Much gratitude to BP for getting me started!

4 Replies

I've been meaning to post on here for a long time because I honestly owe everything to BP.  

I had been flipping cars for about 5 years when I met a guy named Brandon West who told me about BP podcasts and how much they had helped him getting started.  Not only that but he called me every few weeks or so after we met to follow up with me and ask how the search for my first rental property was going and when I finally found a property he helped me run all the numbers with a BP calculator.

Anyways, after he first told me about BP I started listening to all the old podcasts (and new ones), then re-listening to them.  I started soaking it all in and learning tons but more importantly I began to get motivated to "just get started".  I realized that for my first deal it would need to be owner financing because I hadn't had a W2 job in years but I had some cash I could use as a down payment.  I made sure to run all the numbers with somebody and also had a contractor friend of mine look at the house inside and out for me.  It ended up cash flowing about $150 a month with 10k down which wasn't the kind of cash on cash I was used to but because of advice in the podcasts I knew getting started would require practicing some patience and humility. To sum it up it was the perfect deal for me.

The great thing about the podcasts is that there are so many different personalities and perspectives.   I was able to take all of what I thought the best usable tips were for my strengths and situation.

I've now decided that the best approach for me to continue moving forward as quickly as possible is to spend pretty much all my profit from flips and rentals on looking for off market deals with wholesale marketing methods.  I look at each deal individually and consider if I'd like to flip it, wholesale it, or keep it as a rental.  I've also recently put much more effort into networking with people in order to find multifamily properties and new partners on deals.  This has proven to be an excellent strategy to accelerate my real estate career.

The main point I'd like to get across to anyone reading that's just getting started or thinking about getting started is that it's really nothing too complicated.  All I did was what had already been done and proven.  Yes there were obstacles in my way and still  continue to be but in general I never got too creative.  I just listened to the podcasts and started taking action. Now I've completely quit flipping cars and am full-time investing in real estate.  I am much closer to achieving my long term goals and becoming financially free.  Thanks BiggerPockets!

This is a great story, @Jason Mcdaniel

I like these two parts the best:

"The main point I'd like to get across to anyone reading that's just getting started or thinking about getting started is that it's really nothing too complicated."

"I just listened to the podcasts and started taking action."

YES! 

Mindy Jensen, Real Estate Agent in CO (#FA100049656)

Great story! I am just starting my journey so this is inspiring to me. Thanks for taking the time relaying your experience. 

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