See if your seller bought in 2005 to 2008 and you know they will have most likely way overpaid.But, back to price, you might ask the assessor what their formula is for assessed value vs. market value as a starting point.

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

I know to look at the comps to figure out the ARV and then do an acquisition formula (Revenue - Expenses).

That is the basic formula that I use.

You need to understand each formula and all of the logic that goes into it, to be able to make a decision based on the output.

Sometimes it's as simple as re-checking the formulas in your calculator cells - or confirming "monthly" or "annual" on your calculator.

Is there a formula to being a successful investor?

- What formula do you use for buying your properties?

for me, it was common sense stuff ;-)  his formula: look for properties with a problem, buy at a discount b/c of the problem, fix the problem, sell for more. he covered the following topics in the boot camp:1) how apartments will make you wealthy ... overview and mindset stuff2) how to find deals (he brought in a guru to up-sell profit grabber)3) the quick and easy way to evaluate properties (i think he now sells a subscription for an analyzer tool)4) how to determine where and when to buy5) the buying process (0 money down ... up-sells another syndication bootcamp)6) negotiation7) how to write offers 8) how to protect what you have - buying properties in the right entities9) property management overview (he up-sells another 3 day managing the manager bootcamp)10) overview on 1031 exchanges11) tips on how to increase your sales price (i.e., increasing NOI)12) ends with an up-sell to his coaching, which i think starts at 5k, + a monthly fee.  

I recently saw this software being sold by Eddie Speed for $77. Tell me is it useful.  Does it teach anything that is not so common knowledge?