All Forum Posts by: Adam Budgin

Hi BP community,

Can anyone recommend a multi-state attorney or law firm?  I have a few properties in WI and am looking to expand outside of the state in the near future; my current attorney is only licensed in the state of WI.  Thanks in advance!

Thanks @Matt M.!

Hey BP community - looking for some help for family here.  My sister and brother in law live in Denver and are looking for help with a kitchen remodel - they've received a quote so far and it's upwards of $60k for middle of the line cabinets and new floors with a wall removal.  I live/invest in the Milwaukee market and don't know of anyone in Denver....anyone have any suggestions for contractors or companies that I can refer to them?  Thanks in advance!

@Account Closed that's only for credit card payments though correct?  

I use cozy as well and found it simple for both  myself and my tenants to use.  My tenants will pay cash as well sometimes and you can record the cash payment through Cozy for tracking purposes as well; they'll get push notifications a few days prior to rent being due.

@Russell Brazil Apologies for the confusion here - but the bank has a seasoning period of 6 months....they just hinted I would have issues with the appraisal.  The 6 month period on a property where there is a significant amount of value add can reappraise at a higher value...however, in my case above, I'm not putting in much value add to the property.  My questions here are more focused on what is actually considered in the 2nd appraisal and how to justify to the appraiser that I had purchased a property just at a good deal, not truly reflective of market value.

I'm looking to get some input specifically regarding the appraisal considerations vs seasoning period on a cash-out refi or Heloc on a particular deal I'm working.

Overview:

Duplex - purchase price = $126k

Market price estimated ~$160-185k -based on comps past 90 days

I have the initial appraisal scheduled in two weeks, and closing shortly after (pending all goes well).  My intent here is to either cash-out refi or Heloc on the property later this year; speaking to a lender I've been working with, they're saying seasoning period will need to be at least 1 year, due to a reappraisal within 1 year will take into account the recent sale price....my question is what justification can I supply the lender/appraiser (2nd appraisal) that this was just a good deal without a significant rehab?  Would be ideal to not have to wait a full year before making any moves on the property.  Any insight is appreciated!