All Forum Posts by: Bennie Leija

@Scott Kelley I have the breakdown report that I feel were not part of the assessment. And am willing to share.

From phone conversation with the appraisal and realtor. The lead certified appraisal sent their assistant to the home. From the phone discussion I think that the evaluation didn’t consider the additional ‘value’ to the structure. 
I would like to email you my report, picture of home and see what your thoughts are. 

@Caroline Gerardo in reference to noise area. I left full developed mature trees around the home. This home is not in subdivision or HOA.

I can email you the information if you’d like.

Provide email through IM. 

Bennie 

@Joe S. I honestly believe that as investors we need to be part of the hiring of appraisal people. 
We now have people that took a couple of classes on line and bought a couple of books and were able to pass the test. 
We need to be part of the vetting process as a major requirement should be at least 10 yrs of construction experience in building homes!

 Bennie 

@Caroline Gerardo - great points! I honestly don’t believe the appraisal gave me value for the following items:

1. #3 floor tile throughout the house (#3 is one of the best rated)

2. Outdoor patio with extended roof

3. Outdoor fireplace 

4. Outdoor complete kitchen with water, electrical and drainage 

5. A total living area above the garage apartment, with its own AC&heating unit, complete with restroom and shower. 

6. A 14 foot wide driveway wrap around. 

7. Water fixtures throughout house that are operated with motion sensors 

8. Total house security wired 

9. Custom metal double front door

10. Outlets set up for hanging up Christmas lights

11. Indoor chimney 

12. Custom cabinets that are slam resistant 

etc.

I am a builder investor out of the Houston area. 
We went out and pulled two appraisals, one by me and didn’t share in the beginning because I didn’t want my appraisal to be bias. The clients bank (buyer) went out and appraised the house. Their appraisal appraised $90,000 less compared to mine. 
I want to know what can be done in this circumstance as the banks representative stated that my documents are false and forged. I was told to hire another appraisal but as I sit here looking at my accounts, if I accept the offer of $90,000 can I report this as a loss to the IRS? This build took me over 5 months and I basically have done the work for free. 
Is the market having a negative impact on your business as not getting true and better figures?

Enjoy your day

Bennie 

@Ronnie Galindo I am a part of a 5 person team of new build investors and rehabilitation investors out of the Houston area. 
I recommend setting yourself up with other individuals in your area and try to use the same resources and vett or filter out the contractor that doesn’t meet your standards or business model. 
We keep our contractors busy full time and have learned that with a solid schedule any project can be flexible and rewarding.

Bennie 

@Ricardo Garcia 

Best to just walk away on any deal, if you feel the whole story is not being said in your beginning stages. 

I walked away from a deal last week. To much risks.
Wholeseller and owner were not responding to questions that would later impact me $$$’s on survey, septic and replatting land.

Bennie 

I completed two massive projects this year for a client here in the Houston area.

This client wants me to follow him to Trinidad Colorado and build multiple subdivisions.

Is Colorado a good opportunity for building SFH or are the people heading there through to Texas and or Florida?

How is the market is Colorado coming along?

Bennie 

The Cheapest bid is not always the best selection.

You have a specific schedule to follow and make sure the contractor follows this target date. If the contractor is unable write in contract that a retention will be retained for every day unable to meet date.

And if they meet schedule provide them a small bonus. I usually give them $1,000. Trust me. This will make the target date reachable.

Bennie 

Hire a inspector 

The report he/she provides you will help you in all these questions you are asking.

Bennie 

Hire a house inspector 

The details of inspection report will help you out greatly.

If not, put $75,000 as a repair budget to make house rentable. 

Bennie