100% BP Success Story
Hey all,
I wanted to share my latest deal with everyone. What makes this one particularly special is that it was with BP members from start to finish. While I will not be sharing specific numbers as to respect the confidentiality of the others involved I will say it was a win win win win for all of us. Furthermore, the biggest success here is not the profits we each took away. The real value and lesson is the power/ potential this site has and how important networking with like minded individuals is.
It began when I was approached by a BP member with a wholesaling JV opportunity last fall. The original plan was to help them wholesale the deal and shop it to some of my buyers. While this plan surely would have worked I live pretty close to the property and after the first visit I let them know I was interested for myself. In the interest of time and wanting to secure his first wholesale deal, he agreed to sell it to my partner and I.
My partner/agent (whom I met through a BP member) and I evaluated the project as we always do. Do we flip this, refi and presumably acquire a no to little down rental or just flip it outright and sell? In the end we decided to sell as my current goal is to get cash heavy for some other strategies I am working on.
Once finished, I posted the project on BP market place and immediately got about 5-6 people who seemed genuinely interested. This was fantastic as is saved me time and paying additional listing commissions.
In the end we chose a very strong buyer who was easy to work with and presented a very favorable offer. The property ended up appraising for exactly what we had anticipated (30k over our asking) and we delivered a cash flowing multi-unit property in an area where multi's are hard to come by. Even more of a bonus, the now owner got so many calls from potential renters that he was able to raise the rents a good bit more then I had anticipated/quoted him. More profits for him and an even better cap rate!
I could not be happier for him and the transaction as a whole. All around great situation.
Work hard, stay humble, on to the next :)