All Forum Posts by: Will Barnard

 I will take a stab at this, Mary can give her own answer:

I hear it all the time, the wholesaler can make the deal happen fast and easy so that is why the seller wants to go that ave. and knowingly (supposedly) leave $ on the table. To this I call BS. Any agent worth their salt can list the property, price it under market, hold a 1 day open house and get multiple all cash offers into bidding wars, counter the best (or all) on day two/three, and go into escrow on day 5 for all cash. This process exposes the deal to the public and not just the one wholesaler's buyers network (which is miniscule in comparison to the public). I don't know anyone who would want to sell their home or any belonging for less than what they know/think they can get on the open marketplace. Any "emergency situation" by the seller can be handled be a legit and excellent agent just as fast as any wholesaler.

Kenny, the step of building your contractor team is a vert important one and many fail to properly do so. This can greatly hinder your success. Finding good contractors and subs are not easy and some of it has to be via trail and error. Referrals are great but even some referrals turn out bad so they are NOT guaranteed. You could ask around at local meetups finding other rehabbers in your area and see who they use, but keep in mind that some may keep their best ones close to the vest and for good reason.

You can also check with very experienced project managers and real estate agents and get some referrals from them. Having a site and contacting several to bid on each of your line item tasks and comparing apples to apples bids is also a good way to locate a sub contractor or GC. Lastly, you can hang out at 6am at your Home Depot/Lowes and find some there too.

Hopefully everyone interested who has commented is "following" this thread (scroll to top and click "follow thread").

I will tag a few people who have expressed interest in local meetups (my apologies if I missed anyone:

@Kim Heinrich / @Adam Endeman / @Dan Schweit / @Jordan Alvarez / @Marco Bario / @Andy Luis / @Jon Feldman / @Ellis San Jose / @Jae M. Welge / @Kevork Artinian / @Fernanda Herrera / @Kevin Vallejo / @Sterling C. / @Jin Kim / @Luke McMullen / @Andy Borses / @Ian Salinas 

Attention all: This meeting is set for Wednesday, December 15, 2021 at 5:30PM-7PM at Gyromania located at 20655 Soledad Canyon Rd, Santa Clarita, CA 91351

For anyone planning to attend, please either post here or PM me that you are coming.

 I am not going to touch the racism convo here, but will only make a point regarding this Gardena/Torrance comparison. My grandmother lives in Gardena (where I manage her two rentals there as well) and my Aunt/Uncle live in Torrance. Torrance is more expensive than Gardena because it is west of the 405 and closer to the beach, the mall, etc. Real estate values are in large part priced due to location, location and location. I really doubt (99.99% confidence) that Torrance is more expensive due to more whites living there than blacks, it is due to the location, which in turn creates DEMAND and demand creates price increase. That is economics 101 in all industries.

 Here is your answer. Neither. HD or Lowes has these and they are super simple to install. 

The Valley as in the San Fernando Valley? That is my prime area.

I have sold almost ALL of my homes without any window coverings, so that should be the least of your worries. If buyer wants them, they can pick their own or you can provide a small credit to do it themselves, this way, they get what they want. Your numbers look good and you appear to have a ton of equity room in this deal so you should have NO problem getting the funds to complete the tiny amount remaining.

Do not follow advice of selling as is without counters or as a fixer upper. You will leave a ton of money on the table, get the fund , complete it and move on. I feel your stress, let me somewhat help you with that. At one point, I had a deal in Beverly Hills, CA along with two other multi million dollar projects and my outgoing monthly nut was almost $100k each month! I could not sleep at night thinking about the responsibility of that for months and on top of that, the Bev Hills deal resulted in a $250k loss to me with not enough proceeds at sale to pay off my investors. I had to convert them to unsecured and only with my personal guarantee that I would pay their balance with full interest. I did so by flipping more houses and paying them off in full! Talk about a stressful situation. Yours is tiny in comparison so try to stay calm, stay positive, and go after some money (without desperation). You will get through this.

One more idea, could you go back to your seller financed note, explain your situation and show them photos of all work completed with itemized list of remaining repairs and have them extend a tad more credit to you since you have so much equity protection in the deal for them?

As to the x contractors who violated you, what are their names so I can have them sleeping with the fishes?

Ok then, let’s schedule for next Wednesday, December 15 at 5:30pm-7pm

I will set meeting location and reply back this week. 
@Joshua Sinatra Would you want to create a meetup.com link for this meetup? That way we know who is coming and have people register via the website.

Without knowing what the other homes in the area have or the price points, it is hard to say but most buyers wont know the difference between the products. Most comp shingle manufacturers provide warranties on their products. Paying so much more to o0ne contractor over another for a roof does not make good financial sense to me.

Probably everywhere. My strategy has always been to find the ugliest house on the best streets in nice neighborhoods. Or the smallest one and add on to it if your market supports that.