Mpls.My numbers are:Conservative ARV = $70kRepairs = $30k($70k * .7) - $30k = $19k...and I think $19k definitely gets the contract signed.The numbers work fine if everything goes according to plan, but there are three wild cards:The lot behind the house slopes steeply down into the back wall of the house.  

Can you help me reconcile what seem like wildly different results between the former group and the latter?

She's a local and has a good pulse on the local market as well...And yes, that last bit about the address was a wild turn that we had to deal with.

Maybe I've seen Goodfellas too many times, but my imagination runs wild when it comes to what was on that carpet that needed disposing of.

there are a couple "rules of thumb" that people use around here.1. mortgage payment should be half of rent2. rent should be between 1 and 2% of home value3. subtract 10% of rent for vacancy, 10% for capital expenditures, and 10% for management fees (basically subtract 30% from rent, but the 3 numbers vary by location) and the difference between that number and mortgage is your cash flowthese are very broad heuristics that vary wildly by market though. if you are interested in learning about real estate investing, spend a lot of time reading these forums and podcasts. you can learn a lot here.

Hello All,

I am currently trying to get my first deal under contract and it has some pretty odd stuff going on that I need some advice on. So the back story is this was a driving for dollars prospect. I researched t...

I was thinking something along Wild Lake area etc.  

I have a wild idea for you that worked for me but call some FSBO's and offer them a huge discount on commission or list their house for no listing agent commission if they agree to use you to buy their next home where you will make a full 3% commission.

This was back in 2000 so the lending landscape was the Wild West.

The quality of work can vary so drastically that you could have 10 different home renovators submit the same list of repairs but the difference in the finished product can vary wildly.