All Forum Posts by: Carl Gorson

profit , carry , closing. Thanks !

Thanks, I guess the calc. was est. holding cost, cost of monies if using HML, closing , as well as JIC. Hell, mabye even permits. I'm just having trouble finding EXACTLY what it is taking into account, as to understand the numbers.

A little help w/the 70% rule calculator and my math please. ARV 159K. Rehab Cost 60K. No extra profit needed. After hitting the calculation bar it gave me an Est. Purchase Price of $51,300. Now , ARV-RC-EPP=$47,700. I have read in the blogs that the 70% rule accounts for approximately 13% of your ARV for profit. So 13% of 159K =$20,670. Bear with me please . $47,700-$20,670=$27,030. MY QUESTION. Is the 70% rule calculator giving me a $27,030 Just In Case (JIC) buffer? Thats aprox. 45% of my entire rehab budget . Is that excessive or is that what I should anticipate ?

How do I go about performing a market analysis out of state? Recently, while on vacation in Florida, I met a very promising potential investment partner for a fix and flip SFH. We have decided to look in the area between Tampa and Fort Myers because this is the area in which he resides and will most likely be taking care of the construction part of our partnership. Seeing how I am from south New Jersey, how do I narrow down and determine what is a strong marketplace for the resale of this potential property?

@Derek Smith

@Derek Smith My name is Carl and I've recently posted on how to find a mentor. Lo and behold I came across a 5 year old post of yours "OK,next Step...Mentor Sherman Regland" Great post and feedback. I felt as thou this was speaking directly to my situation! At this very moment I'm researching my next move, Mentor or Coach. I've hit that wall in my education and am eager to move forward and break through. Soooo, first of all , it's been 5 years. Where are you now in your REI. Secondly,in retrospect ,do you still feel what you did was the right move , with the coach (paid) as opposed to mentor (unpaid,offering your time/work) or going it alone.Any and all feedback would be greatly appreciated. Thanks,

                                                                                                                                                                Carl

@Account Closed

working out the bugs, please see post , thanks

@Brett Snodgrass   Thanks,this is the mechanical approach I've been looking for.This along with the other advice I've been getting , will help me out. I would appreciate any other feedback.

@Cory Boatright    I think I want mentor, I'm thinking that might be more personal. On the other hand, if I'm paying someone, would that be a more straight to the point approach? I would appreciate  your feed back. Thanks

@David Ferrette

thanks David, REIA meetings, I will definitely add that to my schedule. A two way relationship, got it ! thanks, any other advice I would appreciate.

                                                                            Carl

@Bob Okenwa ,

                          Thanks Bob,sounds like sound advice. I'm starting to detect a theme here, so you must be putting me on the right track.thanks again , any other advice would be appreciated.