All Forum Posts by: Rich Perrin

Are you a private money lender or are you just giving us an idea if private money lenders will or will not fund a deal ?

Thanks Chris

Have you looked in the Fileplace on this site and used one of the buy and hold spreadsheets. Once you plug in the numbers, you can see what kind of return you'll be getting. If it's not what you like then, then you can play with the numbers to get a good offer price.

For myself, I like the 1.5% rule which says your property should rent for that percentage of the purchase price.

$380,000 x 1.5%= $5700 gross rent

Based on this formula: $4160 existing rent divided by 1.5% (.015) = $277,333 sale price

This might be to conservative for some but works well for me. You could also look at the 70% rule which says that all the expenses of the property including debt service shouldn't equal over 70% of the gross rental amount.

$4160 gross rent x 70% = $2912 maximum expenses including debt service

Hope this helps....

Looking for a wholesaler to work with in southern NJ. Family and full time career doesn't give me much time to look for good deals and want to start doing some flips. Send me what you have!

been in RE full time for 4 years. It's my primary income. It's only expensive as you want it to be. You can get most business with the phone and who you know. If you want more business than you can spend some extra money on marketing. Being an agent goes great with investing.

Thank all of you for responding. After hearing all of your responses, it seems my best bet is to get the financing in order and start searching for properties. Thanks again to all of you for responding!

What to do first? Open an LLC....secure financing for flips...interview contractors...send out yellow cards, etc. I read so many forums and everyone has a different opinion on what to do first. I'm interested in doing some flips, and buy and holds. Obviously don't want to put myself and family in any legal risk. Don't want to waste money or time.

Anyone else feel this way or were in my shoes in the past?

Thank you all for the list sites. Very helpful

as a realestate agent, every offer on a property HAS to be presented. No it's not rude or inappropriate

Congrats Justin! Your first one is always the most difficult because of our built in fears and mental blocks. Now just hit the repeat button