Originally posted by @Jermyn Brown :
@Sarah Brown I never had the house appraised I bought it cash but I sold a home 2 streets over for 100k 30 days prior to me purchasing this one
Two streets over in Detroit can be worlds apart.
@Paul S. no unfortunately I didn’t I though the house I sold 30 days prior house to buying this one I thought it would be the same comps
@Travis Biziorek yes please contact me ASAP I can really use your expertise Jbrowngroupllcgmail.com if you can shoot me an email it will
Be greatly appreciate it because I’m at lost here￼￼
Did you have an ARV number prior to doing the rehab work? For future reference, if you're going to finance ANY part of a rehab job (down payment and/or rehab costs), ALWAYS get an appraisal. That's how you know the investment in sound and will create the value you need to successfully BRRRR.
Try another lender. Maybe one of the "soft money" lenders like lima capital? If you know any real estate agents see if they can pull you comps. There is a good article I read some where on bigger pockets about putting together a packet for an appraiser. If you can't get out now and the loan isn't too onerous, perhaps you could rent it out as a buy and hold for a while?
@Jermyn Brown - I would try another lender and meet the appraiser at the property with comparables especially one like $100K! Appraisers that don't know Detroit count the messed up homes as fair game. It's jacked up.
@Bryan Beal no I just assumed that since I sold one 2 streets over that I would get the same comps. I rehab all my homes the same way so there shouldn’t have been too much difference
@Jill F. Yeah I have it on the mls right now with a tenants hoping to sell it to an investor it cash flowing really well I’m getting 1100 a month for it
@Emilio Basa yeah im thinking that’s what I’ll do. If you know any appraiser that you can recommend
How far apart in time is the sale and appraisal?