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All Forum Posts by: Erika F.

Erika F. has started 3 posts and replied 9 times.

Post: Profit Margin

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

Actually, I do have one more question for those who responded. Do you calculate labor into your repair costs or do you absorb the labor and consider your profit part of the payment for your labor (i.e. you do your own work).

Post: Profit Margin

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

Awesome advice. Thank you all for giving me your input. I think I have a pretty good idea of where i stand and where I need to be in order to be competitive in my market. This will definitely help when I evaluate future deals!!
Best of luck to all!

Post: Profit Margin

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

Here is an example:

ARV = 120K
Selling Price (after rehab) = 100K
My profit (30%) based off 100K = 30K
This means that all other costs (purchase price, closing, holding, repairs, seller concessions, etc, etc) must be 70K or less in order for me to take this deal.

I would like to know if my 30% profit margin is in line with the industry standard.

Post: Profit Margin

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

I am trying to determine if there is an industry standard profit margin for real estate investors. Is there a standard percentage of profit that you look for when evaluating a deal?

i.e. When evaluating a deal, always look for at least a 30% profit that can be reinvested back into your business, etc.

Post: MI - RE Attorney

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

I am looking for a recommendation for a real estate attorney in Southeastern MI. I am looking for an attorney who can think outside the box and provide all options (choices) to a real estate law situation along with possible outcomes upon execution of the options.

It is necessary that the RE Attorney have experience dealing with real estate investors and is an expert with all of the documents that an investor would use.

Please only recommend someone that has serviced you satisfactorily and that you would use an attorney if needed.

Thank you in advance for your recommendations.

Post: 101 Lessons learned in REI

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

35. Find out the story, and make an offer to fit the situation. There is always a creative way of helping someone's problem, at the same time, helping your pockets grow bigger!!
36. Portray confidence and make eye contact. It works wonders.

Post: newbie from tx,ms, az and cancun!!

Erika F.Posted
  • Michigan
  • Posts 11
  • Votes 0

Rich, it was a pleasure reading your introduction. It sounds as if you have pleanty of knowledge and practices to share!! I look forward to reading your posts.

Thank you to all for your support and well wishes. I have not narrowed down a specific area for investment yet. However, I am thinking about the Ann Arbor area.

My name is Erika. I am from Southeastern MI. I have travelled to many places, but have never resided outside of MI.

My background in real estate is home ownership for 6 years (one for 3.5 years and currently living in one for 2.5 years) and the information I have been able to soak up from reading.

My goal is to become financially independent of Corporate America through real estate investment, specifically in multi-family units by December 2010.

I am look forward to learning from the memebers of bigger pockets and sharing as I learn.