All Forum Posts by: Account Closed

@Sergio Ferreira If you're running it from out of state, definitely go with a PM. Theres more to being a landlord than just some handyman work and it may leave a sour taste in the handymans mouth when they end up doing more than they thought they signed up for. I get that property management fees eat into your cash flow but down the road, itll probably end up more expensive or annoying without 1.

@Nicole Warne-McGraw Awesome! You might have lost a few bucks up front but it's worth it. Too many times I see people continuing to go for it even with every red flag possible. It totally sucks when you do really want something though, sorry it didn't work out for you.

@Shieka Cam if you are in the process of buying your new construction home, this is when a realtor/lender would tell you not to make any major purchases but if you can afford it, that's awesome. Just check with your lender 1st. Sounds like a great opportunity to see if you can get owner financing though!

@Steven Murphy Cleveland heights is a solid rental area. Although taxes are high, you will have a higher rental rate and good tenant base. I wouldn't say there are a TON of foreclosures there and there is definitely cash flow available. Coming from someone who has bought, sold, rented out, and lived in Cleveland hts for some years. Just he careful, some portions of CH go to East Cleveland schools and rental rates/market value drop in those areas. University heights is similar. Also remember that this area is close to downtown and home to JCU, CWRU, UH, & Cleveland Clinic.

@Andrew Taylor lower the price and also find out if your agent sucks (assuming the agent isnt you/your wife). Sometimes agents just suck at responding and dont market it as best as they could. Look into professional photos or staging as well.

@William Thorn it can go either way. My appraisal company performs them all the time and we basically get the original appraisal and review it to see if we agree or disagree with their valuation so it's a 50/50 shot.

@Kenneth Moerschel they really just need to take pictures of everything and label a sketch. Measuring is supposed to be done but often isnt if the house matches the county sketch so like 30 mins maybe. The majority of the work is done from a computer and then another 30 mins or so driving around to take photos of comps. The cost of your appraisal isnt going towards just them being there for some time. All of the money probably isn't even going to the appraiser anyway, appraisal management companies take a cut of the fee too. Ask your lender to see if you're able to request a reconsideration of value.

Actually it is not-it is illegal to put any undue influence on them or bribe them to get to your value. It is perfectly legal to submit a reconsideration of value after the appraisal has been completed or to tell them up front what you think the ball park value is (however, they cannot engage in the conversation saying that they agree or disagree). You can submit a reconsideration of value by telling your lender you would like to request a reconsideration of value and submit it with 3 or so valid comps that do support the value you thought you were going to come in at. Appraisers miss comps all the time or search the wrong criteria and they are allowed to fix it.

@Mark Miles All 3. To the average home buyer and new investors, small things can scare them when it really is no big deal. Some buyers have emotion in whatever property they had an offer in, in that instance you can either work on quotes to fix it/negotiate with the seller to fix it/adjust pricing. Theres also the option to tell the buyer to walk away. Ultimately I find that before I even say anything, the buyer already has an idea of what they want to do in the back of their head (they're just unsure) and it just takes a little coercing to get it out of them.

@Gagan Mehta c1-6 are condition ratings so the appraiser can find homes of similar condition and if the homes aren't in similar condition, an adjustment can be made.

Technically the appraiser is not supposed to look at clutter/cleanliness. You can also submit comps that support your value for a reconsideration.