All Forum Posts by: Nicole Almond

Hi Matt Turner I'm a newbie from Little Rock as well. I plan on attending the next CARREIA meeting! Hope to see you there!

Hi Eric Pinter ! I'm a newbie from Little rock. I always love connecting with local investors. Congrats on the awesome portfolio!

Thank you all SOOO MUCH! You have really put it in perspective. Thankfully, I'm not a quitter and the challenge just makes me want to work even more harder. 

@Brandon Moffitt we are cash buyers, so I will definitely make a point to ensure that our realtor is incorporating that into the deals. I've reached out to a few wholesalers, but they have yet to send anything my way ( I get it... we're newbies and the majority want to work with the pros.)

Thank you guys again!

Alright, for the past two months or so I have been on the search for a good rehab property around my home town ( Benton, Arkansas) mainly because I know the area so well, which seems like a good idea when it comes to choosing your farming zone. With the help of an agent, we've put offers in on (3) different properties. Unfortunately, we have yet to have one accepted. If the deal is good, which the very last one looked to be, we offer a little bit over the asking price ( they're foreclosures or HUD homes, so the competition seems to be a little more fierce.) This, however, doesn't seem to make a difference as there always seems to be somebody offering even more than us. I guess what I need to know is if it typically takes a while to get an offer accepted? Are we failing at something or is there any advice/tips that could help?

I read somewhere a while back that when first analyzing a deal, calculate about 10-15% for fixed costs. Obviously, it's important to dissect the fixed costs as close to the actual numbers, but upon first glance does anyone else follow the 10-15% estimate? If not, what's another, if there is another, way to ballpark this amount?

Y'all have  been so helpful. I'm going to revisit the numbers for accuracy. Thank you so much!

Thank you so much @Marcia Maynard. That information helps me out quite a bit.
@Chadd Naugle, your words are perfect. Thank you! Keep us posted on how your flip turns out. I'll definitely update my progress :)

This is fantastic! I'm about to start my first flip and definitely needed to read this. Thank you!

Thank you both so much. I definitely will! @Matt Wood @Account Closed

I've heard that starting your realestate adventure with a house needing a complete renovation wasn't very ideal. With the numbers, however, I am somewhat interested in giving it a go.

The house was built in the 1960's in Alexander Arkansas ( I'm aware that there may be asbestos and lead paint issues). The property it'self isn't in too terribly bad of condition. It does need a new roof, ( one with an arch as the one it has is flat.) It also needs all new appliances and a completely new bathroom installed, but the floors, however, are hardwood and look fantastic. 

The price they're wanting is 59,500. The ARV is about 120K-130k. With the 70% rule of thumb, I have: 120K * .70= 84K ( minus repairs which I, off the top of my head and with, hopefully, much padding have at $40k) = $44,000 for maximum price.

Then we have the fixed costs, about 15%, which is about $6,600.  That would put the profit at: $29,400.

Question: Does that all sound right? Am I missing anything?

Any other rule of thumbs would be much appreciated! Thank you!