All Forum Posts by: Chris Hannigan

@Joe Splitrock I did make improvements. I’ve done some more digging and found “rent ready” comps, which more closely mirror the condition of the property, that would give a valuation I can live with. I’m not concerned about waiting 6 month or a year, I’m not in a hurry. Thanks for the reply.

@Chris Mason .....great advice, thank you!!

@David Sanford....what you are describing would be perfect for me. can you share your lender?

@Steve Vaughan, thank you. I am not in any hurry, I can carry this personal loan for 6 months or a year while it "seasons." I just want to maximize what  I can pull out.

@Steve Vaughan ... this is my first rental. I didn't have a good down payment, but I do have good credit & a higher personal income, so I was able to acquire a large enough personal (signature) loan to buy with "cash." I bought at a depressed price, so the hope is to cash out the equity, pay back the personal loan, and perhaps have enough left over to use a down payment on a second property.  The market here in Cleveland is rapidly evolving an very "block by block." I am worried an appraiser that isn't very familiar with this section of Cleveland will undervalue using recent sales comps. I am pretty certain it will value higher if they consider what I am getting in rent. Thanks for the reply. 

@Caleb Heimsoth - thanks for the reply. I'm sure there are other names for it, but here is a general overview of price-to-rent:

 https://smartasset.com/mortgage/price-to-rent-rati...

Hello. I recently bought a duplex cash, and wish to cash out the equity, so I can purchase more. I have a couple questions: 1: my understanding is that the property has to "season" for 6 months. Are there any other rules I need to know. 2: Will banks accept a price-to-rent valuation when appraising the property? The recent sales comps value the house at about half of what a price-to-rent approach would. Thank you in advance!