I Am THANKFUL to BP This Year Because...
BPer's, what are you grateful and thankful to BP this year?
Biggerpockets have indeed made my pocket bigger this year vs. last year. Thanks @Joshua Dorkin and @Brandon Turner.
In what ways did BP made me more money this year vs last year?
1. I met a BIG Investor because of BP this year. He has already pledged to invest $2M with me (I've already bought 3 houses with his money - spent about $500K last week and will close on another house next week).
2. I met several smaller investors who already invested anywhere from $30K to $200K on my deals. In total, the new investment capital from smaller investors this year total around $650K.
3. I partnered with a BP member (I met him last year but we only did a deal starting this year) on the biggest rehab project of my career. Property is going to be worth $1.1M to even $1.2M by the time we're done. We bought the house for $490K and have budgeted about $202,500 in renovations.
4. I wholesaled several properties to BP members this year. One of which is to a buyer who I thought was not legit - he backed out of my deals twice - but he proved himself a real player by paying cash and closing in 2 weeks. Also, this year is the first time I wholesaled a house to a buyer in CANADA (the house is in Cincinnati - I am based in Chicago). I doubt it if this set up will ever happen without Biggerpockets!
5. I met credit partners because of BP. One of those credit partners closed on a rent to own deal for me - we're earning $600 a month cashflow on that one house. The loan is in his name and I put up the money. In another instance, a credit partner got a $2M rehab credit line - this is what we've used to buy my biggest rehab deal (see #3 above). Another credit partner got me 2 rent to own homes. One of them is already rented (we just closed on our second deal) and we got $8,000 non refundable option fee on that one.
6. I lent money to a BP member who is a rehabber and he has since paid me back (and I made a good return!)
7. Even though I met this BP member back in 2014, he has partnered with me this year to start a REHAB LENDING business. We have closed on our first loan last week and have 4 in the pipeline (2 of those are loans from BP members).
8. I've provided Business Lines of Credit to about 20 BP members, ranging anywhere from $40K to $80K.
9. I've spoken to a REIA group twice this year because of a BP member - and some of the people I met there attended my seminars, signed up as credit partners and one of them even became part of my acquisitions team.
10. Talking about seminars, I made a little bit of money in putting up small seminars for real estate investors - majority of the attendees are BP members. I even put up a Real Estate School - and my students are BP members also.
Now, don't get me wrong. Not all my deals are as profitable as I expected and there were many problems and challenges along the way. But without Biggerpockets, my real estate business this year will probably be not even half of what it is now.
SO thank you BP!
What about you? What are you thankful to BP this year about?