BiggerPockets

I am working on a deal (yet to be fully executed in escrow yet) in Ventura County and am looking for funds in the amount of $1.2M.

I have several means to structure this deal and several means to secure the funds for the investor(s). This investment has over $1M spread in the deal and the lender will be under 50% LTV (loan to value).

Until I have this fully locked up in escrow, I can not disclose location or specifics of the deal so this first post is to hopefully generate initial interest from serious investors looking for deals in this financial neighborhood. I can offer this investment to 2 investors with $600k each or any combination to total $1.2M and no more than 3 investors and the minimum investment will be $400,000.

This is a rehab flip opportunity (my specialty) and I have all the warm and fuzzies on this deal so I am very confident and expect the entire process to be inside of 6 months from acquisition to exit. For all you other rehabbers out there looking for deals with good spreads and cant find them, perhaps you may want to try going a bit more passive and invest with me on a deal like this. The returns will be good and the security will be second to none.

Please email me if you have interest in such a deal.
- Will Barnard

Will I sent you a FB message on this... hope you find the cash as this sounds like a great deal!

Update: I signed adendums and final counter yesterday on this deal and expect it to be fully executed into escrow today! What a headache going back and forth with the bank to get them down (5 counters back and forth). I was able to get them to come down from their original ask price by approx. $120k.

Thank you all who have already contacted me regarding this investment opportunity. I will now be able to provide details of the property to interested parties thinking about funding this deal.

I have several nice offers to fund this so far and will still be considering any others that come in, so if you have funds in excess of $400k up to $1.0M (max amount I will need), I would like to hear from you.

Will Barnard

It seems that each week, I have a brand new reason to increase my hatred for banks and this week is no different.

Turns out that the seller (a bank) had information regarding grading, drainage, and retaining wall issues with my subject property that they failed to disclose until the last day, which was the day we agreed to a price. I have spent countless hours completing due diligence and many dollars in gas money, time, and paying investigators to research this home and the issues involved with it.
Later that day, I finally received the call I was waiting for from the soil's engineer who did the original work for the previous homeowner who lost the house back to the bank. The information was the worst case scenario and then even worse, therefore, I have withdrawn my offer, and sent in an amended offer well below the agreed upon price.

I am not expecting the seller to play ball as it is apparent to me that they are looking to screw someone not as experienced as I who will possibly not find out this information.
I am now creating an invoice to bill the seller for my loss time and expenses due to their failure to properly disclose information pertinent to the subject property (just for my own peace of mind, I don't expect to ever get anything for it).

I hate the banking industry! They all belong behind bars. If you or I did any one of the hundreds or even thousands of illegal and improper things they do, we would definitely be wearing orange jumpsuits!

On to the next one. Thank you all who expressed interest in this opportunity, I apologize for the time wasted, although perhaps it can be a learning experience for readers.

I agree Jason. I don't care if I help keep a competitor alive, in this case, it is my responsibility as a decent human being to help someone else not get screwed by the inhumane - the banks.