All Forum Posts by: Akeem Ogle

Thanks for all of the great responses; they were very helpful. Makes sense that the HML is my last line of defense from an erroneous move being that they're in the business of making smart loans. I'm running out of time with my inspection period to get a local HML involved, so I will pass on this one. I will keep all of your advice in mind for the future, Thanks!

Hi,

I'm relatively new to investing, but have completed deals with hard money financing thus far. However, I am currently trying to piece together a deal with an ARV of 370K (My number) in Atlanta (East Lake Area), but my hard money appraiser has come in at 285K, which does not make the deal viable. The comps that I used were all less than .5 miles away and houses similar to mines once renovated. I even got a realtor familiar with the area to do a CMA, and he came in at 350K, which makes the deal viable. I'm trying to figure out what I'm missing here. Why is the lender coming in so low, and should I trust their number and stay away? A couple of things to note: The lender is based out of Florida, and my property is in Atlanta. Also, the property is located on a busy, main street; however, it is a corner lot with an entrance off of the side street.

Regards,

Akeem Ogle

Great story. One thing that I've been learning is that there is ALWAYS unforeseen costs and always a  speed bump to get over. Well played!