Just starting out and excited to be here... I'm looking to find fixer-uppers and/or rental investments for starters. I would like to find a mentor/agent who has experience with Foreclosures (HUD) who would be willing ...

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

What are your goals for holding investments in these markets?

We plan to hold for another 2 years, and expect to beat our proforma handily.

We are considering building and holding townhomes but need to determine the costs.  

It is a set price that you are going to get for it and if the deal makes sense with an 8% profit vs ARV (80% for purchase, 7% for realtor and closing costs, and 5% holding costs), it will be a good deal for you.Account Closed You are 100% right.

As I do plan to hold on to this property for the long haul.

You spoke of the risk via the county etc but what about the risk of the market dropping during your hold? 

That will give me a gross profit of 20% minus holding and commissions.

Hold additional % into your CapEx!