All Forum Posts by: Zach McLean

We started a cash out refi on an investment property and went through the process only to receive an appraisal that was well below our target.

Target was $580,000 and the appraisal came in at $500,000.

I combed through the appraisal and realized there were a substantial amount of errors with comp choices.

I wrote a response letter detailing the errors and about a week and a half later, we received a revised appraisal at $585,000.

I think my takeaway here is to provide a packet to the appraiser before they start their process!

Eder at Master Solutions Construction is trustworthy and does great work.  

https://www.mastersolutionsconstruction.com/concrete-contractor

@Whitney Hutten - Yes they're currently looking at the numbers for a cash out refi for a rental property but your note made me reach back out to her and float the thought of keeping it as a second home.  I take it the rate on a second home would be better than an investment prop?  Thanks so much.

Here's my situation:

Bought a home in 2017 

Purchase price: $440,000

Remaining Loan Amount: $330,000

Current Market Value: ~$550,000

Closed on a new primary residence at the end of September (2020) that needs work.  Our plan is to rent out our first home.

I think I may have shot myself in the foot by not refinancing with a cash-out on my first house before closing on the second.  My plan now is to still try to refi with a cash-out to cover some of the construction costs on the new house but will likely have a slightly higher rate on the refi since it'll technically be on an investement property.  Am I overthinking this?  Curious what you pros would do in my situation?   Thanks 

I’m curious how other people structure deals if you’re going in on a flip with one person financing everything and the other person providing all labor at cost (in other words, the contractor will profit based off of finishing early and split the profit with the financier)?

Good way to look at it. Thanks @Marian Smith

@Anthony Rosan Yes I’m serious. Thank you for taking time to respond.

Hey @Doug M. It’s in Kensington.

Sheesh. Just sourcing some unbiased opinions @Clinton Fisher like the diplomatic solution @Dustin McGhee provided.

I like this approach! Thanks for the outside the box thinking @Dustin McGhee.