All Forum Posts by: Brandon G.

@Jon Holdman Cool, thanks!

I notice on the forums that everyone is using the @ symbol to address others. Can someone tell me how to do this? is it just as simple as typing it or is there something else that needs to be done? 

I used to be internet savvy but I've fallen so behind. 

For those of you who do business in the Dallas area, how are market conditions right now? I'm interested in getting involved in flipping some properties, but not sure what to expect. I anticipate starting out using MLS listings looking for bank owned properties who need some work. Is business good now or are deals scarce?

I appreciate the replies. So it sounds like a lot of marketing goes into finding these sellers. 

But for someone who wants to start out slow (like one house every 2 years), would it be possible to just work with a real estate agent? In my current construction business we advertise, and whether we're ready or not, the leads come in. And once the ball gets rolling it's not something you can just turn off. If I'm starting out slow in REI with limited capital, I'm afraid I would advertise and not be ready to act on the deals that arise after I've already got my one house.

Your thoughts please.

I'm just getting into learning REI. The main question I have so far is how does one actually find someone willing to sell so cheap? I'm just hoping to get into the business to earn a little extra income and so I won't really need to find tons of properties but after reading the 70% rule I can't imagine how even one person would agree to sell at that price.

Please correct me if I'm wrong but my understanding of the 70% rule is as follows:

I find a property where comparable houses in the area (which do not need repairs) are selling for $150,000. I estimate that to bring this property up to this value it will require $25,000 in repairs. Therefore, the most I should pay would be $80,000. Am I correct in my understanding?

Basically I have to find someone to agree to sell me their property for a little over half the value of comparable homes in the area?

It seems like every single person who knows the comparable home sales in the area and understands that their teir house needs repairing (and I bet they would underestimate these costs) would ask at least $125,000.

Is finding properties as hard as it sounds?