Phoenix Area Formula

[Bob Nesbit]

Hello all!

Im new to real estate investing and looking to do rehabs. I have read a few books, and listened to several tapes, DVDs, etc. They all seem to say my purchase price should be 70%ARV minus the repairs. I have had quite a few Wholesalers and Real Estate Agents send me lists but none of the properties even come close to that formula for my purchase price. And the people I have spoken to say this is a "tight" market.

Should I be patient for the right deal? Or am I using the wrong formula in the Phoenix area?

Thanks for any input!