Meetup in Manhattan w/BP Legend Will Barnard 2X BP podcast guest!

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This event is brought to you by:
  • 06/27/19 06:30PM - 09:30PM America/New_York
  • The Vanderbilt Room, 2nd Floor of The Roosevelt Hotel, 45 E 45th Street New York, New York 10017
  • $20

Disclaimer: BiggerPockets does not support or sponsor any meetups unless otherwise noted. Do your due diligence before attending any events. You may be agreeing to attend an event that includes promotion, pitching, or high-pressure sales tactics or techniques. There may be pitching of products, services or properties at this event!

Hello again fellow BiggerPockets members from and around the greatest city in the world, New York! I'm pleased to announce our next Meetup in Manhattan will be taking place on Thursday June 27th at 6:30pm, so put it in your calendar! BiggerPockets Legend @Will Barnard  will be joining us to give the group a great presentation on flipping homes in a highly competitive marketplace, just like we have here in the NYC metro area!

Link to sign up page here.

For those of you who need an introduction to who Will is (probably because you might be new around here), he's been one of the original heavy contributors to the BiggerPockets community as a whole going back to when @Joshua Dorkin had it running out of the basement of his house.  And Will was featured on one of BiggerPockets very first videos that Josh made, even prior to when the bearded wonder @Brandon Turner joined BP!  Want to see that old school BP video? Click here.   Now with close to 14,000 posts on BP and being featured on the podcast 2X (see numbers below), Will Barnard has been still been cranking it out flipping homes AND doing a hell of a lot more when it comes to Real Estate Investing.   Will was kind enough to be one of our first guest speakers when we first kicked off our BP meetups more than 5 years ago.  Here's a quick bio on Will:

He's been investing in nearly every aspect of real estate since 2004. Over the years, and as the market changed, so did his investing strategies. Currently he specializes in the acquisition of single family homes in higher end neighborhoods throughout Southern CA to redevelop and sell. Other previous investment strategies have included buy and hold, land development, spec building, notes, & wholesaling. Will Barnard has completed over $50M in single family real estate transactions alone, and has borrowed & returned well over $25M in private investor funds over the last eight years. Will has been a guest speaker at numerous real estate education events throughout the country and has been interviewed and featured in multiple articles, magazines and podcasts across the country.

Will can be heard on BP Podcast #32 and #130. He's the only BP Podcast guest that I personally know that made a cool million off of one single flip!  And like the best of them, he's also lost $$ so he's going to give some great insight on how not to let that happen, especially in a highly competitive market like we have in the tri state area.   Want to know more about Will here on BiggerPockets?  Well here's a link to his profile.   I had the chance to catch up with Will at @Tarl Yarber 's Pacific Northwest Big BadAss Real Estate Wealth Expo earlier this year (which was totally BadAss btw) and happily Will said he'd come back and present to our group again.   And btw Tarl you need to come join us too at some point in the near future!

Link to sign up page here.

Also on the ticket again will be our BiggerPockets resident CPA @Nicholas Aiola with some great tax information about how to turn your ordinary income from investing into long term capital gains so you pay less taxes. Should be another great insight for all of you to take advantage of!

PLEASE NOTE, the event will be taking place at The Roosevelt Hotel, located at 45 E. 45th Street in Manhattan, in the Vanderbilt Suite located on the 2nd Floor. We'll start at 6:30pm and go to 9:30pm.  This location is incredibly easy to get to only steps from Grand Central Station.

We're going to have great networking with BiggerPockets members from all over the Tri State area.

You'll see on the sign up page here.

Even if you're brand new to BiggerPockets, a first time investor or a seasoned Pro, money lender or contractor, wholesaler or business professional, be sure to be there and meet other members and those interested in Real Estate investing from the NYC metro area which includes Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Long Island, Westchester, Rockland, Putnam and Orange County, Fairfield County CT, and Northern NJ (that includes you Hoboken, Jersey City, Newark, Maplewood, Montclair, West Orange, and so many more great towns!).

You must register on the sign up page located here : CLICK ON THIS TEXT FOR LINK TO SIGN UP!

I’m very excited to be back in NY again with my good friend Darren. Looking forward to meeting you all in person and having a great time networking and learning from each other. Let’s fill the room and rock the place!

@Tarl Yarber I think it is long overdue to bring your Badass RE event to LA with me and then hold the ability to state you have the largest North Western event as well as the largest west coast event in the country! Lets chat soon!

@Darren Sager - Thanks so much for having me out again at your event Darren, you do a fantastic job of bringing people together and getting them solid education and I am happy to be a part of that.

On that note, I missed an important aspect of the higher end development/flip projects which I would like to share here and perhaps you can share to the rest of the crowd that was there. In fact, this is important no matter the price point but super important as your construction numbers are 6 figures or higher. Over the last 2 years, I have been underwriting my projects as I have always done, properly calculating the construction budget, hold time, and resale values. To that end, I noticed my profits under performing my initial targets and it came to my attention that a large part of that was due to the construction being much higher than original anticipated. This was not due to me underestimating it, but due to the rapid rise in material costs, which have been caused in part by the trade wars, in part to supply and demand, and in part to other factors beyond me. In estimating the costs of construction in the early part of 2017, and selling in very early 2018, I noticed my budget went from the proposed $325,000 to $370,000. That was a loss in profits of $45k and due to an increase of approximately 20% increase in materials. I made the adjustment in 2018 based on these numbers for the future deals and again, fell short on profits due to another 20%+ increase into 2019. While I made the adjustment, I failed to adjust for future price increases during my hold time. I will point out that with many of these deals I did, had I priced in to the deal future increases in construction, I may not have gotten the deal in the first place, so smaller profits are better than no profits, but I do want to warn those moving forward to be very cautious on deals with higher priced construction budgets with longer hold times as you are exposed to the market conditions longer and therefore more susceptible to these risks.

Moving forward with 2019, I am being very cautious in my underwriting for construction cost increases and doing what I can to place orders and lock in pricing early into the construction phase to help reduce this exposure.

That's all for now, hope to be back in NY again in 2020 to share more with you all!

Will Barnard

Originally posted by @Will Barnard :

@Tarl Yarber I think it is long overdue to bring your Badass RE event to LA with me and then hold the ability to state you have the largest North Western event as well as the largest west coast event in the country! Lets chat soon!

 Ha!  Yeah that would be cool!  Just soooo much work :)

Originally posted by @Tarl Yarber :
Originally posted by @Will Barnard:

@Tarl Yarber I think it is long overdue to bring your Badass RE event to LA with me and then hold the ability to state you have the largest North Western event as well as the largest west coast event in the country! Lets chat soon!

 Ha!  Yeah that would be cool!  Just soooo much work :)

If it was easy, everybody could do it!!! 

Thanks @Will Barnard so much for coming out to the east coast and presenting to the group.  It was an honor to have you back.  The feedback from everyone was great.  Wish you lived closer.  It would be great to spend more time together!