All Forum Posts by: Marco Morkous

Found a rental. The property is 29900. It’s renting for 600$ monthly till 11/2020.. draw back is it’s high crime. Not worried about shape of property because I can get a Reno loan when the current tenant lease is up. I’m thinking I’m glad it’s leased out till novemeber so that gives me a bit of ease of mind, but what do y’all think about my first investment property being in high crime area

Since we are looking for good deals, a lot of times we pick cheaper deals that need light cosmetic work or are rent ready. I just put down on offer on a property leased to 11/2020. My fear is it doesn’t pass inspection. But even more so that the same thing happens multiple times. At this point I’m just losing money on inspections. Is that a common fear?

If a house is very old but then gets fully renovated does it matter how old it was or will the full renovation dramatically increase the value. Have a property built in 1951, but I added a floor and currently doing a full Reno.

Where do you guys get your most accurate price comps from? What have been the most reliable sources in your experience?

Just as rentals have the 1 or 2% rule, are there percentage rules or laws that you would follow while doing flips?

For some reason most hard money lenders require having an LLC or business entity. What do you guys think about that? Up till now I haven't felt the need to form an LLC because I haven't even bought one investment property yet, but a lot of investors are telling me it's the thing to do.

How come most hard money lenders won't finance a deal that is not under contract? If so, how can I get a deal under contract with no POF letter? And if I did, what contingency would I need to have in case I can't find the financing?

Can anyone help by sharing their preferred fix and flip spreadsheet or however it is they keep track of all expenses and keep up with everything from beginning to end?

@J Scott also what all do fixed costs entail

@J Scott when you determine the arv value is it purely based on previous deals in close proximity?