This is the fun part. Here is where you decide on how much
money you want to make on the property. Remember, you
control how much profit you make not the property.
Remember that you are going to be investing a lot of time into
this property over the coming weeks and months so make sure
you are naming a figure that is worth your while.
I wouldn’t settle on less than $15,000 minimum for a profit on a
fixer property. Even with all the figuring you have done, your
profit can still get eaten away by unseen issues that can come
up with the property, especially if the rehab and sale takes longer
than anticipated.
This is the main reason we start with the end in mind. Do your
best to look at this as a math formula. Leave your emotions
behind when you get to the end of the formula you have your
answer on what you can afford to pay for a property.
He who has truth in his heart need never fear the want of persuasion on his tongue.
