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All Forum Posts by: Freddy Morales

Freddy Morales has started 1 posts and replied 3 times.

Love this thread. Thanks to all who contributed and to Aaron for starting. I too have properties in Medellin and surrounding areas as my wife is from there. Until now, they have been for personal/family use and future profit but I am now looking to turn them into income generators. I’ll post a separate thread with more details as I am getting into the sharing spirit on BP forums after months of silence. Look forward to the continued networking. 

Post: How to influence appraisal

Freddy MoralesPosted
  • Madrid, Spain
  • Posts 3
  • Votes 3
Originally posted by @Tucker Cummings:

In the word's of Ron Burgundy, @J Scott is "kind of a big deal" so let's all pay attention when we see him in the forum!

I can personally attest to his post and linked forum.

- Provide Information

- Build Trust

- Build Rapport

Last year I was getting a home appraised and I met the appraiser at the house. We spent the first 20 minutes talking about his kids and grandkids, how he was getting out of a messy divorce, but met the love of his life at the age of 62 and, as a matter of fact, he started crying just talking to me about how joyful he was with his fiance. We talked about a handful of other things, but this was some strong rapport we we're building... it's not every day a stranger cries in my house!

I let him do his thing around the house, walked it with him, answered questions honestly, asked about how he got into the appraisal business, etc. Throughout this just "being a good dude" and welcoming to him, it seemed like we had built up a level of trust. I felt like he could tell I cared about this house and what it meant to me.

Lastly, as we we're wrapping up, we convened in the driveway and I just asked him, "So what do you think this house should appraise for?" He said, "Well, just first glimpse, I think it's around 260k based on the comps and what you've done with the place." My response was, "Man... that's disappointing, I was really hoping for about 275k. You know, I really appreciate you coming here and doing this. I don't want to tell you how to do your job, but if you have a chance to look it over I put together this packet of the comps in the neighborhood, before pictures of my house and a list of all the repairs we've done to it since we got it. I thought it might make things a little easier for you." (Provide information"

He said, "I appreciate that and I'm not too proud to take a look at what you've got."

Appraisal came in a few days later for 277k!! Was it totally based on the conversation we had and the information I provided? I like to think so, but I can't be certain. What I do know is if I hadn't met him and talked with him, provided information, etc. and the appraisal still came in at 277k, I'd be sitting here thinking, "geez... maybe if I had done the extra credit work, I could have got 285k!"


Hope this helps and Good luck! 

Thanks for this brilliant story. I'm analyzing a flip and the seller's agent is throwing out an ARV estimate based on her knowledge of the area that is much lower than what the comps imply. I was just running if/then scenarios related to the appraisal when I saw this. Good perspective that'll help get me closer to my desired profit.

Post: Long time listener first time poster

Freddy MoralesPosted
  • Madrid, Spain
  • Posts 3
  • Votes 3

Investment Info:

Single-family residence buy & hold investment in Tampa.

Purchase price: $325,000
Cash invested: $30,000

This is the first home I ever purchased and eventually stumbled into being a landlord. I moved to Tampa for work and bought this new construction in a highly sought-after gated community. I moved again for work and have been renting the house for two years. I refinanced for a rate in the 2’s and now looking to cash flow the heck out of it for the next several years.

How did you finance this deal?

Conventional loan from big bank. Refi through broker

Lessons learned? Challenges?

Stay away from astronomical HOA fees. Do preventative maintenance on appliances and air conditioners. By paying a little more down pymt, I got rid of PMI without refinancing in 2 yrs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kerven and Marilyn Dennis with Motto Mortgage (mortgage brokers) in Tampa, Andrea Webb realtor