BP Success Story

8 Replies

My wife and I closed on our second property last week - a 4 bed/2.5 bath near White Rock Lake in Dallas. This entire deal would not have happened if not for Bigger Pockets - the contract was assigned to us by another BP member - Jerry Puckett (his user name is Edward Puckett) - and we met on Bigger Pockets. So huge thanks are in order to Josh Dorkin for creating this great site, and of course to Jerry, who I found to be honest, responsive and on the ball, and in general, someone I would like to work with again.

This property will work for us either as a flip or medium/long term hold. We picked it up for $100k cash, ARV is around $140k, possibly a little more, repairs needed to resell for market value would be around $15-17k.
It also works as a rental - it is currently leased at $1200/month with a long term tenant, so it should cash flow no problem, especially having paid cash. I figure that I can take up to about $70k out later with a cash-out refi that I can use for future investments. Too much more than that, and I don't think it will cash flow.
We're going to hang on to it as a rental for the time being. I am interested in the potential of the area - it is < 0.5 miles away from some much more expensive properties that are around the same size. As long as it cash flows, we can wait and see.

Thanks Harry, I really appreciate the compliments. You were a pleasure to do business with. One sharp cookie. I need to post my half of the story to, as I think it may benefit others to hear how BP came into play to make this deal happen.

Very special thanx to Josh for making it all possible, and to all you others like Bryan Hancock who recognize the power of networking. Harry, I'll be seeing you at the DFW meet up on the 27th. Any chance you'll bring the Missus?

Thanks for the kind words, everybody!
Jerry - it's unlikely the Missus will be joining us for the meet-up unfortunately (it's scheduled around the time she has to pick up our oldest from school). But I'll let her know you asked about her!

Great to hear success stories. Even better when it is a shared success. Thanks for sharing this.

One more reason to be involved in the BP community. There are so many possible connections.

Originally posted by Harry M.:
My wife and I closed on our second property last week - a 4 bed/2.5 bath near White Rock Lake in Dallas. This entire deal would not have happened if not for Bigger Pockets - the contract was assigned to us by another BP member - Jerry Puckett (his user name is Edward Puckett) - and we met on Bigger Pockets. So huge thanks are in order to Josh Dorkin for creating this great site, and of course to Jerry, who I found to be honest, responsive and on the ball, and in general, someone I would like to work with again.

This property will work for us either as a flip or medium/long term hold. We picked it up for $100k cash, ARV is around $140k, possibly a little more, repairs needed to resell for market value would be around $15-17k.
It also works as a rental - it is currently leased at $1200/month with a long term tenant, so it should cash flow no problem, especially having paid cash. I figure that I can take up to about $70k out later with a cash-out refi that I can use for future investments. Too much more than that, and I don't think it will cash flow.
We're going to hang on to it as a rental for the time being. I am interested in the potential of the area - it is < 0.5 miles away from some much more expensive properties that are around the same size. As long as it cash flows, we can wait and see.

Congrats on your deal!!! It sure is reasuring to know that there is a pot of gold at the end of this rainbow if your willing to put in the effort. The best of luck to you!

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