All Forum Posts by: Adrian Stamer
Adrian Stamer has started 14 posts and replied 300 times.
Post: Lines of Credit based on Assessed Value
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Daniel Harnsberger:
Hi,
I'm a buy-and-hold investor in Richmond, Virginia. I was wondering if any investors in the state or area could recommend an in-area/state bank that is more apt to provide a HELOC based on the current value of the house and/or the assessed value.
One challenge I experienced with my bank when recently trying to obtain a HELOC on an investment property I fixed up is they had an out-of-state person assess the value based on recent sales in the area. The issue with that is other investors are scooping up properties in the area in similar condition at the same price point as I did. They're doing this for buy-and-hold purposes also, so going by recent sales in this instance is a fallacy.
Any recommendations would be greatly appreciated. Thank you!
Typically I see it's very hard to get HELOC on an investment property, usually people go the cash out refi route. But that doesn't seem to be your issue here
IMO not a lot you can do since the appraisers are using a market based approach even though you are using the property for income so an income based approach pegged at a cap rate is more appropriate. But they do this same **** to my multi families which are obviously for income and it annoys the hell out of me too
Post: Bought my first investment - but did I do it right?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Trevor Fritz:
Yes that is correct. Would the bank have to know where that money came from? Hypothetically if the 40k was deposited in my account and then I used that as the downpayment. Is that a reasonable thing to do or would that be advised against?
For a conventional loan and some others you can't used borrowed money for the downpayment. If you lie then that can be fraud...
Post: Estimating Rent
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
as people above said using rentometer and Craigslist seems to work pretty well for me
Post: Making offer on Triplex in Richmond VA Area - Deal Review
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
numbers look good to me
Post: Short Sale/Subject To Deal
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
can you message me with more info?
Post: bank owned foreclosure with tenants, what price is worth the hassle?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Bob B.:
Virginia is a landlord friendly state. Go for it.
Good point
Post: bank owned foreclosure with tenants, what price is worth the hassle?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Hey
so I am considering a 4 unit bank owned foreclosure that still has non paying tenants living it. Seems the owner stopped caring and the bank foreclosed but still some stragglers. For foreclosure specific law this is in virginia (if anyone has some suggestions on what to watch out for).
It is actually listed on MLS, it was at $110k a few months ago, then dropped to 100k after a month and now has been dropped to $90k.
The gas and electric appear to be metered separately, so most likely owner pays W/S/T
It was last rented for $1900 whenever rents were being collected.
Rentometer gives the following:
| Median rent: $650 |
| Average rent: $644 |
| 60% between: $570 – $718 |
| 80% between: $531 – $757 |
No inspection is allowed, so I was considering starting with an all cash offer in the $60k range and when possible refi to a commercial loan. This would give a huge buffer, but who knows if the owner would even acknowledge it. I believe its being serviced by select portfolio servicing but not 100%
Experience level - buy and hold, self manage, 5+ properties w/ 19 units all acquired off MLS w/ commercial financing. But no foreclosure potential heavy rehab experience, though not scared ;) yet...
Post: Website .house
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
.com is god and due to the vast amount of new extensions it's now even more important to be on .com
Also hello other adrian s.
Post: Controlling Your Appraisals
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @J Scott:
Originally posted by @Adrian Stamer:
How do I get the appraisers to actually use the income appraisal method and stop doing a market appraisal for my multi families
If you're getting an appraisal based on a lender requirement, you have no say -- the lender wants substantiation of the value and they'll determine how to base that value (though for larger multi-family properties, I imagine it will typically be income based).
If you're hiring the appraiser for your own purposes, just tell them that you want the value based on income, and they should be happy to include that. I don't see why they wouldn't if you're the one hiring them and paying them.
Just for lender requirements so I guess not much I can do. But multi families should be valued by being pegged to a cap rate for an area or the country etc that investors expect.
Post: Controlling Your Appraisals
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
How do I get the appraisers to actually use the income appraisal method and stop doing a market appraisal for my multi families