All Forum Posts by: Hersh M.
Hersh M. has started 58 posts and replied 280 times.
Post: Appraisal came in low
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
Where is Robert? This thread is turning into a movie plot. The suspense is building. Will he buy or won't he?
Post: Appraisal came in low
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
Originally posted by @Mark Ainley:
@Robert Fuhs I have to agree with @Brie Schmidt in the reality that I can have three appraisers appraise a property and get a 10-15% range. If I were you I would do the following:
1. Ask the seller if he can justify the purchase price based on actual sales in the area. In our market there is off market sales and most appraisers wont take the time to look beyond the MLS.
2. Ask the seller if he is willing to do anything to help push the deal thru. I wouldn't advise you go to him and say "take 10k off or deal is dead" but try to put ball in his court. There are potentially some creative ways other than just off the price.
3. See if there is any valuable appreciation in the next 10 years. I know turnkey properties that we are selling do have a great upside in next decade based on numerous different factors so if an appraisal misses by 10k on paper today the long term issues isn't too big of a deal short of more cash down you are unable to use elsewhere.
Not sure what other options you have looked at with Turnkey but understanding how this deal compares to what else you have seen plays a big role in this too.
Hi Mark, What factors do you look at to predict a great upside over the next 10 years? Thanks.
Post: About to shop for conventional 30yr fixed loan. Advice?
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
@Nicholas B. Thanks. Is there a good way to get a complete list of all the small banks and credit unions in a specific area? Right now I just google but am not sure if everyone shows up there.
Post: Appraisal came in low
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
@Robert Fuhs Whats the location? Thanks.
If its a cheap property, 10k is a huge %.
Post: The Best Real Estate Investment Markets Last Year
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
What! Detroit made it to the top 10. After hearing all those jokes by Josh on the podcasts, I wasnt expecting that at all :)
Seriously, whats driving the Detroit market? Is it still attractive?
Also lots of turnkeys are targetting Birmingham right now and its in bottom 10. Thats interesting too.
Post: Houston Real Estate Market and Oil
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
Thanks Tim, Gonz.
Post: 2015 List of Best markets for buying rental properties
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
Interestingly, I havent seen discussions on BP on most of the places mentioned in this list (or maybe I wasnt paying attention).
Since we are approaching end of 2015, what are your thoughts on this list? Legit? Actionable? Would you buy in most of these places?
Pasting the table below for convenience here. Original article link -
Post: About to pull the trigger.. .but still nervous about this deal
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
Very nice. CF looks reasonable.
Post: Houston Real Estate Market and Oil
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
@Tim LaBorde Thanks Tim. Are other Texas markets like Dallas, San Antonio more immune to oil and gas?
Also "If we start seeing deflation", I am not sure if Yellen is really in control and if FED can do anything now. Trillions of dollars in debt and still no sign of inflation. I remember 'economists/experts' warning in 2009-10 about inflation when QE started. How wrong they were. I also remember 'peak oil' theories being very popular until a few years ago. Wonder where those 'experts' have disappeared. Lots of people out there trying to scare us all.
Post: About to pull the trigger.. .but still nervous about this deal
- Engineer
- Carlsbad/San Diego
- Posts 285
- Votes 97
@Amine E. So as per your estimates, what is the final cashflow per door? Does it beat your SFRs?