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.
Real Estate Investor · Phoenix, AZ · Member since 2011 · 36 posts · 2 votes
13y
Wow Will Barnard ! How did you manage to get the price down ~400k? I know there were some issues that made you almost back out. I can't wait to see the before and after pics.
Continue the great work, this should be motivation to all on what hard work, experience, and the proper negotiation/standing your ground on your business objectives can produce!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by Glenn Espinosa:
How long do you expect to be on market, Will?
Should not be long due to amenities, location, finishes, quality, etc.
Plus lack of inventory. I Expect 60 days.
This was a deal on the MLS, however, it had two price drops before one of my agents made me aware if it, then we got it for less than ask, then after long lawsuit, I got it for even cheaper.
Hudson, WI · Member since 2012 · 189 posts · 30 votes
13y
Will, how old are you again? From your profile/user pic, I assume we are close in age ( I am 27). I have had goals and aspirations of success in business and real estate since I was 18. I used to state/think I would have 1M net worth by 30. I had some poor decisions/ legal circumstances set me back a few years but I am back and in full force. Your stories are very inspirational and aid in keeping me motivated.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
This is my last year in my 30's, as painful as it is to type that! I was always a self motivated person and one of the several things inside my that have helped me become successful.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
You catch on fast James! :)
It was just two years ago when i started taking about my $1M plus rehab deals and all of a sudden, I started getting emails from wholesalers with $1M+ wholesale deals. Of course none of them turn out to be real deals, but makes me wonder if perhaps I should keep a lid on things a bit more around here. :)
Altus, OK · Member since 2008 · 2k+ posts · 690 votes
13y
Originally posted by Will Barnard:
You catch on fast James! :)
It was just two years ago when i started taking about my $1M plus rehab deals and all of a sudden, I started getting emails from wholesalers with $1M+ wholesale deals. Of course none of them turn out to be real deals, but makes me wonder if perhaps I should keep a lid on things a bit more around here. :)
LOL that's ok Will it seems that competition is very fierce in that region. Hedge funds and other investors are gobbling up the inventory so I'll probably not turn that into my market but I might take a sneak peak to see if there are any deals with good spreads and maybe make a deal or 2 before I head out to other markets.
Fayetteville, NC · Member since 2013 · 27 posts · 2 votes
13y
Will, what a great thread to follow! Thanks for taking us along for the ride. It's an awesome thing to look at someone who is where you want to be and watch (or read in this case) him do it.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Video filming starts again tomorrow for round two, and once the rehab is complete, the completed version will be filmed and then edited. Hope it goes well, should be a busy day.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Looks like I am approx. 3 weeks out from completing this project and am starting to get very anxious to arriving at the finish line. This estate is looking fantastic and when finally completed, will be a prize.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by Jon Klaus:
Will you list it in three weeks at completion? Doing any premarketing?
I'd be full of nervous anticipation, too. You're almost there!
Yes, one of my agents has been dong this for some time now and I have even showed it in un completed fashion to a few agents with buyers. I have also mentioned this and my $750k spread deal which is just 7 doors down the street from this project to all agents I come in contact with in the area. I usually stop in at all the open houses too meet the agents and ask if they have buyers in my price ranges of these homes. In doing so, I think I may have just landed another deal using some very creative negotiations with a seller. I will likely create a post on that potential deal.