All Forum Posts by: Will Barnard

Is it possible, yes. Is it common, no. Will most list agents take issue with it if you disclose your actual intentions, probably. Good and successful wholesalers add value. What value are you bringing to the table with an on market property anyone can view online in 30 seconds? If it really is a great deal for an investor, why is it not pending? How many days on market so far? You have to answer some questions to yourself to see if this really is a deal an investor would want. If that answer somehow is yes, then you should find the buyer first, provide the numbers of the deal first (no address) and ask if they agree to those numbers once they see the home, what will they pay you for it. Get that in writing, then give them the details of the property and let them deal direct with the seller/list agent. Or, start a new entity with your new buyer and make offers in the name of that entity with your "partner's" POF where you have an agreement in writing to fees to you for each closed deal. Perhaps you only take 5%-10% of the company shares at close, stay on to learn the rehab business and gain real experience so you can then do it yourself someday soon after. . . .

I don't know the rules in your Nor Cal area so i suggest you speak to your building and safety department (or any reputable architect in your area) to help inform you of your options and costs. From there, a contractor to bid the plan set and a real estate agent (highly experienced with RE investing experience) to analyze the difference in value from the existing use to the new use.

One vote against the flipping business I guess. I would not put to much weight behind the Nar stat above, no more than I would when they say the "average price of RE in the US = X" What happens in CT vs WY vs CA are huge differences and the RE market is local, not national. If I only made $15k on a flip, I would have never ever flipped one house. My current flip is a $500k acquisition, $120k rehab, and a list price of $749k with 2 offers at $800k already and several more below that but over ask price (in only 5 days of listing). I made $1M on 1 single family flip and made 6 figures on many more. I guess NAR did not include me in their data.

Anyways, the taxing of it is certainly a drag and for every few flips, you certainly want to hold something as the saying "don't wait to buy real estate, buy real estate and wait" is certainly valid on a number of levels, including taxing.

How to scale: Systems, proper payperwork, proper team building, and proper oversite is a good start. Finding enough funding and deal flow is the second piece of that puzzle. The best way to find a coach to help you scale is to find someone who is doing what you want to do very successfully and is willing to take you under their wing. 

The average buyer may not know the difference however, PEX is a superior product and if you are going through the expense to redo all the plumbing, I would go with PEX. Adding that to your description upon sale and pointing it out to buyers will certainly help and not hurt your efforts to getting top dollar. WHat people see and touch is certainly more helpful to your bottom line like kitchen remodels, baths, curb appeal, etc.

WIth this type of question, you will get all kinds of answers leaving you with the same question again. Everyone has an opinion, so it is imperative that YOU analyze what your goals are, what skills you have, what you like and don't like. If your goals are cash flow only (as in you want mail box money to live off of), then finding that cash flow market would be your best bet. If your goals are wealth building, then finding a market with great appreciation can be the better play (Hawaii being a decent choice for that and much of CA being some of the greatest for that). 

Another thing to consider here (that went unmentioned above) is that your $300k comes in the form of debt from your primary residence so if you lose any of it in a bad investment, you will be paying on that debt out of your pocket to keep your primary home. That is something you really need to be careful on in what investments you choose and ensure you mitigate risks through proper due diligence, education in the investment strategy you choose, & proper team building to accomplish the goal. Borrowing from your home at a lower rate and investing that capital into a higher return is the process of arbitrage and some will say not to do it while others will give the thumbs up. I am somewhere in the middle on that and only do it when I know my downside risks are fully covered in the investment.

Great, I can set it up for a 5, 6, or even 7pm meet up on any Wed or Thurs and some Tues evenings. I can also be the speaker on pretty much any topic from flipping to developments and from wholesaling to buy and hold landlording. 

I'm late to this thread but would be happy to attend some meetups here locally as I live in Santa Clarita and my office is here too. If you all have had trouble finding a location, we could either do it at my office or we can pick a local restaurant to do it at. My good friend owns Gyromania and his location in Canyon Country (Soledad Canyon) has a nice outdoor and indoor room we could use for probably up to 20 people.

It would be great to get both new and seasoned investors so there would be something for everybody.

Very difficult to say without seeing both bids, a third bid would be very beneficial here. I am going to guess that the two bids are not apples to apples so that is likely 1 reason for the difference. Assuming this is a flip since you are in the rehabbing forum, then time is a big issue too so the guy who is more but does it faster may in the end be less expensive once you account for saved holding costs.

Some contractors play the game of low bids and not include everything, then charge order you to death later so be sure your bids are inclusive of all line items you need. If you don't know each line item needed, you should get a trusted pro to look them over to be sure all bases are covered.

 Go to your county recorder's office and request the lists (they may also have self service computers to look up these files).

I will second what @Brian Burke stated. Congrats to Brandon on his success and I wish him well in all his endeavors. The BP podcast was a huge stepping stone for BP Nation and really catapulted the site to what it is today. As another multiple podcast guest on the show, it really helped inspire so many and continues to do so.