Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
I contracted to purchase an REO in December of 2010, skipping all the long and boring details, I finally just received word that the deal is accepted and I am now in escrow. I will not post any of the real numbers here until i close however, it looks like this:
$1,200,000 spread on one single family residence flip!!
Recently, I just closed a deal in Calabasas, CA where I had a net profit in excess of $200,000 where the sold price was $1,175,000. Project took 6 months from date of purchase to sold date.
Always looking to do better, 6 figure spreads are good, but 7 figure spreads are better!
I will keep you all posted on how this goes.
I hope this post can inspire those to think big and most importantly, take action in a big way.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Chris Masons:
WOW, thats pretty amazing Will. Best of lock and hope you get it locked and closed!!!
Chris
Thanks Chris, the deal is locked, just have to wait for closing. Once that happens, I can provide more details.
Keep your eyes peeled and you goals set high, anything is obtainable if you really want it.
I also just got word that my short sale offer is the one the seller is going with out of many other buyers, and mine was not the highest priced offer. I think I made a very good impression on the listing agent and she liked me over the others. This is something I have been preaching about for years, forming relationships and allowing them to "like you".
The deal is an all-in amount of $775k-$800k with an exit value of $1.2M, so if the bank accepts that offer and agrees to the short sale, I will have another great deal with a large profit margin.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Jon K.:
Will, what's the projected time frame?
For the 7 digit spread, that depends. Depending on what permits it will take, it could be as little as 4 month rehab project, or be stuck in planning for an extra 3 months on top of that. Will find that out soon too.
F Foster - That would be real cold hard cash good in any state or country.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Mike Jakobczak:
Will Barnard This type of deal all with private funding or any banks on broad with you?
This deal will be 100% my own cash mixed with that or private investors, no banks involved other than the seller! After some recent accounting, I have borrowed and returned with interest over $5M in private lender funds (I have yet to use a hard money lender to date) in just short of 3 years. This deal, once paid back, will make that figure climb into the $6M range and counting.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
14y
Originally posted by Will Barnard:
Originally posted by Mike Jakobczak:
Will Barnard This type of deal all with private funding or any banks on broad with you?
This deal will be 100% my own cash mixed with that or private investors, no banks involved other than the seller! After some recent accounting, I have borrowed and returned with interest over $5M in private lender funds (I have yet to use a hard money lender to date) in just short of 3 years. This deal, once paid back, will make that figure climb into the $6M range and counting.
That is great Will Barnard. As you know, I have followed (not stalked) you since I have been on BP and appreciate your contributions. Hopefully I will be sharing a seven digit success in the near future!