All Forum Posts by: Scott Hamilton

Appreciate the feedback @Patsy Waldron, this property is very near the town center area and may very well be the one you have seen yourself....now waiting to find out just how desperate the seller may be.

Thanks!

Hey Zack, could you email info to [email protected] ?

Thanks

Welcome to BP Stephen, I work in nearby Urbana, live in Marysville and am just about to close my first deals in Dayton and Cleveland.  Best of luck, you are on the right track at the right age. 

Thanks @Nick Ferguson for your inputs, that is exactly the tact that I am taking now. We have gone back to the seller with the appraisal and indicated the deal is not gonna happen at the current contract price. Meanwhile the broker is putting together an additional list of comps which may or may not substantiate the lender challenging the appraisal. 

The funding on this is via a conventional bank lender. I am not going to proceed without valid comps indicating the contract price is approximately 75% of real market value.

As it turns out, the city confirmed to the lender that this is not a commercial zoned property, however as I feared, the appraisal came back today extremely low.....about 75% of the contract sell price. There indeed were no similar comps and so the appraisal was based on nearby duplexes and triplexes with only about a $10k increase allotted for each additional door/unit above the comp properties. For example, comp sale #1 is a duplex of 2,000 sq feet as compared to the 3,000 sq feet subject 4-unit property....and only $22k made to compensate for this disparity.....seems low to me ($22/sq ft).

Anyone have a similar experience or advice?

I suggested the broker take the appraisal back to the seller and attempt to renegotiate to the appraised value.

This property is in one of the nicer communities about 20 miles outside of Cleveland Ohio.

Appreciate any inputs.

Hi all, 

New investor here (6 months) now under contract on a property with two separate structures; one a SFH and one 3-plex in a B area with solid cash flow on the deal. They share a single parcel and I have found the county records indicate a commercial zoning. The first identified lender has stepped back from the deal and a couple of other lenders appear a bit uncertain.

What are the challenges? I am guessing the appraisal may be challenging due to lack of comparable properties in the area. Other issues?

Does such a situation impact ability to sell the property in the future? 

I would appreciate your feedback. Thanks!

I am anxiously awaiting a response to your post @Tia Terrena......I also share an interest in investing in Brazil which is my wife's home. We will be traveling there next week in fact and I will try to learn a bit more about some of the markets. Você é brasileira? 

Are you looking at Fortaleza or another NE area?

If available please send info to [email protected]

Thx

Available? Address?

Interested, please send details to [email protected]

Thx