All Forum Posts by: Bob Razler

Hello All:

I found a deal recently that delivered great cash flow (even at the 50% rule).

I made an offer which was accepted and I was very happy.

I have moved along with the deal and the appraisal came in about 10% BELOW my offering price.

I am aware of all my solutions, but that is not my issue......

I was perfectly happy to buy the deal at my offer, but now the low appraisal has me DOUBTING my original offer even though the numbers are solid!

Have any of you experienced Appraisal Induced Doubt (AID)™?????

Bob

Hello @Jason Luongo ! Welcome! SE FL has a great REI community. There are plenty of meetings and groups.

@jon 

@Jon Huber hosts a coffee group once a month (this upcoming Saturday I believe) in Delray.  It's a great group!

Also, I highly recommend installing MEETUP and checking the RE groups there.  Every Wednesday there is a lunch in Deerfield and Thursdays in Ft. Lauderdale.

Everyone here is great and they are always willing to help!

Bob

Hello @Tim Kaminski .  Great.  That gives you more freedom.  It becomes math at that point.

Good luck!

Bob

Hello @Andri Artayudianto .  Luckily flood zones are not plotted on such large areas.  They are very local.  Each waterway is analyzed and its flood zone plotted.  Also, there are various flood zones, not just in or out, so you need to understand which zones impact your property.

FEMA publishes flood maps for the USA and you can look up the area where your property is located. If you are near a stream you will see an "outline" around that stream that maps the flood zones. If you have multiple streams or rivers, their flood zones may overlap during certain rain events.

Also, another issue that many people don't know is that you can apply to have a flood map revised to remove your property with the proper backup. For example, let's say that during a 100 yr rain event (chance of happening once every 100 years) the water level near your home reaches an elevation of 100 ft above sea level (generally use a datum referred to as NGVD). If your home sits on a hill and is at 115 ft above sea level, there is a good chance that the FEMA map did not account for this local elevation anomaly and it shows you in the flood zone. You can get a land surveyor to fill out a certification of your elevation and apply for a map revision.

Of course, you don't want it removed from the flood zone if it actually is in the zone....you want the insurance.

Here is a link to the FEMA map site. You can enter an address and see the map and any amendments.

https://msc.fema.gov/portal

Good Luck!

Bob

Hello @Tim Kaminski .  

Are you using FHA financing and HAVE to occupy or would you just LIKE to occupy?

If you would just LIKE to occupy, run the numbers on your savings for 1 year there and you know how high you can go with a CAHS FOR KEYS plan.

If you are going to HAVE to occupy, then you might have a tougher decision and you may be forced to offer more.

Bob

OMG......I am the furthest thing from experienced and knowledgeable.  I just started here a few months ago and I learned so much here at BP and meeting great people.

I try to go to every meeting I can and meet as many people as possible.

Bob

Hello @Skip Dell .  I can't help you with a suggestion but $10k seems like way too much to pay.

Hello @Collin Schwartz .  Wow.....great story.  Congrats on your success!

Hello @D'andre!  It seems that an apostrophe in your username makes tagging you impossible.  :-)

You will find lots of great people here in SE FL. There are lots of great REIA meetings and events!

Bob

Hello @Howard Johnston .  Congrats on your decision!  Personally, I think you are moving to a GREAT market for RE investing.

BP and the great people here will be invaluable to you.

Best of luck!

Bob