Christian Osgood and his partner bought a multifamily property for $2 million that had sat on the market since 2008. The deal generated roughly $1 million in profit. Osgood says success came from finding a property that matched their criteria and being ready to move, not from chasing unicorn deals.
Chapters
That skyrocketed us. That deal by itself made $1 million. And for those saying, hey, these deals are unicorns, Cody just said we do this all the time. That deal was on the market for 13 years at the same price. Yep, bought it for the price they listed it for in 2008. Now, if somebody bought in 2008, they would have lost it. Fact. That would have been very difficult to do then. However, that deal was just there, available, listed online. Anyone could have made this happen. Whenever I talk to people about this deal, they had some reason why it wasn't the deal for them. Everyone knew about it. I talked to investors all the time. Oh, you guys are the guys who bought that. I don't know how I would have made that work. Well, that deal is the one that made us millionaires. That was the first deal. We bought it for $2 million and appraised for— We were not millionaires when we bought that. We were close. Nope. We were less than halfway there and it was just sitting there for the right person. So the main thing that I want people to hear is it has to be the right deal for you.