011: Fix and Flipping Million Dollar Homes with Will Barnard
Will Barnard’s company focuses on flipping high-end houses. He didn’t start flipping million dollar houses, but he built his business up over time to a point where he can flip home in Beverly Hills. His first flip was what he calls “accidental” but once he sold it for a profit, he’s been hooked ever since. Hi company does business in Southern California, one of the toughest real estate market in the United States. But he’s doing it, even though people tell him it’s impossible. In this episode of The InvestFourMore Podcast, Will shares his story with Mark Ferguson and you, and unloads some amazing tips regarding house flipping, property ownership and rentals, investing, partnerships, and much more.
When is a $1 million margin on a house flip NOT a big one?
On the surface one million dollars margin on a flip seems like a huge amount. However, flipping is done on a percentage basis, not dollar amounts. The amount of renovation, taxes, fees, code issues you have to deal with, and thousands of other things, can make the percentages so small, there’s not much wiggle room. On the properties Will Barnard flips a one million dollar margin can be eat up very quickly, especially when renovations can run up to $500,000. In this episode you’ll hear all about Will’s approach to flipping on that scale, how he moved into that realm, and why he thinks he should have stuck with less expensive properties as well as doing the more expensive ones.
How can you make a smart offer on a MLS property?
There are many real estate investors who make hundreds of offers on properties every single month, but an offer does not equal a purchase. What’s wrong? Will Barnard would say they’re not making what he calls “smart offers.” They’re low-balling the property, trying to get it for the very least they can. That’s not a bad idea if you’ve done adequate research on the property and the circumstances warrant a low offer. If you are simply offering on every REO or short sale, you’re taking a stab in the dark and don’t have much chance of your offer being seriously considered. Will’s going to share his insights into what makes a smart offer on a MLS property, and tell how he’s made that skill into a very successful, high dollar real estate investing business. You’re going to love it!
Do you know how to make an offer on a property you’ve never seen?
Will Barnard makes offers on houses he never sees and he’s doing it day after day with loads of success. He says it’s all in the numbers and in how you analyze what they mean. It requires understanding the local market, knowing how the market impacts your ability to renovate and resell a property, and sticking to the margins you know are best for your business model. He also knows if he makes an offer, he will go through with it. Find out the details of how Will goes about it on this episode of The InvestFourMore Podcast.
Are you interested in learning how to do fix and flips?
In this episode you’ll hear from two guys who regularly do very profitable fix and flips, and one of the most helpful questions answered is this: “What advice would you give to someone who’s never done fix and flips but wants to learn how?” The detail and comprehensive nature of what Mark and Will share is amazing. You’ll not only know the first steps to take, you’ll also know some amazing things NOT to do. You won’t want to miss the tips in that short segment of this powerful episode.
Will’s website – https://www.barnardenterprises.com/about.html