All Forum Posts by: George Tiglianidis

Wasn’t looking to move out of my single family, when walking the neighborhood with my wife all of a sudden this distressed home a block a way all of sudden was being looked at with a different set of eyes.

Called the broker and long story short this originally priced 6 bedroom home for $680k was purchased by me for $525. Sold my original home to pay for the reno and now this $525 home got appraised for $790 4 months later!

#Biggerpocketsforlife

Good luck on your journey!

3 Votes

@David Mathews

I realized you can’t post pics from the Mobil app. I finally figured out that if you are using the desktop then you can upload photos by clicking the “add attachments” tab or whatever it’s called.

1 Vote

@Jacob Sampson

I didn’t even know that not having an appraisal is an option. Wow! Good for you!

0 Votes

@Ann Bellamy

Based on your advice i took the Rockland Trust’s offer. Something is better than nothing!

I called the manager and spoke with him and he told me in a few months I can have it reappraised for no charge.

1 Vote

Hello BP family,

So, two months ago I contacted my mortgage company to waive the PMI on my mortgage as I put in a ton of work into the home (bought it at $525k put $125k into it).

The appraisal was ordered and my home got appraised at $790k!!!

PMI was waived so my mission was to obtain a HELOC as I wanted to pull the equity and put that towards another investment.

Unfortunately the credit union that I applied to obtain the HELOC would not allow the appraisal from 2 months ago.

The new appraisal was ordered and they came to my house last week (gloves and masks worn the whole time thankfully).

The appraisal came back today at $695k.

So I have a few questions:

Why such a huge disparity in the 2 appraisals from the different companies?

The market here in Boston is still hot.

Also; Should I find out if the original appraisal company works with any other credit unions or banks and try to get a HELOC through their?

Thanks in advance!

0 Votes

@Tyler Caglia

Man! Thanks for sharing your story. I am doing research into OOS properties and I think the fact that you took action is probably the biggest step.

I’m not sure I have the know how and the courage to manage the property in the beginning while I’m on the other side of the country without a property manager.

How did you collect rent and who would your tenants call if ever they encountered a problem?

Again, thanks for sharing your story. Maybe someday we can hear it at greater length on BP’s new podcast “Real Estate Rookie”. I think a lot of people can gain some knowledge from your experience!

1 Vote