Live Q&A - Best Marketing ROI, Determining ARV in Declining Market, and Contract Contingencies

Just Start Real Estate with Mike Simmons

Highlights From The Show:

Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Live Question and Answer sessions. For those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more!

This presentation is the live Q&A that I did the week of November 9th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests’ fabulous and compelling questions! Don’t miss this new episode of the Just Start Real Estate Podcast!

Notable Quotes:

“The opportunities are just off the charts on what we can accomplish in this market.”

“I didn’t know what I didn’t know.”

“I think we are going to look back at this time 10 years from now and think we missed some opportunities just because we were scared of the market changes.”

“The targets and numbers you use to calculate profit for a flip are probably going to stay the same even when you have some experience.”

“Your profit margin isn’t always a representation of what will make you happy, but also a built-in margin of error.”

“Build in at least a $20k profit margin on the first $100k so that you have some wiggle room if you run into issues with the rehab.”

“You don’t want to be on a high wire without a safety net.”

“Shoot for a profit margin of at least 15% on the retail price.”

“You want to look at what house prices have done in your market since May, since that is really when the market started to decline.”

“We don’t put inspection contingencies in our contracts. What we have are funding contingencies.”

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More Resources From Mike:

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