BP Success Story #3 - 8 months of negotiation pays off

I like to keep track of my success here on the BP blog and it's always nice to share stories of success.  This is my third deal that I've closed by leveraging the BP network for advice and solid real estate investment buyers.

Networking is definitely one of my competitive advantages.  I take great pride in putting together win/win deals for everyone involved and I love tearing people apart when they try some under the table garbage.  About 2 years ago we had a BP meetup that occurred every month in North Austin.  I met a lot of great people and have built quite a few lasting relationships.  

In February this year one of my mailers generated a motivated seller lead in North Austin, just north of 183 and east of Mopac.  The seller wanted 195k for the home and the comps showed fully rehabbed homes selling for 188k.  Needless to say I had my work cut out for me.  I quickly built rapport with the seller and stayed in contact with him for 8 months.  Over the summer he got a little more motivated in selling the home because repairs were coming due and he didn't have the funds to fix them.  On top of that he finally gave me the real reason why he was interested in selling.  He had credit card debt and he couldn't stand the fact that he had to pay a high interest rate.  So, he wanted to use the equity in this rental property to pay off the debt and put some in the bank.

In August he text me asking for an all cash offer.  We went back and forth a couple of times but finally came to a price that worked for the both of us.

Once the property was tied up on paper I called my contact from the BP meetup and he was very interested in purchasing this property as a buy and hold.  After the basic rehab he should have roughly 40k in equity and a property that cash flows over $200 a door.

I've taken the wholesale fee and dumped back into my marketing plan and developed a custom website that targets motivated sellers - We Buy Austin Houses.

Thanks again to Josh and Brandon for building a great community filled with solid people.