All Forum Posts by: Brad T.

Man, this Phil guy is on this forum a lot! A mentor is great, but holy cow does he take a lot of your profit after he teaches you what to do! Glad I didn't buy into one of these programs before I started to know how to invest in real estate.

Mobile homes depreciate. Conventional stick built houses appreciate. When you factor this in, mobile homes don't look as good for rentals. If you can make the numbers work with replacing the mobile home every so many years then go for it.

What are everyone's thoughts on for rent signs in the yard? I don't really like to advertise that the property is vacant (or about to be). I also wonder if the owner occupied houses around it have any issues knowing that renters will be moving in next to them instead of homeowners.

Hi @Account Closed

Yes, I would call the old leads. You probably have more negotiating power now if the houses haven't sold.

Let me know if you land any of those deals and maybe we can work together. I am looking for more rentals in the Oakland County area. Ideally, White Lake, Waterford, Clarkston, Highland, Milford, Walled Lake, Lake Orion, Rochester, West Bloomfield or somewhere near these areas.

Thanks!

Brad

Hey Everyone,

I am currently in the process of getting a cash out refinance to get some additional money for future rental houses. I started the process of the new loan with one bank and the appraisal came in much lower than I expected at $90K. As much as I hated to pay for another appraisal with another bank, it looks like it was worth it because the second one came in at $143K, which is closer to what I was expecting. Each appraiser had different philosophies on whether to use foreclosures or not on the reports. Is anyone else seeing such a crazy variation in appraisals?

@Account Closed

@Adam Johnson

Great points Michelle and Adam. Looks like I am going to stop giving lawn mowers to the tenants. I am so glad to have this site to talk these types of details over.

@Jon

Totally agree that the appraiser shouldn't see the purchase price! That shouldn't matter.