Hello BP! This isn't so much a success story, but more along the lines of a put things into action story. I've been an active listener of the Bigger Pockets podcast looking to learn more about real estate investing and to find ways to market and get more deals. I found one that caught my attention and decided to do exactly what was taught on the podcast to see what my results would be.
First thing to do was buy the "list" with the criteria that was taught on the podcast, simple enough. Now that I have 1k leads to market to, I just needed to follow the rest of the process which is mail the leads and wait for calls. I started off with 1k post cards and had no luck that route. It could have been a number of factors as to why I did not get many calls from the postcards. There may have been 2-3 calls and none turned into appointments. So I thought of trying hand written yellow letters since so many people talk about their success with them.
That's what changed my response rate and led me to my first appointment from that list. It was a motivated seller who wanted out and was asking $85k to move out of the house. We came to an agreement of $75k (ARV of $140k) and signed the contract. The house originally had white walls that were now yellow from all the cigarette smoke, had foundation issues, and needed to be updated. I found a private money lender (family) who I proposed to split the deal with if she would fund the purchase. She reluctantly accepted the offer in hopes that she at least got her money back if the house didn't sell for asking.
We purchased the property and immediately had her fiance put it on the MLS for $115k as is to try the Wholetale route, it worked! We found a buyer who was doing buy and holds who wanted it as a rental and agreed to accept their offer of $114k. We had it sold in two weeks and our total net to split was $33k after everything was said and done. At that point......she said " Go find us more houses!!" and that was the beginning of that private money relationship.
So right after that deal funded, I received another call from the same list with another seller who wanted out of their house and was ready (so they thought) to move forward. That deal took a few months just to get them to contract as they were going through a bankruptcy and other issues. They wanted $230k with an ARV at the time of $400k (went up to $441k when contracted) with $80k in repairs. I didn't know how I was going to buy this house, much less have a buyer in mind. So I contracted the home and called a local Wholesale company who came out and offered me $277k to my $280k asking price. Now keep in mind that one of my goals for 2017 was a $50k wholesale deal and I was looking right at it wondering how am I going to make sure this goes through. In the end, their buyer came through and we closed the deal.
That was the first time in my life I had held a check for $47k that was written to me. It showed me that by simply taking the time to listen to these experienced investors on the podcast, that I could grow my business following their footsteps and help others along the way. I have since bought more leads from that list and looking into other list that guest from the podcast mentioned.
I hope this post helps at least one person and motivates others to listen and learn as much as possible from the podcast, webinars, and forums. Make it a great day!!
@Fred Lopez wow Amazing that’s for the motivation!!!
Fred- would you be willing to share what podcast you were listening to?
nice... congrats man!!!
I am thrilled for you!!! GOD bless!
Thank you all!
@Preston Dahl I purposely left the podcast out to encourage people to put in the time to listen and learn. I don't feel its right to listen to 100's of hours of podcast to find a system that works, just to hand it over to someone not willing to dive in and find the info themselves to get deals. Hope you understand.
@Fred Lopez Good for you! Thank you for sharing.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.