Episode Details

HFHQ 24: High-End House Flipping with Will Barnard (Part 1)

Published 12 years, 6 months ago

Description

This is Part 1 of our interview with Will Barnard. Part 2 will be up in two days

Will Bernard is a house flipper that focuses his energies on higher end properties. Today we discuss how he finds his deals and the process he uses to finance them. Amazingly he does this all with just private money lenders and his own equity!

Have any questions for Will or myself? Just post them in the comments area below! And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?

Flip Tip

I was thinking about creating systems during a trip to Disneyland. All successful businesses utilize systems. You have to give up the idea that you need to do everything in your business on your own. It does take more time and effort to train someone to do something, so you need to take the time to set up your system. And you should know how to do something, like evaluating properties, before you train someone else. But other things that are “unskilled”, like licking stamps, can be turned over quickly and delegated out. Start delegating the simple stuff and then increase the complexity (and their compensation) as your trust in the person increases. Then focus your energies on growing you business, instead of running each moving part.

Show Notes

In this episode we cover:

Will Barnard's early start as a self-employed business person and how he found real estate investing and house flipping
In 2004 Will started buying houses and in 2005 started buying houses in Texas even though he lived in California
In 2009 Will did his first flip and almost pulled six figured on the deal
Why Will's main focus right now is on the luxury market with higher-end houses
How Will finds properties using the MLS
What Will looks for when searching out higher-end deals
Will's business, Investor Experts, and how it helps people find MLS deals.
Will's plans to use Direct Mail as part of his acquisition funnel
How Will funds all of his higher end deals just with private money and personal funds.
How to increase your pool of private money and find the lenders with money.
How to avoid breaking government rules with private money lending
What Will does to structure his financing and payments

Tweetable Quotes

“Everyone and their dog is trying to flip houses” ~ Will Barnard [Tweet This!]
“There is risk in everything we do and everything we say. It is how well you mitigate that risk that matters” ~ Will Barnard [Tweet This!]
“If you're brand new I highly recommend starting with … family and friends” ~ Will Barnard [Tweet This!]
“I always focus on the lender and not myself” ~ Will Barnard [Tweet This!]

Transcript

Click here to Read and Download the Transcript for Episode 24