All Forum Posts by: Ramon Cuevas

Congrats, Rosston!!! I plan to follow in your footsteps and buy a four-plex in the near future. We just closed on a SFR which is our primary home with an FHA loan so the plan is to live here a year and then rent this place and move into one of the units of the four-plex. I know you have not posted any numbers yet, but I was wondering if you used any type of deal analysis/rental property calculator similar to the one here on BP?

Thanks.

Josh, your situation is indeed unique. Every market is different, sometimes there is not a huge difference in value between a 3 and 4 BR. I would rely more on the square footage. Also, make sure that any additions were permitted, for example the 4th bedroom. Appraiser will not give it any value if county records show it as a 3BR and you don't have any proof/records of a permitted addition. If you still can't get an estimate of value after discussing with your realtor, the other alternative is a Desktop valuation from a licensed appraiser(call a few appraisers and get some quotes) should be way cheaper than paying for a full appraisal.

Good luck!

Hello Charles,

From my limited experience as a newbie investor, the best way to determine the ARV is using the MLS in your area and either do a CMA yourself or have an agent do it for you. You will need to look for similar properties( bedroom count, square footage, etc) within a 1 mile radius that have sold in the last 90 days.

I agree with Brandt. It sometimes helps to provide the appraiser with a list of all of the upgrades/repairs that have been completed on the property. I worked for a mortgage servicer for 8 years doing short sales and was usually on the other end of the spectrum, clients trying to get a lower appraised values or disputing the appraisals. At the end of the day, an appraisal is only an opinion of value. You can send 10 different appraisers to the same property and all of them could have a different opinion of the value.

Hopes this helps.

Hi Amiee,

I am a newbie investor here in Austin and would like to share my experience . My in-laws attended a similar event a few months ago hoping to meet tv celebrities, Tarek and Christina El Moussa stars of the reality tv show, Flip or Flop. They tried to convince them to take part in a 3 day course to the tune of around $2,000. A quick Google search returned mostly negative reviews. Someone who also attended the event suggested joining a local reia which is what I ended up doing and found Phil Grove. The first meeting was free after the online registration, I walked out halfway through the presentation. I told a friend that I was looking to learn about investing in real estate and they put me in touch with an actual investor who has a mentoring program for the same cost of the 3 day Vip big live event. My mentor did recommend that I join the reia and take part in their online forum which is similar to bp. Supposedly, a lot of good information is exchanged there and even deals are pitched. I am going to take part in the free 3 day seminar that was included with my membership so I will have more to report next month. I wish you the best of luck with whatever decision you ultimately decide to take.

Ramon