All Forum Posts by: James Vermillion

There is definitley no right or wrong answer to this of course but I think there are a few rules of thumb I would apply:
1) Keep it professional
2) Do not relate it to flipping...this can have a
negative stigma to some people and you
may change your business model over time
3) Check with registered businesses in the
state you open your business in to make
sure you do not pick a name that can get
confused with another business

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This is a grate thred...it is funny too think how meny poeple do not now how to spell. I really look forward to seeing what else people right as the most mispelled werds and frazes.

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I agree with everyone about percentage based as opposed to dollar amount. Another thing to consider when looking at how much profit you should expect to make is time. Sometimes a flip may cost a lot of money because of one or two major items but you can get it rehabbed in just a few weeks. If that is the case you may be willing to take smaller percentage profit since you can quick turn it.

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4. Take a look in the mirror and say whats up

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I think that it is a bonus to have your own domain email, however, I think it is fine to have your name @gmail.com.

Anything else is in poor taste in my opinion.

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Originally posted by Will Barnard:

Uh oh! I see in my crystal ball a very long and heated thread coming . . . .

Your crystal ball was partially right....almost 2 years and counting :mrgreen:

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Steve has a nice list of mistakes that are commonly made, which shows you just how difficult the business can be. Of the ones listed so far, two in particular stand out to me.
1) Underestimating repair costs- this happens over and over and over again.
2) Over/Under fixing- it is very important to understand the market you are investing in and to work within that market, not outside of it.

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First, this was a very informative thread and interesting debate.

I do understand the idea that the 50% rule is valid for portfolios long term, but I still do not think it is being applied incorrectly. If someone uses the 50% rule to analyze each and every one of their properties and make money off of the investments they make, then I believe they are properly applying the rule. Are the applying the rule for its original use, perhaps not, but that does not mean it cannot be an investing tool people use to analyze individual properties if it fits their business model.

I, for instance, do run an investment analysis tool that esentially utilizes the 50% rule. Will it be the basis of me buying or not buying the property...no, but it gives me another reference point to consider. Thanks to everyone who posted.

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