All Forum Posts by: Dewayne Gammel

How would an appraisal help me pre-construction? Will the pre-construction take into consideration all the repairs that will be done?

Shane Perkins Langston Patterson Welcome to Biggerpockets!! Glad to see you you both are having some success!! Yell if you need anything locally!

I am looking at picking up a property using hard money. End result would be to sell said property or refinance and keep as a buy and hold after all repairs are done. My question is about the BPO and/or Appraisal.

The hard money lender wants to use a BPO in order to fund 65% of ARV. I just need to know the difference between the two as well which one is going to benefit me the most since I will be selling the property retail or refinancing for buy and hold strategy.

How accurate is a BPO? what are the odds that an appraisal will come back close to the value of the BPO? Should I opt to please the HML and get a BPO as well as get an appraisal? Should I wait and get the appraisal after the repairs are done or before? etc...

Please help!!!

@David Hutson Why did you choose Memphis? Other than for the value?

If someone decided to take on a partner, can you help me with some brainstorming as how to structure the deal(s)? I would do an LLC and have us both as managing members...but how would you structure the payback(if any) or the NOI profits? Would the percentage split be off gross income or net income? How would you do the insurance....etc?!? Any advise would be greatly appreciated!!!

Wait till your family members are the ones with the remarks. Those are the times where frankness and tact go out the window. People think investing/ Landlording/ rehabbing/ operating a business is a 10-2 behind a desk. I empathize with your pains!

@Shawn M.

If you want comparable rents in a specific area try RentMetrics.com

@Krystle Cole

Welcome, yell if you need anything!

Hey Krystle! I would recommend tons of education on BP then action. A mentorship is also a good way to start!

Has anybody heard or used "Good Steward Capital Management" out of Tucson Arizona? They had a Craigslist post that I replied to. They offer 65% ARV With back end profit sharing. Interest only loans so I would have to refinance at some point. (They have no set term length considering the loans are interest only) Any info would help!!