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.
What kind of market activity are you seeing on this, Will?
I don't want to put the cart before the horse but I had a showing this last week and it went very well. My agent stated, "I would be amazed if they don't buy it".
Have two more showings upcoming and the feedback from everyone, agents, neighbors, open house visitors has all been spectacular.
Real Estate Agent · Orlando, FL · Member since 2013 · 270 posts · 40 votes
12y
absolutely amazing project @Will Barnard really inspiring to me to amount of issues you battled through for this one and it looks like it was well worth the fight!!
I'm just curious, but if you don't mind me asking, what does it cost to stage a house of this size and class? I'm assuming you don't have all your own furniture, but I could be wrong.
I'm just curious, but if you don't mind me asking, what does it cost to stage a house of this size and class? I'm assuming you don't have all your own furniture, but I could be wrong.
The staging fee and all the furniture for 4 months, including set-up and take down ran approx. $28k. I also purchased patio furniture that I will either sell with the home or take to the next project. That cost an additional $8k.
Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
12y
@Will Barnard - what a terrific project and a gorgeous video. Best of luck on the sale and thank you for the complete disclosure of costs, hassles, etc.
Will, what are average days on market for true comps?
Many of the solds average more than 6 months, however, very few of those were of the quality and desirability of the subject property. The holidays really slowed things down and have also attributed to my inflated DOM thus far.
The property has not sold yet and now that the holidays are over, things should pick up. I am also currently looking into approvals to develop the lots below and assuming I can, I may drop the price dramatically but not include the lower lots, then I could spec build 2-5 custom ranch homes