All Forum Posts by: Alex Wasilchuk

I was sent a few properties this week by an agent and I noticed on the listings they have 'assessed value.' The assessed value is was less than the listing price. For example, one listing is approx $180k and the assessed value is approx $68k.

I think I'm confusing appraised value vs assessed value based on an experience of being under contract last year and the appraisal came in under by $20k. Could someone please help me make sense of this? Thank you!!

BP Community,

I am living in New York and am still looking to get my first deal, which I plan to have out of state. I have a brief question in regards to setting up an LLC. Being that I would want to protect my first property under an LLC, should I be creating an LLC now? Even though I don't know when a first deal would be achieved.

Also what's the cost I could expect to set up an LLC?

Thank you and stay safe!

@Aaron K.

The comps in the appraisal are around 68-72k

Hello BP,

The SFH I'm under contract for $88,000 had the appraisal come back approximate $20k UNDER that price. My agent is going to see about getting a second opinion paid for by the seller. I'm in limbo now.

Let's say a second appraisal comes in way under, what would you experienced investors do? Bail and cut losses on some fees already paid for (inspection, appraisal, etc)?

The SFH is currently rented for $895 and runs through August 2020. I would have been doing 25% down with 4.5% interest rate. My numbers were looking like a cashflow around $200/mo.

Any insight and advice is greatly appreciated. Thank you!

Hello BP community,

I'm currently under contract for my first rental property in the state of Alabama and I live in NY.I have a question I would appreciate guidance on.

When establishing an LLC, should that be done in the state that the property is in or in my home state?

Hello BP community, I caught wind of a brand new triplex that's not completed yet (should be in 20-30 days). It's listed at 199k. I'm thinking I would offer 210-215k. After accounting 30% towards vacancy/property mgmt/capex/repairs&maintenance, plus a quick assumption without having received numbers from my lender yet (although have received numbers in the past so have a good idea what the other expenses would be), it looks like I could potentially cashflow $201/mo with each door being $650/mo. It would be $43k down not including closing costs (approx 4-5k). Does this seem like a wise investment? I do not own any properties at this time. Thank you in advance for any input!

1) When looking for a loan, is it wise to not inform the lender that the loan would be for an investment property? Instead, say it would be for a "vacation" home?

2) As a first time investor, the Due on Sale clause is a big concern. Is it better (or even possible) to establish an LLC and then buy the property? Or have the property under my name for the time being? I would prefer protect myself and not have my assets at risk.

Thank you for any feedback!

I am finding that I am often coming across properties that are just below the 1% rule, about .9%. Granted, this does not include any negotiations, considerations of work that needs to be put it, etc. But does being below the 1% rule automatically rule out a property for you? Or are there exceptions that will lead you to throw the 1% Rule out the window? Thanks in advance for your feedback!