Anyone in here actively flipping homes in the San Fernando Valley, Los Angeles Ca?

Most of the "Established" firms had the inside track and were active in lobbying so it has not filtered down to most of us BP level investors.

CapEx is included, but is considerably lower because it's a very new, excellent condition property (I considered things such as paint, appliances, flooring that would be needed while we still own the property).Purchase Price $350,000Purchase Closing Costs $1,300Total Project Cost $351,300ARV $350,000Down Payment $12,250Loan Amount $337,750Amortized for 30 yearsLoan Interest Rate 4.6%Monthly P&I $1,731.46Total Cash Needed $13,550.002% Rule 0.85%Initial Equity $12,250Monthly Income ($1500 per unit) $3,000 Monthly Expenses (Including CapEx) $2,607 Monthly Cashflow $392 Pro Forma Cap 7.28% Total Cash Needed $13,550.00Cash on Cash ROI 34.73% Purchase Cap Rate 7.28%Est Vacancy $150PMI $200Est CapEx $63Insurance $80P&I $1,731.46My only major concern is that I'm not meeting the 2% rule (and just short of 1%, even), but this is probably the closest property I've seen, and has a significant cash on cash ROI.

If someone else is paying down my loan I am happy  All investing is a risk based activity in which you allocate capital to achieve a certain return for the risk profile that the investor finds acceptable.

I manage vacation rental homes in Charlotte area, and I recommend you have the following:House specific cleaning checklist per home w/condition section for cleaner to fill outHouse specific house info sheetsHouse specific check out checklist per homeIf you get these three documents done well, this will cover the majority of questions that arise from guests and problems with the property that arise before and after they check out.

When I looked at the property, it was vacant, but an active listing, so in my mind, the sellers NEEDED to sell and left the residence, or,they're snowbirds and left for the winter. 

I was wondering if it was possible to become a successful real estate developer in smaller markets like mine and the surrounding areas versus being in a major metropolitan city.

I love running numbers on homes and also drive a majority of my day for work.

I am in the Rochester area and have been actively seeking my first property.

It is in a very small town (about a block long) and sits directly on a major thoroughfare through the area.