All Forum Posts by: Christopher Brooks Dodd

Quote from @Caleb Brown:

What about the property makes it hard to comp? Too far out? Weird layout? I would be leery of a weird property especially if you are new. Appraiser will give you the current value. 

It’s located 5-10 min out of town in a rural area. Even just pulling Comps for bedrooms, bathrooms,sqft,acreage build year,only 5 comps come up within 5miles.add a 30x40 shop in the mix and a tiny home on a neighboring lot.1/4 acre pond. 3 storage buildings.brand new roof and hvac. Ijust don’t know enough too add and subtract from comps 

Quote from @Jonathan Greene:

Welcome to the community. Appraisals aren't based on potential. Investors base their purchases on potential, but appraisers base their numbers purely on formulas and comps. Appraisers don't usually want any input from you. The only things I have seen them take are comps and a full repair list when they are appraising the final flip. What is the potential you want them to see?

I should have been more specific. I’m saying I’m nervous that the appraisal won’t go all the way too current fair market value. I’m afraid he may stop just above the asking price.is that something that even happens? Because based on what I see for current condition fair market value appraisal I’m kinda wanting too use that as a confidence booster for what I’ve come up with for ARV.

Hello BP community, my name is Brooks, and I’m from Gray, GA. I recently secured my first off-market property under contract. I spent considerable time pulling comps and estimating fair market value, but given the unique features of this property, it was challenging to reach a confident valuation. At this stage, I’m planning to rely on the lender’s appraisal, though I’m concerned it may come in just above the asking price rather than capturing the property’s full potential.

Has anyone encountered a similar situation? Are there ways to address this concern or to communicate the value of these unique features to the appraiser effectively—without overstepping? It’s crucial for me to achieve a favorable appraisal, as my estimates place me comfortably below 80% loan-to-value. If the appraisal falls short, I risk losing the deal and my $1,600 upfront cost.

Any advice on navigating this would be much appreciated. Thank you!

Im wanting too invest local for my first property so I can live there as well(house hack)I would be interested in exploring other markets after that tho!

Dear BP Family,

My name is Brooks Dodd, a 22-year-old residing in Middle Georgia.

Around three years ago, I stumbled upon BiggerPockets and since then, I have been intermittently learning as much as I can about real estate investing. Recently, I have made the decision to wholeheartedly commit myself to this journey.

My current plan is to invest in a multifamily home for house hacking in my local area or perhaps a single-family property with an unattached garage or basement that I can convert into an Additional Dwelling Unit . I am eager to connect with all of you and learn from your experiences and insights.

I am open to any advice or suggestions you may have to offer. Your guidance would be greatly valued as I embark on this exciting new endeavor.

Thank you for taking the time to read my post. I look forward to engaging with the BP community and am excited about the knowledge-sharing that lies ahead.

Warm regards,

Brooks Dodd