All Forum Posts by: Paul Sorgi

I could say a lot but I'll just add a few points. When trying to determine what a property will be worth after it is rehabbed you can ignore listing prices. You want to focus on the sold price of similar properties in close proximity to the property you are considering. Second to get a feel for why one property lists for 25k and another for 70k go and look at them with your REA friend. Your RE agent should also be able to pull comps for you as well and you can take a look at the pics from when the properties where listed.

You will also want to be evaluating these properties from the proper perspective. Use the 70% formula to determine what you should be paying for a property.

MPP=(70%*ARV)-repairs

.70*70k-20k repairs=29K MPP (Maximum Purchase Price)

ARV= After Repair Value

There are tons of articles on here that cover rehabbing and flipping.

I strongly recommend J Scott's book The Book on Flipping Houses.

Wish you the Best

Great to meet you here @Chris Jessica Sanders I wish you and your husband all the best!

Welcome @Craig Beverley B\as everyone has already attested too BP is a great place to grow your network and your knowledge

Welcome to the BP community.

Welcome to BP @Ricky Gritt to BP

Look forward to meeting you at a local event or 2!

Welcome to BP a great place to learn and grow your network.

Welcome to BP and good luck with your investing.

Lots of great answers here. After reading everyone's great ideas what are you thinking about doing?

I know in my area commercial loans have been used for SFR that investors I know rented or flipped. My advice talk to small local banks and ask for their commercial lending department. A god mortgage broker who handles small commercial loans might be able to help as well. It sounds like you own multiple properties you could also look into a blanket loan.

You may also want to find a partner with money, with experience, with contacts etc. The cost associated with sharing your profit will for itself over and over again if you partner with the right person. Just another idea for you.