All Forum Posts by: Eli Arkush

Thanks @Christopher Reeder! I'll reach out to him and ask for a quote. I'll tell him you recommended him.

Bumping up in case people missed it - does anyone have some leads in the Polk County FL area?

Thanks again!

Eli

Hi all,

I have a single-family rental in Lake Alfred, FL. A couple of months ago my homeowner's insurance company did a surprise inspection and found that the roof needs to be replaced (14 years old roof). Speaking with the insurance agent she said a lot of insurance companies in the area won't insure houses with roofs over 15 years old. The current policy expires in December and I need to fix it by then.

My property management gave me 3 quotes for $17K-$19K to do the job, I'm not sure they have my best interests in mind.

Looking for recommendations for a reliable, quality roofing company with reasonable prices to come and give a quote for the job.

Thanks in advance, I really appreciate this forum and all the help I get from fellow landlords and RE professionals.

Best,

Eli

Thanks @Eric Delcol, I agree that it sucks. I ended up paying $635 for the appraisal, the $740 was only an estimate. Still, if there are appraisers that can do the same work for half (as mentioned above) - why do I need to pay a premium?!

I also agree on the make dollar mode vs. save a dime mode, but regardless of the absolute amount, I hate paying beyond reasonable for a service I know can be done for much less.

Best,
Eli

Thanks @Adrian Smude!

Follow up question: do you self-manage your properties, and if not, can you recommend a high quality property management company in the area (Orlando - Tampa area)?

Best,
Eli

@James Syed agreed, it bugged the heck out of me, especially when I showed her another lender that has "guaranteed appraisal fee" of $495. She insisted that's the price range ($600-$700) and repeated she is not making a dime from it. I ended up paying it because the overall closing costs (origination fee, etc.) and rates are the best I found.

However, as @Adrian Smude mentioned above, I think the geographic location (State / County) matters, or have some kind of affect on appraisal price ranges.

Best,
Eli

Thanks for all the answers!

@Daria B. and @Chris Mason - rental comps is not required as far as I know. My income is more than enough to support the loan. And it's not a deal breaker, just annoying.

@Adrian Smude - can I ask what's a reasonable price range from your experience? It's ended up being $635, not $740 as they estimated initially.

Best,

Eli

Hey fellow REItors!

I'm purchasing and financing an investment property (single family home) in Florida (Polk County) and my lender shows $740 as appraisal fee. I know that for my home (primary residence) in Florida (Broward County) it was more around $500-$450 cost.

The lender explained to me that appraisals for investment properties are more expensive than primary residence for some reason, they need to be AMC certified, etc.

What is your experience with appraisal costs when financing an investment property? Is this a reasonable amount ($740)?

Thanks!

Eli

‪#‎HELOC‬ - looking for a good Home Equity Line Of Credit (HELOC) provider. Can anyone recommend providers or tools for comparison (rates, terms, fees, process length)? Thanks in advance! I'd like ones that can go up to 90% LTV (Loan To Value), looks like most are willing to go up to 80%. Also - does it better to go to local credit unions for HELOC, or any provider should be good?

Hi BPers,

Can anyone recommend good HELOC providers in Broward County, FL? I don't mind virtual providers as well. Looking for best interest, simple process and low fees (initiation, yearly, etc).

Thanks!

Eli