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

20 Replies

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.


Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

@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? 

@Tarl Yarber Oh, awesome! I am in that area frequently - Greenwood, Greenlake, Phinney, Fremont, etc. I sent you a PM. 

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

Yasmine Bisumber | [email protected] | (954) 744‑0013 | FL Agent # 3340998

@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..

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

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.   

just ask @?ali boone   its pretty much her mission statement LOL

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

That is awesome. The power of networking.!!!!  I love it.  Congrats you two!!!

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!

Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

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...

Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

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) :-)

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

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!

Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

@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.

Congrats. Glad to see people getting a good use out of BP.

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.

Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

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.

Medium final file  jpg Tarl Yarber, Fixated Real Estate LLC | Podcast Guest on Show #189

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