BiggerPockets

Hello BP Nation.
As most of you know, I have been doing very well in the rehab market here in Southern CA and have a deal in the San Fernando Valley in which I may wholesale.
Price is $320,000 and the rehab costs are $35k (I have bids ready).
All in for $355k and my exit list price will be $449k (I have comps to support)
This deal is an REO and it is locked under contract with my corporation. Only serious buyers will get the property details as I do not wish to have my time waisted.
Must be serious buyer and must be all cash (please don't waste my time if you are not a real buyer with real cash).
MUST HURRY! Contact me for details, info in my signature.
Will Barnard

I also never like the "must be done today" situation. It never seems to allow adaqauate due diligence time to make sure of all possible negatives.

I never stated anywhere it needs to be done today. What I said was that you must hurry because a deal like this won't last.

Glad you're having good returns on your flips, but this is too rich for my blood. I'd rather make the 18% (after all costs) on my money with lower priced homes, that have an additional exit strategy (renting)

This deal is not for everyone Rich, just someone familiar with the area and familiar with the local strategy. You are right that an additional exit strategy of renting is not available, but that does not mean there is not an additional exit. In fact, with the spread, it could be fire sold at $399k and the investor would still skate with a profit.

Again, good luck on this flip. If there is so much profit, wouldn't you make more on this property by flipping it yourself, even if you borrowed the funds from an HML? That seems the logical choice. Glad to see you back on BP. Rich

You are certainly right there Rich, unfortunately, my current situation does not allow for it, and I don't use hard money under any circumstance today (just my personal choice). I have three deals in escrow and all my cash tied up. I have more cash in our AZ 4-plex, and another deal which is 5 minutes from my home, rather than the 30 minute travel to this job site. I also have 2 other projects and do not like to have too much on my plate to manage at once - hence my offer to wholesale this great opportunity. I have 2 buyers coming to look at the property and unlike most wholesalers I know, I have already performed all due diligence and have it in writing for the investor, making the job easier.
Thanks for the warm welcome back to BP - I wish I had more time to stick around more, hopefully in a few more months, I can take a much needed 3-4 month break and get back to posting and helping others here.

Anybody else interested in this opportunity?. I have had 2 emails requesting more info.
Will most likely be gone by Monday.

Rich,

You of ALL people should know that I am nothing close to a used car saleperson and your consistant and subtle negative comments in this thread are perplexing to me.

I am no saleman and hate sales pitches, but do work on timelines and as such, need to present that info in my posts for properties I have.

Rest assured, come Monday, I will gladly post the fact that the property is locked up by a local investor here.

What amazes me the most is how many people talk about wanting good deals, and yet, when they are presented right in front of them, they turn silent.
I posted a deal last year in Northridge that was a REAL 68 cents to real value at that time and only TWO people from BP responded, one of which was Josh Dorkin and his referral never called me! And anything at 70% or less was a homerun at the time, a grandslam in this market!

The investor I sold it too made a net profit of over $80,000! His gain, my gain, BP member loss.

Sorry Will- you seem a little testy for some reason. It wasn't intended to get under your skin.

In original post, you said "must hurry"
I replied back that I don't like the "must be done today" situation. This is due to lack of time for due diligence.

I then gave my concerns, wished you luck and suggested an HML to get this accomplished, since you had ZERO replies on the thread at that point.

You then posted "will mostl likely be gone by monday" .

I replied back " same argument I got from a used car salesman", TIC!!! I then suggested you post the results if successful, and you'd definitely get MORE than the 2 replies next time.

In the several replies I added:

I told you that you were missed on BP.
Glad you're having good flip returns.
Good luck on this flip.
Suggested an HML for additional option.

Those all seem positive comments.

Last item. Just because someone SAYS it is a good deal, doesn't MAKE it a good deal till final results are in... You and I both know that well.
If you ever have a concern, you know my #. Continued good luck and success. Rich

Send me the information if still available.

Will- no problem. Replies are what makes BP what it is. I'll also continue to post my thoughts and opinions. You have replies to your thread about the price range of rehabs. I'm against your price range for reasons stated. Others are ok with your price range, That doesn't make me negative towrd YOU, just the proposed property. The reply that LIKES that price range doesn't mean he likes YOU, just the proposed property.
Again, keep BP posted about who buys it, if any, and how it actually does. If it reaches your stated return, you'll have more inquiries next time, as I said.
Rich

Vikram (and Rich) not sure where you are getting the "negative comments to me personally" I never stated that it was personal. I merely stated that Rich made several commnets (not just in this thread) recently that were negative in regards to my posts. I am a big boy and understand it is not personal, neither are the times when I disagree with someone.

That all said, and I already stated it, lets move on.

Vikram - I appreciate your comments and your opinion as I see your intent is constructive, so let me toss a question back to you. Rich has claimed on many occasions deals he has done and money he has ammassed over his investment carreer, are we to first assume it is BS because it was self-proclaimed? How am I (or anyone else) able to inform others of what successes I have here on BP, if not from my own mouth?

I think most people who have been on this board long enough, know that when I state something, it is real. They know this because I have answered thousands of other BP member questions and have been involved in many deals with other BP members. They have wathced my videos, or met me in person, or whatever.

Finally, as for the "sales pitch" for lack of a better term, I agree with you 100%. I am no saleman and hate to get pitched or give a pitch. Unfortunately, on this board (and Josh Dorkin can attest from recent experiences here as explained on his BP Blog about the webinar idea that flopped) that the pitch, the fluff, the guru techniques is what gets the attention and not just the hard facts. It is certainly unfortunate that it is this way, and I certainly hope that most people do not take my posts as fluff or sales pitches, but I have no idea of any better way to get other's attention. If your way worked, that would be awsome, but unfortunately, it often does not.

Would love to hear some of your suggestions but believe it would belong in another thread as we are now way off topic from the intent of this thread.
I will start one and post the link here.

Can we all kiss and make up?

I didn't even read the full comments but I'm wondering if I should get a bucket of popcorn while watching heavy weights scratch each other like little girls LOL!!!

J/k, I actually like all you guys :) Laters, coffee is getting cold

Will
I wish you luck on your deal. I didn't read your first post as a "hurry or it will be gone" sales pitch. I read it as you hoping that a BP member would be able to take advantage of a smoking deal. But like you, many of us have all of our funds tied up at the moment, me having paid cash for 5 houses this year so far. Also, the price range you are marketing is a ways above what most of us work with here on BP. I know Santa Clarita is a higher priced area, I have worked Newport Beach, Villa Park, Corona Del Mar, etc... and know that $320K in SC is CHEAP.

Will and Rich, probably 2 of the wealthier folks here on BP having an "internet" match is really quite funny. I would bet a "dime to a dollar" that both of you are reading the others words WAY DIFFERENT than they were written. Internet communication is ONE DIMENSIONAL and any time you add (read: ASSUME) emotions to the text, 9 times out 10 you will be incorrect. So it is better to read the words WITHOUT emotions, just flat text.

Will: I have a great deal, it will go fast.
Rich: It is not the price range that I am comfortable with but good luck Will.

Or did I misread it?