Tight Inventory, Margins and the 70% rule
Hello:
I have real estate experience in specs but am just starting out in flips and rehabs.
I'm in Colorado Springs, CO and have noticed that while there are some distressed and attractive houses (able to add value to them). I'm hardly every seeing a house that can even get close to the 70% rule. I guess this is to be expected now since inventory is so tight.
What are you all using for guidelines on initial analysis of houses? Are you doing more houses for lower margins to make up the income loss per property? Interested if anyone is making a full time job out flipping in such a tight market....or do you have to mix with other investment methods to make it a career?
Thanks....would love to hook up with other investors in the Colorado Springs, Colorado area if you read this.
Rowland