Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Chris Walsh

Chris Walsh has started 11 posts and replied 30 times.

Post: Hard $ Lender wants loan payoff and appraisal came in really low!

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Thanks Jay

Post: Hard $ Lender wants loan payoff and appraisal came in really low!

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Good question Caleb.  Not sure how it appraised for that low.  Appraisers may not be familiar with a transitioning area.  

Post: Hard $ Lender wants loan payoff and appraisal came in really low!

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Hello,

I purchased two row houses connected to each other in a fast gentrifying area of Cleveland.  I used hard money to fund and rehab both of these houses.  Both of the appraisals came in much lower than both I, and two very experienced hard money lenders thought.  The one lender wants the loan payoff and the appraisal came in 40K less than I owe on the place.  Other than ordering another appraisal, any thoughts on how to get out from this? Sell the place?  It is currently rented for $1500 and the appraisal came in at $114,000.  Completely renovated 3 story town house in the Detroit Shoreway area, which is one of the fastest growing and hottest markets in town.  Any suggestions would be helpful.  

Post: Best 0% credit card for a renovation

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

I’ve done this a few times.  Discover had a 15 month, 0% interest period.  I have also used an Amex with an 18 month, 0% interest. Make sure you can get your money out and pay of credit cards before intro periods end.   discover had nice cash back rewards.  Amex rewards decent. 

Post: Trash House Neighbors

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Hey Aaron,

I purchased a property in a gentrifying neighborhood in the winter in Cleveland.  Quiet street.  It’s cold so no one was outside.  Once it warmed up the people that live across the street are outside all day sitting on the porch, playing loud music, partying, selling drugs etc...  The up and down units for R3hab nicely. The upper unit was rented before it warmed up. Just finished the down unit and I am having trouble finding a tenant because of these neighbors. One Bad house on an otherwise good street can be problematic. Might still be a good investment but will add extra headache. Try to buy the bad house as well If the numbers work. A good friend of mine will buy up entire streets and make the neighborhood just the way he wants. It has worked very well for him.  

Post: Refi out of hard money into primary residence home loan???

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Does anyone have any experience refinancing out of a hard money loan into a primary residence conventional loan?   Just finished the rehab and need to refi out of hard money.  The original plan was to buy, renovate and either sell or rent out. It’s in a gentrifying neighborhood on the west side of Cleveland. The thought process would be to put a low interest mortgage since it would be my primary residence, live there for the time being then turn it into a rental.  Lock in a 30 year rate with low interest.  

Would I sell it from my LLC to myself or sell it from one LLC to another LLC and rent from the LLC? I've never seen this discussed and want to know if a lender would go for it. Thanks

Post: Hard Money Loan Draws

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

If you have decent credit look into using a 0% interest credit card to cover the costs.  I’ve used a discover that had zero interest for 15 months and an Amex that had zero interest for 18 months.  They helped cover construction costs before hard money lender gave out a draw. Make sure you can pay them back before interest kicks in.  Use credit wisely!

Post: What adds value in the mind of an apparaiser???

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Thanks for the input everyone!

Post: What adds value in the mind of an apparaiser???

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Would appreciate any experience or feedback anyone has.  I just finished renovating the up and down unit in a duplex in a gentrifying area in Cleveland, Ohio. I have about 95k in the deal.  I have the top unit rented for $1200 month.  Finished the bottom unit and hopefully get the same rent.  Total of $2400 per month in rent. There are houses within a 1/2 mike radius that are comparable in size ranging from 65k to 299k.  What is the appraiser looking for that adds value?  Both units have been torn down to the studs.  Everything is new.  Is pouring a concrete driveway adding a lot of value?  Knocking down old garage and rebuilding add a lot of value?  Would like to take a bunch of cash out, still cash flow and repeat.  Any feedback would be helpful.  Thanks

Post: REFI in gentrifying area

Chris WalshPosted
  • Rental Property Investor
  • Cleveland, OH
  • Posts 31
  • Votes 5

Tremont