All Forum Posts by: Chris Knebel

Hi,

im actually under contract for two triplexes in ohio. Price 160K each and they bring in about 2200 a month each. It appears to be a good deal but I'm having trouble with funding. Originally I was supposed to pay 10 percent down for each but my lender is now saying I need 25 percent down each. They wouldnt qualify for a BRRR I believe, so are there any funding options to avoid these massive down payments?

Kind regards,

chris

Hi

I've contacted probably a dozen lenders and they all seem to require a seasoning period of about six months to refinance (even if the house is bought with cash). Does anyone have any suggestions?

Kind regards,

Chris

Hi

I've contacted probably a dozen lenders and they all seem to require a seasoning period of about six months to refinance (even if the house is bought with cash). Does anyone have any suggestions? 

Kind regards,

Chris

Hi,

Equity in a deal is before a purchase is very important. Each county provides an appraisal of a property, its tedious to find (looking up the county, searching county records). There is a software to give an estimate of this number (like propstream) but it only allows me to search 250 square miles at a time. Is there a faster way to do this? I find that the county appraisal value is one of the most important numbers when looking at a deal.

Kind Regards,

Chris

Hi,

Equity in a deal is before a purchase is very important. Each county provides an appraisal of a property, its tedious to find (looking up the county, searching county records). There is a software to give an estimate of this number (like propstream) but it only allows me to search 250 square miles at a time. Is there a faster way to do this? I find that the county appraisal value is one of the most important numbers when looking at a deal.

Kind Regards,

Chris

Thank you! 

Hello,

First, is there a better / easier way to find the appraised value of a property other than doing a county records search?

Second, After Repair Value is equal to the new appraised price correct (getting an appraisal after rehab)?

Third, how can you know you will get a better appraisal after the rehab is complete? Will just doing a bunch of rehab on a beat-up property (assuming there was never big-ticket issues like mold, foundation issues) automatically equate to higher appraisal? Is there a formula in this? Seems to me the most important figure is that after repair value, but how do I calculate it accurately?

Thank you!

Hehe I wish, just a made-up example

Thanks Jason, I really appreciate your response! Yes for the example the purchase and repairs are done with cash. The seasoning period only ever applies if the property is purchased with a loan? 

Thanks for your time!

If you find a beat up property selling for less than it's appraised value is it safe to say the difference (in what you pay and appraised)  is equity? 

A property:

Appraised value is $100,000, purchase price $80,000. Is that an instant $20,000 in equity? If it's purchased for $80,000, with $10,000 in repairs and now appraises for $150,000 is that now $60,000 in equity? Are their circumstances when that's not the case?

Thanks I'm new to BP. Appreciate the help.