How closely do you follow the 70% rule?

[Patrick Philip]

Where I live, I have seen wholesalers post houses at 88%. I am trying to get into both rehabbing and wholesaling. I think that if I'm waiting for a house at 70% value, I will be waiting a long time. I'm in central Florida, which I'm told is a heavy seller's market right now.

I think I should even be happy with 90% at this point. (10% profit). Anything is better than nothing.

What about all the experienced rehabbers (and wholesalers) out there? Should I adjust to reality and go well above 70%?