All Forum Posts by: Kojo Orgle

Hi Sandy! Yes appraisers also need several hours of education. Thanks so much for the advice. 

Thanks for the response Wale. Just DM'd you! I think my main issue is finding someone willing to be a 'Supervisory Appraiser' to me.

Hello BP Community!

I am looking to become a Certified Residential Appraiser in the Houston area and I wanted to know if anyone knows any good, appraisers in the Houston area and where I can get my training as well. I have done my research on the requirements, however; I am having trouble finding an institution offering training and certifications and also finding an appraiser for guidance.

Any help I can get would be greatly appreciated!

Items that i've read that increase appraisal in order of highest value are:

1. Additional Bedroom

2. Additional Bathroom

3. Additional Square Footage

4. Updated electrical & plumbing
5. Big ticket items e.g. Roof, A/C, Central Heat
6. Addition of Garage, porch, patio, storage
7. Cosmetic improvements e.g. paint, siding, landscape
8. Clean the house

BONUS
Submit CMA, communicate with appraiser during appraisal, submit receipts of improvements and evidence of age of fixtures and BTI

That's an awesome BRRR. Thanks for the input @Mark Sewell

@Mitchell Benson Thanks a lot for the advice. I'll definitely attend more networking events and use that deal finding strategy.

@Mitchell Benson thanks for the advice. I do have my cash and refinancing lines up and I'm interviewing contractors while still analyzing deals. Is the Houston market just too hot for a BRRR right now?

@Ethan G. Yeah I see that’s the case now in Houston. Do you have any advice on how to stand out, find hidden gems or tweak my criteria?

I moved to Katy/Houston last month and after purchasing my first SFH with a conventional loan, I quickly realized the best strategy to make money work is to BRRR, so I hit the books and listened to every podcast about BRRR. Knowledge of the strategy was great but after analyzing a couple (100's) of deals, I noticed properties that fit the BRRR criteria in the Houston-Katy area are a bit scarce. Does anyone have suggestions towards finding these deals; how to find them, where to find them, who to network with.

This is the criteria I am using:

SFH, C - B neighborhood, $60K - $90K towards $Purchase + $Rehab

ARV <= 80% of ($Purchase + Rehab + $5K Closing)

LTV after Refinance = 75%

Rental Income >= 1.2% of $Appraised Value

Cash Flow >= $150

Is this criteria unrealistic in the Houston-Katy market? 

Thanks in advance for the feedback!

2 things:

1. No one can predict a recession. Signs that mirror the last recession are imminent but the banks are not that stupid and have geared up with regulations that avoid something like 2008-2009. This post is one of 100's during the last decade that assume a coming recession. I'm new to this but I would presume the best course of action is to continue doing what you're doing now. As of now the only thing I think would cause a recession is big investors like Warren Buffet simultaneously deciding they want a recession and start spreading propaganda and offloading properties.

2. @Anthony Gayden I don't think it was @Joe Kim's intention to sound like an elitist. The best defense is a good offense and it is good for investors to share ideas to help newbies prepare, so share on. The wording in the post was a bit off lol, sounded like Joe was happy about the recession but can we all get along