All Forum Posts by: Matt M.

@Hattie Dizmond

I realize your not an attorney; however, you do seem very knowledgeable on the topic.  My focus is primarily LOs, fix&flips, and rentals.  Would you recommend the structure you describe above for my rentals?  And, what kind of structure would you recommend for my flips and LOs? (Most LOs will involve an assignment so both will be taxed as ordinary income.)

Your opinion is greatly appreciated.

Matt

@Josh Caldwell

Hi Josh, I'm new to investing myself and very interested in learning more about lease options, especially assigning back to the seller as you mention above. (I realize you can assign directly to the buyer but for HUD-1 purposes, I prefer to show my fee coming from the seller.) Can you recommend a good source for getting contracts? (Just looking for templates that I can take to my attorney to modify rather than creating from scratch.)

Thanks!

Matt

@Will Benard

Will, good advice...If you were determining ARV for a colonial but the only recent sales in the last 6 months w/in a half mile are capes and ranches, which are equally popular in this area, would you use these comps OR widen your search and/or go out 9 to 12 months to find comps that are colonials?

@Bill G.

Bill, thank you for your comprehensive explanation. It's clear to me now I just need to get on the MLS and see what patterns and trends emerge.

Thanks for the responses.  Mike, I appreciate you breaking it down the way you did.  Very helpful and exactly what I was looking for.  

My only remaining question has to do with sq ft.  Why is it when adjusting your comps for sqft, the price used to make the adjustment is so much lower than what actual sq ft prices are?  Does anyone know why and how you should determine the price to use?

In my area, you rarely find sold comps that are similar to your subject property.  Either they're very different in sq ft, style, too far away, etc.  As a result, you almost ALWAYS need to adjust the comps in one fashion or another.  Can a seasoned flipper please tell me how they place an adjustment for the following: square feet, # baths, # beds, finished basement,  garage, etc. I'm particularly interested in the 1st four - namely square feet, baths, beds, and finished basement. I'm located in the northeast and for homes in a first time buyer neighborhood, it's not uncommon for price/sq ft to be around $175/sqft.  So, would you use that amount in the adjustment? For instance, let's say I had two identical houses in every way except sqft.  One is 1400 sq ft and sold for $200K.  The other is your subject property and only has 1200 sq ft.  Would you adjust the first comp down by $35,000? (200sqft X $175/sqft)).  

I already did and there were 4 negative reviews in the last year. That's why I was hoping to talk to individuals that have actually taken his course. I liked his webinar but didn't like the reviews.

New to investing but interested in apartments. Has anyone heard of Lance Edwards and would they recommend his small apartment course?