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
Been super busy as of late, hence my recent lack of attendance on BP. One of the reasons is this deal. I finally closed the purchase escrow on this 7 figure deal and am now the owner of record. Start rehab as I type. I am hoping the market stays with the low inventory during the time I hold this, as that will help drive my exit value up.
This will be a major undertaking and I am considering having this project filmed for future use. Good idea or no?
During the very long battle to acquire this deal, my final purchase price was negotiated all the way down to $815k. My first contract price was for $1.1 M and the original price wanted was $1.7M.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
14y
Originally posted by Will Barnard:
During the very long battle to acquire this deal, my final purchase price was negotiated all the way down to $815k. My first contract price was for $1.1 M and the original price wanted was $1.7M.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
14y
Will Barnard I was just thinking about your deal today and wondering if you had closed it yet. Haven't seen you on here for the past few weeks, and have been wondering where you were!
So .. the house is in Calabassas and was bank owned? What size house is it, etc. What will it take to rehab, etc.?
Great deal getting them down that far! Unheard of in So Cal.
Personally, I think filming would be a great idea! CONGRATULATIONS!!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Peter Lee - I have, just not had time to do so yet. Could not figure out how to do so from the iPad, so I sent iPad photos to desktop and will do so from there.
Karen M. - yes, been very busy but will try and make some time for BP. It is kind of like an addiction, once you get into BP, you just can't get away from it for too long!
Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
14y
Will Barnard- keep up the good work.
Let me know when you are wrapping up the rehab... its a long shot but I have an end buyer that might be interested in something like that... certainly would love the opportunity to look.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Michael Campbell:
Will, let's get together for coffee! ;) I'd love to pick your brain.
I don't do Coffee, but am up for a beer or three!
Get in touch with me. I am in the SFV most of this week and next. mainly Sylmar, Sherman Oaks, and Agoura so hit me up.
Nathan Emmert - You got that right, a long story. I will tell it soon, have some loose ends to wrap up first.
Jake Kucheck - Of course! I welcome the opportunity for you. Should be 4 months or so for completion. I will let you know. By the way, get busy on Investor Experts, you are not using it for its potential!
Investor · Murfreesboro, TN · Member since 2011 · 113 posts · 16 votes
14y
Karen M. Investor Experts is tool for finding deals and submitting offers in a nutshell. I checked out the sit and want to know when this service is coming to Middle TN? It sounds awesome.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Yes, Investor Experts is my new company that allows the user to quickly and easily scan all active and pending MLS deals, run a deal calculator and submit an offer direct to list agent in minutes, rather than hours and hours. Only available in CA at the moment but we will be expanding.
Back to topic, had some good news from some recent inspections on this property and my bids from contractors are coming in within my expected budget, that is ALWYS good news.