BJ & Traci’s Story of a Deal Interview
Welcome to Partner Driven Real Estate Investing! We’re thrilled to share the journey of Billy and Traci Medlin, two of our dedicated partners who have achieved remarkable success with us.
The Deal: 608 Briar Oak, Crocker, Missouri
- Purchase Price: $74,900
- Renovation Budget: $36,000
- Listing Price: $189,990
Background and Experience
Billy and Traci Medlin bring extensive experience to real estate investing. Billy began in property management and has operated their own construction company for several years. Located near a military base, they saw countless opportunities as people frequently bought and rented homes in the area. They observed many properties left vacant by military personnel or older generations who lacked the resources or guidance to manage them.
Discovering the Opportunity
Billy initially encountered the property at 608 Briar Oak about six years ago when he was hired to remove the carpet for a real estate agent. Despite plans to remodel, the house remained vacant. Six months ago, Billy noticed it was still vacant and decided to track down the owner. Using the Deal Driven app, they accessed the owner’s contact information and initiated the conversation.
The owner, a retiring military member, had left the house in disrepair due to water damage caused by a left-on water hose. Financial constraints and a VA loan prevented him from addressing the issues, leaving the property in limbo. Billy and Traci’s timely intervention provided a solution.
Partner Driven’s Impact
With Partner Driven’s support, Billy and Traci were able to purchase and renovate the property without using their own funds. This comprehensive support included handling contracts, closing, utilities, and insurance. This arrangement allowed them to focus on their strengths—renovation and property management—while Partner Driven took care of the financial and logistical aspects.
Challenges and Solutions
The biggest challenge was negotiating the purchase price. Initially contracted at $92,000, they successfully negotiated it down due to the necessary repairs. Renovation challenges included managing costs to match the After Repair Value (ARV) in a fluctuating market. They implemented cost-saving measures such as using custom shutters and economical tiles. Partner Driven’s guidance and resources were instrumental in overcoming these obstacles.
The Partner Driven Advantage
Billy and Traci appreciate the many benefits of Partner Driven:
- No Personal Capital Required: Partner Driven provides the necessary funding for purchases and renovations.
- Comprehensive Support: From contracts and closing to utilities and insurance, everything is handled by Partner Driven.
- Access to Resources: They have access to valuable resources like videos, marketing support, and expert advice.
- Community and Communication: The Partner Driven team is always accessible for guidance and support.
Billy and Traci are enthusiastic about continuing their real estate journey with Partner Driven, with several more properties lined up for the coming weeks.
Join Us
Join us at Partner Driven and take your real estate career to the next level. With our support and resources, your real estate dreams can become a reality. Don’t miss out on your chance to succeed in the competitive world of real estate investing.