How the BiggerPockets Summit Lead to My First Bulk Deal (Seriously)
You never find anything you aren't looking for.
Truth be told, I didn't know what to expect when I landed in Denver. Other than a handful of impressive, local CA investors I'd had a chance to meet in person, I had no clue who would be there.
You may have read about my previous enthusiasm of things that came from BP/the Summit, here:
http://www.biggerpockets.com/forums/223/topics/73622
What I didn't know I was looking for was a bunch of houses in the midwest. As it turns out, a deal that raised eyebrows (and glasses of beer) was discussed in detail on Sat night in Denver, and then later we tried to poke holes in it over breakfast (and in the case of Will Barnard, more beer).
So then I got back to CA. Was I still drunk? Was it really possible to buy a house for $5K, put $2K into it, and then rent it for $500+/mo? Without anyone robbing/shooting me in the process?
A bunch of DD later, I decided to buy deal #2 described in the previous post. That deal hasn't gone very well at all, but it was my first time in a new market, I had a lot of things all go wrong at the same time, and I didn't want to get discouraged. I kept buying in this market.
I now have 35 houses in this market, 24 of which were acquired in a bulk deal that closed recently. The purchase price for that deal was $7,123/property, all 24 of the properties with seasoned tenants and management already in place.
The bulk deal was the result of a combination of luck, good timing, being in the right place, and having some balls. I can assure you there were no mandates, no +3s, no reps, no brokers and no BS. Just one guy with a bunch of houses he wanted to sell to another guy. But, it also could not have happened without me having attended the BP summit, as I never would have known what I was looking for.
Also, I'm now working on another deal in the same market, for twice as many properties. I think it is fair to say I like this market.