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
13y
Originally posted by Matthew Marshall:
Hey Will,
I just read your post, pretty interesting stuff. Still holding this property?
Yes, I finally have approvals to start the exterior stucco work and poor the stamped concrete around the pool area. The interior is looking great, only paint touch ups are left and the bathroom countertops were installed today. Waiting on the stained cabinetry doors, then hardware, installation of appliances, electrical fixtures, and finish plumbing fixtures (all rough plumbing has been completed). Should have this done sometime just after the 4th of July which I will then do the final video of the finished product, edit and present.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Ok, thought I was good to go. This inspector is killing me! Now have to do another task before getting approval. Hopefully end of this week. Delays and delays are adding to my holding costs.
On a brighter note, have a showing this week for this property from a buyer who is very interested. It would be great to have this locked up before completion and save on marketing time! Keeping my fingers and toes crossed.
Real Estate Broker · Houston, TX · Member since 2013 · 187 posts · 111 votes
13y
Congratulations on what sounds like a great remodel. I can't wait to see the start to finish. I sent you a PM regarding a pool remodel question. Looking forward to what I know will be some more helpful advice!
Real Estate Investor · Cleveland, OH · Member since 2013 · 173 posts · 18 votes
13y
This is exactly why I love this site, like no other. Easy to find topics that you are interested in, or ones that catch your fancy. It caught my eye Ready for 7 digit success story?, and I was like oh yeah! Who wouldn't be, that's motivation to the 10th degree, and I would love to know how he did it. I will read the post to the end to be updated. But happy belated Congrats !!! Will Barnard, just going to make me aim higher. Great job.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
13y
Will Barnard I was just getting ready to pm you and see how things were going as I hadn't seen you on lately. Then I searched for this thread and see you're still here! Somehow my check on the "monitor topic" got unchecked so I didn't get updates. But.. sounds like you're almost there, and doing great. Can't wait to see how it all came out. Hopefully you'll get a quick buyer, and you can move on to the next one!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
If it were not for all the delays caused by city inspector, I would have been done with this rehab months ago. Inspection yesterday was moved to Wed. So another 2 days wasted. Hopefully Wed will finally be my approval to pour concrete and complete stucco. Inside looks amazing! All countertops are in and the custom stained cabinetry doors are about half way complete.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Long awaited photos here:
This home was purchased with the interior down to the studs in most of the home. It is over 7200 square feet. This is a photo of the kitchen after the wall leading into the great room was removed to get rid of the enclosed "dungeon" feel and create a much more open layout. It required some serious engineering (this wall was load bearing and held up the weight of the second floor - master bedroom). A large and deep hole was created and two vertical steel beams and one horizontal steel beam header was built along with a steel beam in the floor which was wrapped with rebar and filled with cement (after this photo was taken of course). This was not in the original budget of repairs but was deemed necessary to create more equity and an easier sell down the road. The kitchen now looks out into the great room and beyond to the pool and tennis court.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Pool and tennis court. This photo shows the new pool plaster, new coping, new spa, and BBQ starting to be bult.
This is the pool decking overlooking property below.
Exterior of home pre-construction on pool side. NOte that all the old windows and french doors with the grids were removed and new windows and doors without grids were installed to maximize the views.
You going to have to try out the swimming pool before selling property :)
Way ahead of you! Done that, will do again.
Here is another photo of the backside portion of the home in the stucco process. Lathe is on, then the scratch coat, then the brown coat, then the color coat. To date, we have completed up to the Brown coat and color coat is going next, hopfully by start of next week.