All Forum Posts by: Zion Hurt

It was FHA so nothing we could do. But I will keep that in mind for the future.

I appreciate the feedback! House hacking wise numbers would've worked in my favor compared to other properties in the area but of course the lender takes the lower amount offer/appraisal, leveraging debt to get a better ROI. We were not willing to pay an unrealistic appraisal gap. Will keep looking though, going to sign with some roomies to keep my housing expense low for the time being :)

Hey my name is Zion! This is more of a rant and wanted to see if anyone else is having the same problems. So I got to the last stages of this deal. My first property that I was going to house hack. With todays market I would not have cash flowed unfortunately but would reduce my monthly living expense greatly while building some equity and what not. But we got the appraisal back and it was 10k less than what the seller wanted. His asking price was 28k over similar comps in the past 90 days so already ridiculous to begin with. My team and I tried to go for the appraisal price which was 18k over the most expensive comp in the area. But no matter what he was fixated on that price and backed out no negotiations. I know it is typical to meet in the middle as well but the property is not worth anywhere near what he was asking for we just pleased him with our initial offer to get us through the front door. Even his sellers agent was working on our side because he was not going to get another deal this good. Plenty of houses in the area have been on the market for weeks dropping price every week. Due to my moving and job situation I am kicked back into the rat race temporarily, not enough time to go through the process of buying my primary residency at the moment. But to my point I am very sadden and loss of hope because all of this. Has anyone else been in the same boat? Really wanted to get this kick started as from many podcasts and investors after the first deal just snowballs from there.