All Forum Posts by: Elliot Weldon

@Will Barnard

Thanks Will! This is all great information, and I’m glad to have finally made a post.

@John Gauger

John,

I’m interested. Just sent you a message!

@Patrick Snyder

Thank you for the response. I am satisfied with the unrealized profit. And i do currently live in it. I just am thinking about how to pull out profit to purchase another one. I sold my last house in 2020 and had about an 80k profit minus expenses but the housing market obviously helped.

I am debating on going full investor mode and start BRRR method on properties or flipping them.

So many choices !

I recently purchased a home for 313k in a Minneapolis suburb. Great neighborhood and I wasn’t thinking of flipping it until I moved in and realized how nice the home could be.

I am thinking that with 60k (higher end of estimate) of work the home would be worth 480-500k in the Summer.

My question is, is the 70 percent rule outdated? At 313k + 60k I’m at roughly 385k which doesn’t quite make the 70 percent rule. But in my opinion I got extremely lucky with the purchase price and am trying to figure out how anybody could find a house that follows the 70 percent rule, at least in Minnesota.

I most likely won’t sell, but am curious. I will look into refinancing, or 1031 exchange if I do sell. Not sure how 1031 exchange works but will find out.