Featuring Lili T. – Tulsa
First $2 Million Apartment Bought with $21,000
Here’s a homerun deal from an amazing person, who reached out to us. Her name is Lili Thompson, and she’s a wholesaler and investor (as well as a Harlem Globetrotter. Read more about it below). She recently used the standard Ballpoint Marketing letter to score her first amazing cash-flowing apartment complex.
She’s also an amazing Youtuber, putting up great content about her real estate journey. She goes into detail about this MFU deal in this video below:
Get 10% off
Before we get into the details, Lili has a special gift for you…
Because she has frequently used and promoted BPM in her videos, we’ve given her a special discount code that anyone can use. If you go to https://www.ballpointmarketing.com/letter and use the discount code “Lili” at check out, we’ll give you 10% off your purchase.
Alright, let’s get to the story…
Lili “Champ” Thompson was an up-and-coming WNBA prospect while playing for the University of Notre Dame as their guard. Unfortunately, that career path came to end after she tore her ACL in 2018 during a game.
But Lili, being the go-getter she is, quickly grabbed a position with the Harlem Globetrotters. But while there, here business interests started widening. She learned about real estate—specifically wholesaling—from a peer on the team. She tried her hand in it. And within a year, she’s built herself an extraordinaire skill-set and income stream via wholesaling and rehabbing real estate.
But she wanted to go bigger.
She wanted to get into the $1 million price range and try her hand in multi-family. After some diving into books on MFU investing, she took immediate action and generated a hot lead for a 33-unit property.
About the seller:
The seller of this 33-unit property reached out to Lili because he didn’t want to pay for agent commission. Commission on a $2 million property can be $80,000 or more. And Lili’s letter expressed how she buys without agents involved.
Before Lili’s letter had arrived, the seller had blasted emails out to his network about selling this property. But many wanted to go through expensive agents. Fortunately (for him and Lili), Lili’s handwritten letter landed at the right time.
The seller called through the letter. Then he spoke to a Call Porter answering agent (the vendor that Lili uses to answer calls for her) and booked an appointment with Lili. Lili walked the property. She took pictures. She started negotiations. Then, finally went into contract with the seller, depositing a $21,000 earnest money deposit to show him that she means business!
Deal of a lifetime?
The seller is also a very successful real estate investor. He expressed to Lili that he owns THOUSANDS of properties like this, but that this is the smallest one he owns. Lili’s building of rapport and trust with this amazing seller can mean a lifetime of resources, funding, and deals.
Moral of this: One person you add to your network can be millions of dollars added to your network via another source to tap into. Keep in contact with your network and let them know you’re there.
- Purchase price: $2.1 Million
- EMD: $21,000
- Cap rate: 5.5%
- NOI: $115,000
- Potential value add: $2.7 Million
- Purchase vehicle: Partnership
- Marketing ROI: 3,800%
- How many letters sent: 400
- The list: a mixture of Driving 4 Dollars, and a Propstream list of 2-units+, owned for at least 5 years.
- Other tools: Used Call Porter for phone answering
- Mailing piece: BPM Template Letter
How's she's paying for it
$2 million is a lot even for a wholesaler.
Fortunately, she has made enough to put down a $21,000 earnest money deposit to buy it. But it’s far from $2 million. But, through her wholesaling and her Youtube channel, she’s built up a good network of investors.
So, she blasted out a message about the deal, asking if anyone would be interested in partnering. The response was huge—telling her that this is actually a good deal! She now has a number of investors to choose from. She’ll be choosing one with experience to help navigate this deal.