All Forum Posts by: Dave Smart

Thanks @Chris Mason for the responses. My agent says it is not an fha loan. His buddy who is an appraiser thinks the appraisal was light but does not think it will make $202k (the purchase price before closing points). I am hoping to make up as much ground as I can via cash if the second appraisal comes back below agreed price.

Hi, I am just closing on my second flip, the deal was $208k with seller paying six points of the buyers closing costs. At the last minute the appraisal came back at $186k. This appraisal makes no sense to me or my agent when looking at comps and I am seeking advice on how to salvage this deal.

Steps taken so far are:

- Sent comps to the appraiser which show the home value to be between 205 to 215k but they will not change

- my agent is having his buddy who is an appraiser take a look for an informal second opinion

- if the above step comes back with a higher appraisal, request a second one

How have any of you dealt with this problem as it seems it could be quite common? Any responses are much appreciated!

Thank you Tom, I will contact her shortly.

Hi, I am seeking an investor friendly agent for the Daytona Beach area. This would be for either a rental property (condotel or single family) or flip. Any references would be greatly appreciated!

Hello, I am in the process of rehabbing a home in CT to flip. The basement of the house has a sump pump that is always filled with water and runs about four times a day. To fix this I hired CT basement systems to install a warrantied system that will guarantee a dry basement and this transfers to the next owner as well. The warranty does not cover the pump not running if the power goes out which has led to the idea of installing a propane generator. It does not fit in the budget to get the generator but will 100% eliminate any second thoughts the potential buyer might have of the basement system. This is a semi rural home and power outages are not uncommon in the area.

Is there a descent ROI on installing a generator in a flip?

- Thank you, Dave

I was just informed that natural has is not available at the house so I might just leave it. Im not too sure what to do since it will be tough to get an oil tank in the basement and am not sure if the subdivision allows propane tanks

@phil z. So you think it would be ok leaving the electric heat? I have an extra 5k in my budget I was trying to save for profit as the kitchen was much cheaper than expected but I'd rather keep it unless I get a good roi on converting the heat.

A friend of mine is an hvac guy and I'm waiting for the attorney to close so I can bring him to the house and see what he has to say as far as the price goes

thanks for the advice George. I am not sure yet if I have access to natural gas, I still have to call Yankee gas but it is a relatively new development so I am hoping so. I didn't even think of using propane but that option does interest me.

Michael, the house is located in torrington and my original budget was 15k but it looked like I can get away with 10k Before changing the furnace

That is a very good point Andrew and all the hvac including the furnace is in very good shape I am just a bit worried about the negative connotations that come with electric heat.