All Forum Posts by: Mike LaCava

Welcome @Mark Elegeert. Thank you for your service to our country.
Welcome to BP.

J Scott is correct on profit analysis. You are way off on determining your net profit calculations. Your profit generally will be 15-20% of ARV if you get your math right from the beginning. Sounds like your wholesaler/Investor doesn't know the market or is getting bad information or does know. You should absolutely speak up and ask questions and tell him or her what you found out for comps and rehab costs. Based on your findings you can ask him what his take on the deal is because you need to negotiate to a price that makes sense. Keep communicating because you will find all that you need to know and if you want to do business with them.

Nothing wrong with taking in house Justin Pierce. Especially if you're not getting the results you are looking for. I do it both ways. I work with wholesalers and do in house marketing to get deals directly.
You can also train new wholesalers to get your deals on a first look type of arrangement.

Try to be more specific Rodney Hunter but for a quick look you can use the 70% formula that Bryan H. shared and for more in depth analysis look at the one J Scott shared. You must KNOW your all your costs including soft and hard and anticipate your length of time for figuring carrying costs. You MUST know what you can sell it for when complete. Good luck

Looking forward to following J Scott. I am doing my first new house as well but it is a modular and is on order as I write this. Thanks for sharing.

I have not been to the worcester event but if is anything like the waltham black diamond event you must attend. There have been over 100 and up to 200 people attending every time. If you are serious at all about building your business you must get out and network and this is certainly one event I would recommend. Ann Bellamy and her partners run a first class event and they have great speakers to educate you. It is not a pitch fest so don't worry you won't have to pay for anything.

Welcome John Donovan from Woburn. BP is a great place to learn and get more information than any other site out there. It is a great time to buy and hold for long term passive income but the market is heating up so don't over pay. you might consider buying with private money or hard money, stabilizing and renting the house out and then going to the bank to refi and pay off your private or hard money lender. rinse and repeat. You MUST make sure you can refi before you use this strategy and you may want to talk to some hard money lenders first like Ann Bellamy who is local. Best of luck and if I can be of any assistance don't hesitate to ask.

Hello Jacob Allen. Welcome to BP. Like J Scott says don't' focus on deals offered to every other investor out there. You are correct competition is fierce especially with bank owned properties on MLS.
Listen to @Danny Johnson podcast on BP. He gets all or most of his deals from sellers through his exceptional marketing plan. Also check out @Sharon Vornholt as she has excellent skills at getting non mls deals. Much less competition that way and sometimes no competition. I use some of those strategies as well. Contact some legit wholesaler's in your area to see if you can get on their buyers list and let them know you have finances to close.

Welcome to BP Joel Aleman. You started off by finding one of the best sites for information. Joshua Dorkin and Brandon Turner have done an incredible job and try to keep the site as authentic and real as possible. I believe it is one of the best sites out there and you can get any answer you are looking for by just asking. You are young and what a great time to start. It took me until my 40's to get started in real estate investing so don't wait. However you MUST be prepared and learn, learn, and did I say learn as much as you can. Don't get paralysis analysis because you also have to take action. Like Bryan H. says go to your local REIA meetings and start hanging out with real estate investors and learn from those that are doing. Be careful and don't' fall for any get rich quick schemes out there because they are very appealing but 99% of the time the claims are not true. Keep us all updated here on BP as many are here to help!

Welcome Nick Breslin to BP. This is by far the best site to get some of the best information on many different ways to make money in real estate. Joshua Dorkin and Brandon Turner run one of the best and most credible sites out there. You are young and I wanted to do this at your age but never did until I got into my 40's. If you are determined and focused and accept the fact that becoming successful is not easy and happens overnight then you will make it. Don't fall for those get rich quick schemes. The first step is writing down your goals and creating an action plan to get working on them. I did not become a full time investor until after 2 years and enough savings to last me at least 1 year's income for the bumpy road. Read Think and Grow Rich by Napoleon Hill for a great mind set. I think you will love this book. Ask questions on BP we are all here to help.