Question regarding property pricing.. looking for "good deals"
Hello,
I am a new member and have been reading for some time now. I have a question as I search for "good deals".
I understand that I am looking for deals in which the numbers "make sense" and check as many if not all boxes that you kind folks share on here and I have studied and practiced quite a bit now. I am unsure of one concept, still. When I look at properties, I understand that all of them "have their price" at which they will be a good deal. Does that mean that when I look at the $90,000 house and the numbers are close and the deal would make sense at $78,000 (that is, the numbers would all fit and give me results within the rules of thumb; 1-2% rule for instance) would one then offer what would work even if it seems quite a bit lower than asking? When it is said here that 99% of deals are bad, I assume that if the seller is willing to take a lower amount then a bad deal could then become good?
Also, a second question: I am primarily looking for buy-and-hold properties. I know for a house requiring renovation the suggestion here is to buy at 70% ARV less any renovation expenses. If however I buy "turn-key" or move-in-ready properties, what range would be comfortable? I would expect one may be able to go a little higher than 70% as long as the numbers still work and the property is still cash-flow positive.
If these questions are already covered in the forums then my apologies as I have simply not made it that far yet. There are loads of posts, blogs and books that I am making my way through each day!
Thanks to all of you for the wealth of information that has been made available here!