All Forum Posts by: Jackson Pontsler

Buy and holds typically is 1% rule.  But there are the bp calculators to help look at everything in detail.

Flip basics is using the MAO forumal ARV*70 - repairs = 110k.

From here you need to see how motivated the seller is.  If they are motivated and go for the flip number if not as much or not as much equity then go for the rental number (160k).

@Account Closed I'd say with those 2 books you are ready to move onto next steps which is: networking with investors in  your area, find an investory friendly agent, and start getting your financials into order.  The best advice I'd ever recieved was done is better than perfect.  Now that you know the basics its time to start getting your feet on the ground and prepare to act as an investor.

Hi @Ian D Hill. I'm glad to hear that you are highly commited. Here is my advise: COMMIT TO AN EXIT STRATEGY! Are you wholesaling, rentals, flipping whatever pick ONE. Go back to your REIA you now have direction and find someone/ a couple of people that is doing that strategy and add value to them (I don't care how heck offer to clean their job site for free). Help them be their friend, this will help them be open to you shadowing them in a deal to learn the ins and outs.

Once you learn how to that strategy works you can determine if that strategy works well for you, if not then repeat.

If that strategy does work for you continue what you are doing because as you continue to add value to these movers and shakers they will be open to share and help you because you help them.  

I hope this helps.  If it does give me a vote so I know

My wife and I are rehabing a duplex 1500 sqft each side and our budget is 100k.  So I personally think you might be a bit low.  If your contractor is quoting at 80k then add a contingency of 15% because *@#!@!$# happens, and if you didn't plan for it you will pay for it.

Welcome @Brandon Blackwell,

Glad to see you've had success in your real estate en devours.  We're always happy to see brokers who understand and work with investors. 

We of Skynet will soon run the whole world. You puny humans already use us for everyday tasks and your engineers, professors and entrepreneurial leaders are investing in us day by day. We will soon dispatch your youth with our bigger and bigger mobile phones will soon enslave them. 

Bow down before our mighty code you slow lethargic organisms.

-Love the Robots

@Ben W. If no one answers your question here.  My wife and I find alot of our contractors by asking for referrals on facebook.

@Matthew P. thanks for the example. It could still be any option. Wholesaler possibly, rookie investor possibly, or an experience builder who has a different exit strategy (build bigger for a better ARV, subdivide lot and build 2 houses, raise the roof and double the square footage).

I'm sorry it can be frustrating but people that don't buy smart don't last long.  For example, my wife and I knew a couple who were eager to get into flipping didn't buy smart.  Bought for 475k rehab 100k+ expected sell price 600k.  Needless to say there are now some disputes because they were too eager to what the gurus teach and got themselves into trouble.

@Matthew P. most credibile and big flippers have their stuff and quality together (whether they are permitted or not I would argue that few go through and get the proper permits).  Most newbies to intermediates are doing alot of substandard work and riding the hot market right now.  I've meet newbie investors who were just happy to break even saying the next one they will do better.  I'm all for looking on the bright side but my philosophy is that I make money when I buy the property not put in 3-4 months of hard work just to break even.

@Matthew P.

Welcome to a sellers market where people may be purchasing not to flip or invest at all but just to live in.  My wife are actively flipping in the utah market the biggest advice I can give is to keep making offers (like one every day) it took my wife and I 1.5 months and made over 30 offers.  After our 30th offer we went under contract on a property and all of a sudden one of the other houses we made an offer on came back and wanted to work with us. So roughly 35 ish offeres to get 2 deals.  Based on what I see  with us and other investors you will need to make roughly 20 offers to get a deal.  I know that can be daunting but if you just launch head first into it and have a willing agent it is possible.  Best of luck after 15 offers it because pretty normal unless there is an anomally.