All Forum Posts by: Andrew Luong

Very very insightful here - thanks so much!  

@Thanh Nguyen - great read there!

Hey BP Team -

Looking to tap again into the wealth of knowledge available on the forums in regards to some recurring mold issues I have!

My situation

• Rental property in Sacramento got mold in February
• Insurance was unwilling to pay for this
• Sent out mold remediation team to repair (~$4k) - provided lodging, etc for the tenants
• Thought things were fully settled
• Mold reappeared recently in early December

Questions

• Did I handle the original situation appropriately?
• What is the best way to go about handling this situation and other mold issues moving forward?

Any thoughts would be helpful!  Also hoping this discussion would be helpful to other landlords!

Cheers,
Andrew 

Hi All -

Thanks a lot for sharing your experiences!  It's too bad you've all had poor appraisals in the past but it's a bit of a relief for me to see this occurs for others too.  It sounds like I made the right decision in moving forward with the lower priced appraisal since this was my personal valuation but it was definitely a shame that the market (buyers) were willing to pay much more.

@Shaun Weekes - very cool tip here.  I'm interested if this appraisal would be a good tool to present to the lender ordered appraiser before or after the appraisal to see if he'll also sway in a similar direction.  Any thoughts on this?

Hey All -

Interested to chat this topic over a bit.

I've recently flipped a home with the contract price coming in at $269k.  Additionally, this was off of multiple offers from qualified buyers.

With that said, the home ultimately missed appraisal and came in at $245k - overnight I lost $24k!  We then went on to provide additional supporting comps + supporting evidence on repairs and improvements.  Ultimately the appraiser turned this down and stuck by his original valuation.

I ended up accepting this as this was the price that I had budgeted and I was worried of wasted time for a similar appraisal later on but this was still a huge pain regardless.  The market clearly says that the home was worth ~$269k but the appraisal came up short!

Anyone else have similar experiences - especially in this market?  Also, any tips to mitigate this risk moving forward?

Cheers!

Andrew

Hey All - Looking to bump this thread as PayNearMe doesn't currently accept landlords for the PM software I'm using.  Any luck from anyone else for cash payments for smaller landlords?

Hey Thanh - welcome to BP!  I currently invest in rentals in Sacramento and Houston so we're on a similar boat!

Hey @Scott Trujillo - very cool that you're exploring AirBnb for Sacramento!  I own some rentals there but am from the Bay Area and am looking to play with the idea here.

Hey @Account Closed -

Very good article - thanks a lot for sharing!!

Cheers,
Andrew

Hey @Varinder Kumar -

Sounds like exciting times for you! Without understanding the full picture, I would agree with the previous posts regarding the HELOC - as long as the new cash flow covers the HELOC. With that, you'll then also be able to continue the wealth building journey by expanding our portfolio!

Cheers & best of luck,

Andrew

Very good read, thanks a lot for sharing!!