BP Strategies for finding deals really do work!
I figured I would share this story, as it coincides with BP podcast discussions.
Listening to the podcasts, and hearing many many people discuss the lack of inventory and deals, this speaks to that.
Last year, around January 2020 (before Covid), I was looking for some opportunities in the South County area. I like to buy and hold properties for rental down there. I am part of a community app that posts peoples messages, inquires about contractors, marketplace sales, etc. I noticed one woman posted she may look to rent or sell her house.
Seeing this, I looked up where she lived. I sent her a letter explaining I was interested in purchasing the home. I told her I was a realtor, but looking to buy and hold. I left her my number and email and asked if she would like to meet.
Lo and behold, I got contacted back. My wife and went down to speak with her. Come to find out, she had been on market the year before and been under agreement 2x. Both times the buyer backed out for one reason or another. The seller was sick of the showings and on and off again sales. The seller told me all the things that came up in the inspections.
I told her I would could offer to buy her house for a set amount. I told her she might be able to get a little more if she listed it on market, but what I could offer was that I would not back out, she did not have to clean it out, I would not have an inspection, and I was flexible on the closing date to give her time to find a place. I even offered to help her find a new place.
She agreed! She said it was worth more to her to know she is selling and not have the ups and downs of being under agreement and off again.
I was able to find her a place, and close earlier than we expected. I was able to take an existing attached garage and turn it into a master bed/bath and utility closet. This upcoming summer (2021) will be the first summer we have it ready for rental and we already have it rented for 5 weeks.
So when BP says you have to find creative ways of finding a deal, they are 100% accurate that it can happen.
I have one more story like that which I will share shortly.