Fixing and Flipping in Houston

[Jonathan Sanchez]

Quick question to fix & flippers in the Houston area, specifically the North Houston/Spring area. What is the formula you guys tend to stick with? Currently trying to get my first deal done and was trying to use the 70% arv - repairs (15k-75k on light/medium/heavy for 1,500-2,500 sqft.) Taking hold costs & carry cost into account plus a 15% desired profit. I have two properties in mind I wanted to do with an estimated arv of $245k that were both flooded. Came up to 80-95k purchase price but when I mentioned to owner’s I needed to be in that price range they immediately shut down. Any input into this is greatly appreciated! Thanks in advance!