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.
Love whats going on here, but im itching for an update @Will Barnard
Here is a scratch for that itch. Staging begins tomorrow. Interior complete, exterior landscape and hardscape along with exterior touch ups remain and will be completed by this weekend. Will get final video shot, hit on MLS and start video editing after.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
You all may have noticed that I have only been able to make a post or two a day over the last 3 weeks or so, in large part due to the enormous pressure of deadlines, this investment in particular.
The long journey is almost over and the rehab is now completed. The final portion of the video was filmed Friday, the property is now on the MLS as of today, and I should have the fully edited video by next week. I will post when completed.
If any of you local to me members care to see the property in all its finished glory, please contact me for a viewing. I am having a broker's open Friday, October 4, 2013 from 11am - 2pm so any and all RE agents are welcome to come by.
What a beauty! Great job, Will! Hope she sells quickly!
I hope so too, thanks for the support everyone. I have high expectations for this beauty to sell quickly as the market is strong here and the estate is one of a kind.
The staging of this home was very expensive. However, necessary in a home of this size and I believe the costs will be made up in the sale price as it shows so much better staged than empty. My stager did a fabulous job and the photos do not do this home a justice. Seeing in person is the only way to fully appreciate the work.
Flipper/Rehabber · Frisco, TX · Member since 2012 · 4 posts · 1 vote
13y
Very impressive @Will Barnard. I've been following this since joining BP and I have waited for the day to see your completion. Great rehab, great staging as well! Again, excellent work. Praying that this sells fast for you sir!
Amazing work! Do the agents on each side get 3%, or is it typically less on these kinds of houses? That would be $127,500 per side!
With the exception of never saying never, I never pay 6% as an investor with volume. In this case, I am paying my typical 5%, 2.5% per side. Great question @Bryce Y.