I turned $290 to $4,800 while sitting on BiggerPockets.
This is the story of how I netted $4,200 on one deal after upgrading to Pro. The difference between a Pro and free membership is like the difference between playing for the NBA and your local community league. Ask yourself, which would you rather be?
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
So let’s dig in to how I did it. An out-of-state wholesaler wanted to start wholesaling in my great city of Charlotte, NC — a place that’s on fire right now. I’m always stressed looking for the next deal. I made $22k in January, but now I need another hit fast. It could be a rehab deal, rental or wholesale. I don’t care what it was, I just need it. I only change my clothes twice a month because the decision to change my clothes takes too much time. And I need another house now and not later.
Back to the story. The wholesaler — who is also on BP and no other social media network — came across my pimped out Pro profile. He messaged me and said he wanted to do some wholesaling in Charlotte, NC and wanted to work with me. We went back and forth for a while, then took it to a phone conversation. He started doing some marketing here.
As with anything else, we had to kiss a few frogs to get to something worthwhile. We picked up one house for $12k. I knew this would be a easy one; worst case scenario, I would buy it, and we could resell it on the MLS. Well, that deal did not work out as planned. No one would touch that house because it has asbestos. In that area, you want to be $20k all in tops to be safe.
The next deal was a good one. It was 2 brick homes, same owner, both 2/1’s right next to each other. We picked both of them up for $30k and sold them for $39k. In less than 2 days. He got his money wired to him, and I went to pick up a check. Now, I like to be 100% real. I don’t want to make this seem so easy — so please remember when he got in touch with me. I was already a established wholesaler in my market. If you are a wholesaler, short on cash, but you have a Pro account or want a Pro account, become an asset by building a strong buyers list. Everybody will tell you they are a buyer until it’s time to perform. You need to know you have a buyers list that’s hungry for deals. And then you too can monetize your Pro membership.
Providing Value to Others
Another way to flip your BP membership is to, of course, add value to others. Once you start doing that, you will notice people will reach out to you. Once you guys start networking with each other, you can figure out how you can help each other. I set up in my Keyword Alerts to the word “wholesaling.” Whenever someone talks about wholesaling, I get an alert.
Let’s just say it’s a question on wholesaling. I might answer that question, and over time, I begin to seem knowledgeable to others. In one particular case, a property manager reached out to me because he was looking for rentals for his clients. I sent him one particular deal a few months later. He jumped on it immediately at full price. I was set to make $11k dollars. I was happier than the New England Patriots’ staff when the Seattle Seahawks made the worst play call ever in Superbowl history.
Well, I was disappointed about the results on that deal. It wasn’t anyone’s fault necessarily. The problem was, the title had a lot of judgements and liens. I was set to make $11k, and the owner was getting $20k. After about 5 months give or take, I got $300 dollars, and the owner got $400. These kinds of things happen. The good thing is, you can’t go broke making a profit. That’s enough about me. Now get a Pro membership to BP, set up your Keyword Alerts, read all the content, and if you’re new, I recommend you check BP at least once a day to get the basics down. Take action, don’t give up, and never stop learning!
How do you go about finding leads and connecting with others in the industry? How have you monetized your BiggerPockets membership?
Leave a comment, and let’s talk!