Have You Done Deals with other BP Members? Please share!

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Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes

I've had others ask me if there are many deals done on BP between members, please, share your completed deals, contacts you've made that are going to result in a definite deal, etc., or information other than obtaining advice. Thanks! @Will Barnard @Brandon Turner @Joel Owens

@Bryan Hancock @Brian Burke @K. Marie Poe (her @mention never works!) others??? Feel free to @mention others

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J ScottPro Member

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Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes

12y

Originally posted by Dawn Anastasi:

Although by the way this thread was going, you'd think that only the Moderators have done deals with other BP members.

Keep in mind that the main reason we're moderators here is because we're very active and involved on the site and we've built trust with the community.

So, perhaps it's more accurate to say that by staying active here and building trust with the community, you're more likely to build your network of partners/lenders/mentors/colleagues/etc. :-)

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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12y
Yes Bigger Pockets is a great source of business and contacts.

Many of my clients are members of Bigger Pockets but they do not post on the forums and are very private.

I have closed transactions from Bigger Pockets with clients. I think you will find in general that people with 10k etc. don't mind going on open forums and discussing plans. Many people with really high net worth in many cases do not want to be in the public eye. Sometimes some will post to the forums but you would never know what they have or who they were.

I have to respect those wishes of people that want to stay private as clients.

Hope that helps............. : )
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Karen MargraveBusiness Member
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Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@Joel Owens Totally understandable. The names, etc. of the clients, aren't necessary, I mainly was asking to try to get an idea of the types of deals people have done, values maybe, etc. Have people found buyers/sellers/lenders/partners/property, or ? through BP, as I've had others ask me, and I told them I'd post the question.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12y
My clients tend to have anywhere from a few hundred k to put down into the millions.

Transaction prices are generally in the millions and up although I do work on smaller deals from time to time.

Generally people will contact me and I will be very honest with them and tell them if it's something I can help them with or not.

Example someone asking to buy a vacant 20 unit apartment building that is thrashed to rehab and is being bought as a short sale etc. I know per unit the door price is very low. Say at 5k a door the purchase price is only 100k going in if lucky. Spending months and months negotiating short sale and junior liens and dealing with the water department isn't worth it. I understand why the buyer wants to pursue it because of the potential upside to them. After you have been in business for years and years you focus on what is the best return and use of your time.

Same with investors in that over time they learn what they want and will not waste time with anything else.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12y
Typical deal for an apartment goes something like this.

40,000 a door with 50 doors at 2 million purchase etc. We try to get the seller to hold a 10 to 15% second thereby leaving excess reserves for my clients and improving cash on cash returns.

Many investors for apartments buy in the 30 to 150 unit space. Get higher than that and many of the REIT's and private funds will make it hard to compete as a small single investor as they are taking properties out with quick financing and or all cash.
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Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
12y
Thanks for the mention Karen. Without giving out names or specifics, I can attest to the ability to do deals with BP members. I have done many deals, many types, and with many people ranging from private investors to JV partners to friends, to note purchases, to contacts for service providers.

In my seven figure spread deal, I have two BP members who have loaned funds into that project, other BP members are in on my other deals too. I have a BP member who is a JV partner on another deal I have going, and a BP member who did a JV with me on one last year too.

Most of my deals are in the millions,however, I have provided the opportunity for BP members with amounts as little as $25k to get involved with me.
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Karen MargraveBusiness Member
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Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@Will Barnard Thank you! That's what I was hoping to hear, and knew you had some successful deals with BP members. I wanted to get some people to share, as I've had some BP members asking about the value of BP on actually putting deals together, finding partners, etc., so anything anyone can share is always appreciated! Your deals are very impressive Will, and I love reading about what you're doing. We've been in business for many years, but only in So Cal for a few; and I like learning about new niches, an sizing them up to determine if they have potential for us, as in the past we've always done new construction. I appreciate your generosity with information!
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J ScottPro Member
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Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
12y
I've gotten several secured private money loans from BP members who I only knew on BP. I've even gotten one unsecured business loan (with a personal guaranty) from a BP member, as he preferred to be getting interest on his money 100% of the time, not just when we had it invested.

I've also met two partners on BP, accounting for over a dozen projects.

I've found several contractors on BP who have worked out extremely well.

And I've met dozens of BP members in person, and several have become friends and trusted colleagues offline.
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Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
12y
I've done two deals with @Mehran K. so far in 2013. We've purchased both a single-family home and a duplex together. He stopped out to Milwaukee back in September but before that we only knew each other through Bigger Pockets and email.
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Mehran K.
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
12y
@Dawn Anastasi beat me to it! It's so easy to communicate with her because we're on the same page pretty much most of the time. I'm sure this has a lot to do with us coming from the same school of thought.

Dawn and another BP member @Ramon Jenkins are helping me on another deal I'm trying to close out the year with. I'll post the details on that in success story forum once it's good to go.

I have a feeling I'll be using BP in some way, shape or form, for all the deals I do. Whether it be for partners, advice, or just someone double checking my numbers and weighing in.
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Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
12y
Although by the way this thread was going, you'd think that only the Moderators have done deals with other BP members.
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Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
12y
Originally posted by Dawn Anastasi:
Although by the way this thread was going, you'd think that only the Moderators have done deals with other BP members.

Good observation, I hope that is not the case. Come on BP Nation, tell your story.
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J ScottPro Member
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Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
12y
Originally posted by Dawn Anastasi:
Although by the way this thread was going, you'd think that only the Moderators have done deals with other BP members.

Keep in mind that the main reason we're moderators here is because we're very active and involved on the site and we've built trust with the community.

So, perhaps it's more accurate to say that by staying active here and building trust with the community, you're more likely to build your network of partners/lenders/mentors/colleagues/etc. :-)
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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
12y
That is a very good point J. I would say that a large majority of the moderators have been on the site for years and contribute every week to the forums and the community. In doing so, you build a reputation and with that kind of exposure, open yourself up to more opportunities.
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Alex Anderson
Real Estate Agent · Milwaukee, WI · Member since 2010 · 129 posts · 24 votes
12y
I intend on doing some deals with BP members, but it always starts first with Trust and a vision. I will be writing about my vision here in Milwaukee soon :)
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Brian BurkePro Member
Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
12y
@Karen Margrave I can say for sure that deals are done as a result of BP. In fact, I even wrote about it in a post about a 140 unit apartment deal that I recently purchased where some of the money raised came from people I met right here on BP.

I've been contacted by people I've seen around the forums looking to invest with me, and I've also heard from people I've never seen post to the forums that have reached out to me by private message or even looking me up outside of BP to make contact by phone or email.

When I joined this site I did so to share experience, advice, and stories but never imagined that I'd find partners or capital. But it's happened. The power of this forum never ceases to amaze me!
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Phillip Dwyer
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
12y
I've done business with several people from BP. I've also turned many friends on to the site. As a result, they have done deals with other members. Had a friend in town last week, and introduced him to a local BP guy. Now they're going to do stuff together. I've always enjoyed putting people together, and this site makes it happen much more often.
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Account Closed
Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
12y
It is always good to help people.

Joe Gore
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Karen MargraveBusiness Member
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Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
Some great stuff! I'm sure all that read it will be encouraged. @Joshua D.

will be pleased I'm sure!
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Joshua D.Pro Member
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
12y
I am definitely pleased to see this thread, @Karen Margrave .

Keep the stories coming, folks!
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Sam Craven
Houston, TX · Member since 2011 · 673 posts · 360 votes
12y
I have sold houses to BP members, Partnered on wholesales, reconnected with a highschool classmate through BP, and will hire him as an acquisition manager come the first of the year. A lot of people who dont post too often or at all have reached out for private lending opportunities and have also made a lot of trusted connections through BP from across the US and internationally. It is especially great to connect with people who are operating businesses further along than yours is to help establish goals and even road maps.

It is amazing how interconnected the BP network is. There are a lot of people on the board that I have talked to on the phone extensively, but have never met. It would be great if there was a Bigger Pockets Summit or conference that would give everyone a great excuse to come together and exchange ideas in person. (HINT HINT HINT @Joshua D.)

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Michael Sherwood
Investor · buffalo, NY · Member since 2008 · 354 posts · 23 votes
12y
Joshua Dorkin we met a general contractor and investor/flipper from bp shout out to David Niles we are just completing our first flip together and we hope to do more. We have also started up a local investment club in buffalo which is growing with many different investors in different niches. A lot of the new investors will have the ability to find mentors that have real world experience. Here is to growing partnerships via BP
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Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
12y
I will also add that @Dan C. gave me a referral to a plumber that I have used for a number of jobs.
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Anson YoungBusiness Member
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
12y
I've done probably 6 total. I became friends with a local guy and we went and did some wholesaling adventures together, and I helped sell his flip. My transactional lender I met here @Ted Akers

@Ted Akers http://www.biggerpockets.com/blogs/678/blog_posts/30674-4-way-bp-deal---the-power-of-local-networking
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Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
12y
Speaking of doing deals with BP members, I recently posted a new thread with an opportunity to do just that. See it here: http://www.biggerpockets.com/forums/517/topics/105786-syndication-partnership-for-another-7-figure-spread-with-will-barnard

I am hoping to see several BO members get involved in this deal. I have since sent it out to my network via email and have had more responses there than here which is disappointing to say the least. I'm hoping BP Nation steps up to the plate.
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Brian Bandas
Developer · Nashville, TN · Member since 2013 · 81 posts · 68 votes
12y
As a new member of BP, and as a fairly new investor (aside from one single rental property I've had for a few years), what area of BP is most effective for networking and finding partners for these types of deals? What is the most appropriate way to approach someone or find someone who you think you may be able to do business with? Thanks!
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