All Forum Posts by: Taylor Forconi

Il be there for sure. This a great idea!

Hey Mike,

In my opinion I think you should get into real estate if that's what you want to do. Granted I don't quite yet have any experience yet but I do plan on starting to invest while having student loans. I feel that the sooner we're able to get started the better. I mean obviously a person needs to assess their situation and not over extend themselves, but from what you say it sounds like you are in a good position to jump in.

As I said though I don't quite yet have any experience, but that's just my thoughts on it! Hopefully this topic gets some more attention, I'd like to hear what others think as well. Good luck with everything!

This was great! Putting all of these topics together in one place was another brilliant idea by BP. This can definitely get any beginners on the right track for sure and I thought it was great you guys included links to more in depth posts.

Oh, and its free! Thanks guys awesome job it was really helpful!

That's an awesome idea. I would definitely get a copy.

J Scott Thanks for the link J, that is a great article. I actually started reading your website a couple days ago and have found it to be really helpful. You have a lot of info on there.

Robert Taylor (not a bad name choice if I say so myself lol) I was planning to add around 20% for my budgeted costs, but I like your idea of just budgeting for more expensive items plus the 20% that way I'll be sure to have everything covered. I'll be sure to be sure to make a habit of this at least until I have a better feeling for costs of everything. I think one of my biggest challenges will be figuring out labor costs for each project.

I like the idea of supplying rehabs to sell to landlords who don't want to be too hands on, as you said they probably won't have to fix very much. I'll have to check with a CPA to get a full picture of how everything will go working in both Superior and Duluth, but I think that I should be able to make it work. I know a few business owners who have locations in both states and seem to be doing it well so I will have to talk to them as well. I actually grew up in MN and have been living across the bridge for about a year and half and there is a big difference in sales tax. So even if I were able to get large or expensive materials from here for projects in MN that would save quite a bit on that front, about 2% in tax if not more.

Wow! 4 projects at once I can't wait to get to that level someday. It sounds like they are all turning out the way you want them to so far. As you said you might not make as much percent on the big ones, but they are listing a lot higher so you will definitely be pulling in more cash!

Will Barnard Ok, great. That makes things quite a bit easier as long as I adjust accordingly for different market conditions and areas. Thanks!

Mike LaCava Thanks for the detailed reply. That really clarified everything about the 70% rule and the costs. I will definitely be putting that to use.

Jenkins Ramon Yea I agree about the smaller market, and that's what I plan on doing among other things. I'll definitely be checking with various places to get a better feel for costs of everything. I also know quite a few people as far as carpenters and handyman go so I have a small start there but will be checking further. Having the local college here is nice because that will offer people looking for housing. Also, I am right next to Duluth, MN so I plan to hopefully be able to utilize that area as well.

Will Barnard Thanks for the reply, that makes more sense to me. I have been reading about the 70% rule as well. In that case do you figure in all other costs or only the repair costs to reach your maximum offer? I know you said that it will allow for all selling costs, holding costs, and acquisition costs, but do you figure that in? Thanks.

Hi everyone, I have been reading everything I can for a while now and I just had a quick question. I have been looking over the sticky on this forum about The REAL costs of flipping a house. Clearly all of these costs would be calculated before making an offer an a property to ensure making a profit.

I was just wondering how you could estimate costs such as broker's fee, lender's lawyer costs, and title work costs. Also, he said that he paid the points to his lender in cash right when he purchased the property. Is that the time that is normally paid or after the flip is completed? All responses are greatly appreciated.

Thanks,

Taylor