All Forum Posts by: Ian Patrick

Sure
50% rule - principal and interest does not exceed 50% of the total rent on the property. Some people include taxes.

As far as 70% arv - this is what you are all in on the property for. This includes rehab, wholesale fee, holding costs etc. If I buy a property with an ARV of 100k, I would be at the very most 70k once all finished. Exit strategy can vary that % by a little bit

Yes we do hold properties. No the criteria doesnt change, but we have specific areas and kinds of properties that fit our model. It is more based on our farm areas that we like than the way we calculate the deal. We always make sure the cashflow fits the 50% rule. We never exceed 70% ARV. Even 70% tends to be on the high end.

Easiest start point for you imo

1. Sellers - Newspaper ad and mailers
2. Buyers - Networking events

Find a couple of cash buyers at your local networking events and see where they buy and at what numbers. Then market to those areas.

It's called P.I.G. Thought people would like that one. Philadelphia Investors Group

Make sure the cashflow is correct and very conservative. Also if this happend recently , I would wait for a 6month period before purchasing so it will be reflected in the comps

To add to this, we have also opened our own networking group for people to come to. It has been great.

Sure, no problem

We attend every single REI meeting in our area and everyone knows us because we give and take business cards all night. Our website optimization on the buying end has had a great impact on new buyers constantly requesting info. Website optimization was a gamble because of the cost, but on the buying side, it paid off. There are more than enough qualified buyers at REI clubs to get some good ones. There are also a ton of tire kickers. Hope this helps

We can find it in the public record search on our MLS. I'm not sure if this works on all MLS's

When you say team, do you mean employed?
We have 6 people that are employed.
Marketing for buyers is a whole lot of networking at local REI groups and collecting business cards. A good amount find our website and inquire. Thats where most come from