All Forum Posts by: Patrick Britton

@Jason Lam you might want to consider pairing up with a local investor who is BRRR-ing or flipping. Most turnkey providers profit from the mark-up that you pay for, but at least you're getting a property void of all deferred maintenance for a few years...

i'd start by choosing the city you want to invest in, then scour bigger pockets for people involved in that area. If you can do a JV deal with someone locally, then presumably there's still some meat on the bone at the end for everyone.

@Michael Bettencourt yes taxes can go down.  sometimes the appraised value (by city or county bureaucrat) can be less than previous years.  have a look at anything between 2008 - 2013 and you're bound to notice a lot of decreases.

@Rio Peterson "just say no."  

@Dale Graham the answer depend entirely on what you consider "best."  You should also ask yourself if you just want a few properties to supplement your income, or are you looking to get a massive portfolio to replace whatever employment you have right now.  

Question about the appraised value of larger multi-family properties...

Is the appraised value based on the NOI of the current rent (or appraiser's estimate of rent)? If so, how would an appraiser get all data (expenses in particular) necessary to calculate an accurate NOI?

I'm looking in the Detroit area and was hoping someone might have an idea where to best employ the BRRRR strategy. It looks like Inkster, Warrendale, Brightmore, and Riverdale might be interesting...

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Meeting starts at 5:30pm. Doors lock at 6pm.

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@Jie Li definitely reach out to GC Realty & Development @Mark Ainley

I bought a rental with a HML and am now trying to do cash out refi. There was a pre-purchase appraisal done by the HML and i am needing a lender who will do 75% cash out refi based on that value. i dont want to pay for another appraisal.

Free to join, free to attend.  Free of self-proclaimed gurus.  

Meeting starts at 5:45pm.  Doors lock at 6pm.      

https://www.meetup.com/Bellingham-Real-Estate-Investors-Meetup/events/rrwbdqyzgbhc/