Bridger Pennington explains how he buys houses at half value by negotiating directly with homeowners behind on payments. He offers them time to stay in the house or lease it back, turning foreclosure deals into win-wins that give him an edge in competitive markets.
Chapters
Things started to get really competitive in the house flipping space. We were knocking on these doors of people that were behind on payments. As we were chasing these foreclosures, I had to get creative with these guys because everyone else was in there offering more money than I could pay. And so that led to me sitting down with these homeowners and saying, listen, do you even want to leave? Would you rather stay? What do you want? 8 out of 10 times, these homeowners would say, we don't want to sell. My kid graduates from high school in 9 months. And so I'd work out these deals where we would buy the property, Let them stay for 6, 7, 8 months, or sometimes sign a 20-year lease with them. But we were able to buy these properties at like 50 cents on the dollar just by giving them