All Forum Posts by: Zachary Olley

@Edy Lagares I have pre approved for 175k 203k loan. Talking to 2 agents to look for a multi family in my area close to a new job. I will try and close before I start the new job if I find something of value but none make sense for a BRRRR just yet. Most are fully occupied so FHA won't work and the ARV is the tricky part. Need to talk to an appraiser to see what they look for in appraising a duplex/triplex vs. SFR.

@Edy Lagares I have pre approved for 175k 203k loan. Talking to 2 agents to look for a multi family in my area close to a new job. I will try and close before I start the new job if I find something of value but none make sense for a BRRRR just yet. Most are fully occupied so FHA won't work and the ARV is the tricky part. Need to talk to an appraiser to see what they look for in appraising a duplex/triplex vs. SFR.

@Edy Lagares you have to use a contractor to get the estimates and you can’t do any handy work to save money on repairs. All has to be done by paying a contractor.

@Edy Lagares they are lending in purchase price plus the rehab but the requirements are that you have to have somewhat livable conditions. So working toilet, running water, electricity, windows, door that locks and roof.

@Edy Lagares I know it can take up to 40-60 days for it to get cleared but if it’s my only option then I’m all for the work.

@Shawn M. Still gives me a starting point on assessing Arv on these properties.

@Shawn M. Or a better example of a 5 bedroom 2 bath house and 5 bedroom (3bed, 1bath/ 2bed, 1bath) duplex?

@Shawn M. So an appraiser would judge a 2,000 sqft SF the same as a 2,000 sqft MFR with all other things being equal?

@Shawn M. I have found some more multi families that look more promising. Not sure how to get an accurate ARV for them though because some are surrounded by SF and some are on a street with nothing but multi family duplex and triplexes.

@Shawn M. Where at in ann are you investing and how are you financing?