All Forum Posts by: Bryan H.

I forgot about that one. I went a few times and really liked it.

Head to the next REIA in your area and ask other investors for recommendations.

http://www.reiaofoakland.com/home.html
http://reiaofmacomb.com/

I've been using Zillow.com but probably not the way most people use it, then I compare what my realtor has given me and the results have been pretty good.

On Zillow, once you find a property, look on the right side, down the page a bit for "Nearby Similar Sales' and click "See Similar Sales". This takes you to a list of sold homes. From here, I copy and paste into Excel, filter out homes to get homes sold less than 6 months ago, less than 1 mile away, same amount of bedrooms, similar age of home (within 7 years) and within 100sf of my property.

Average the sold amount and also look at the average $/sf multiplied by my homes SF and it gives me a range I feel comfortable with.

So what are you saying your ARV or sell price is?

I wouldn't touch this unless your wholesale price is closer to $100k. And that's assuming your ARV and repairs are accurate. After transaction & holding costs I would lose money on this.

You are at 88% ARV. Look up the 70% rule. Real quick is the math on this deal

70% ARV = $119k - repairs $15k = $104k.

I got a quote once, they arent a bargain. The deal the offer is if you install next day. You MUST install next day of their pitch.

Very few carpet selections. They get you with install and pad costs, those aren't discounted and actually jacked up.

Find a nice, small carpet place. Let them know you are an investor, you will find better deals there.

I don't think dollar amount will be a good way to describe return from a flip. $15k return on $50k flip, IMO is well worth it. $15k on $500k flip, IMO too slim for me.

Based on the 70% rule, I think many shoot for 15% ROI.

Start with free resources, then if you can't do it find a local attorney/cpa to help you. It will be cheaper than a guru program.

http://www.kansas.gov/businesscenter/
http://www.kssos.org/business/

If your place can get an extra $200 more, then you should charge an extra $200. If they can't afford it, then they will move out. If they can afford it, they will research the market, see what they can get for that new price. If your place is really in-line with the market, they will stay. Moving sucks, it takes time and money. If as a renter, I can't get a better deal elsewhere, I will suck it up and pay my rent. Like Rob K said, they know when they are getting a deal, they know market rents. They have searched for places to live, compared locations and prices, so they know what's out there. Provide proper notice, raise the rents.