Brrrr investor looking to grow

Tampa, Florida
Investor Mindset
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Brrrr investor looking to grow

David Funk
Member since 2024 · 1 post · 0 votes

Good morning. I am an investor local to the Tampa Bay Area. I have a small portfolio and would like to grow it.  Any good appraisers in this area?

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  • Randall AlanPro Member
    Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
    9mo

    @David Funk

    Hi David,

    So as you mentioned BRRR, I presume you are looking for an appraiser with regards to refinancing a property... but as I understand it, lenders have to assign the appraiser so that it is independent of the borrower (this after a lot of mortgage fraud back in the 2008 era housing collapse.) So even if you found an appraiser you wanted to use on the refi side, it isn't really up to you to pick the appraiser.


    If, on the other hand you are just looking on the buying side to value a property... that is different.  But usually you can get a pretty good feel for value by having a realtor do a desktop appraisal.  Honestly, I think it is actually pretty easy to do a Zillow search, select "lot lines" view under the expanded map within a listing, and build an average value of similar homes looking at the yellow dotted "sold" listings.  I usually will pull in 5 similar homes most recently sold and evaluate each of those on a per square foot basis to determine current selling value for an area.  Just like with an appraiser, you want to pick as similar a property as possible.  You wouldn't want to compare a newly built property against a 60 year old property, for instance.  An average value there is going to be a pretty safe bet of the value per square foot based on similar properties in similar condition to your subject property.

    I'm over in Lakeland and have a portfolio of 37 doors if you want to reach out and say hi / get lunch sometime. We've done about 8 flips, bought on the foreclosure market, off the MLS, from wholesalers, private sellers, etc... so know a 'little about a lot!"

    All the best!

    Randy

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  • Jorge VazquezBusiness Member
    Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 699 votes
    9mo

    Hey David good question. I started with one property and very little cash and grew it to about 40 over time, so I've been in that exact spot. The three strategies that moved the needle the most for me were house hacking, subject to deals, and BRRRR, especially when the goal is to grow and not just buy one at a time. On appraisers, make sure you use someone who understands investors, rents, and refi value, not just retail sales. I've got a couple solid Tampa Bay appraisers I've used that actually get buy and hold deals. Happy to DM you names and what to ask them so you don't waste time or money.

    Graystone Investment Group517 Reviews
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  • Amber Stout
    Lender · Tampa/Saint Petersburg, FL · Member since 2014 · 356 posts · 148 votes
    9mo

    Hi David, I have a GREAT appraiser contact who works with investors. I'll shoot you a DM now. 

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