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  • Nnabuenyi Anigbogu
    Chicago, IL · Member since 2015 · 298 posts · 261 votes
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    Congrats. Glad to see people getting a good use out of BP.

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  • Tarl YarberPro Member
    OP
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
    11y
    Originally posted by @Ruth Bayang:

    @Tarl Yarber it's been more than 3 months since your original post. Are you done with this flip? Were you using your own cash? Or borrowing? From the #s you gave, I'm not seeing the $70k profit after holding costs, etc.

    Great questions Ruth!  The project is near completed, we had to do some extra work on the house (re build the entire stairs to the basement for example), plus I had to sit on the house for about 3 weeks before starting the project in order to free up a contractor.  But yes, we did buy the house with cash, no holding costs associated with the money.  I have raised money over the years that allows us to buy cash with very little costs associated with it.

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  • Richard Rinehart
    Business Executive, Investor · Bellevue, WA · Member since 2013 · 54 posts · 18 votes
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    @Tarl Yarber great success story.  How have you done since on BP?  

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  • Tarl YarberPro Member
    OP
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
    11y
    Originally posted by @Richard Rinehart:

    @Tarl Yarber great success story.  How have you done since on BP?  

    Well the house is almost done, we had some delays on this one, long story, ill post about this house after I sell it and do a full write up.  But we had to tear out all the stairs inside the house and bump out the exterior rear of the house in order to build new stairs completely.

    I really wish I could spend more time on Bigger Pockets. I know that if I did, I would have more success with it. I have met a lot of great people in person because of this site, and since this post I have bought three other houses with JV's from other people I have met on BP. And I have made a few new friends. Thanks for asking! I hope that you have been having success with BP as well.

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