All Forum Posts by: Gilbert Lugo

Hi, I'm currently in the middle of my second attempt at refinancing out of my FHA but seems as if it has gone south with a low appraisal. I've been trying to free up my FHA in order to be able to use it on a larger property in the near future. A few weeks ago I tried to refi with a recommended lender but it did not work out since the lender would only lend on 75% LTV and I needed the property to appraise at $210k but it came in at $200 which meant I would have to come out of pocket $7k and a 4.8 interest rate compared to my 3.9 in order to convert to a conventional. This did not work for me.

My current lender reached out and said they could beat the previous offer with an 80% LTV and a 4.25 rate if the property appraised at or above $200k it would cover all closing costs and nothing out of my pocket.

I was not too worried since a few weeks ago (6/17/19) it appraised at $200k. Today when I got the appraisal report it came back at $176,000. Talk about off! 

Please help! Is there anything that I can do to challenge this appraisal? 

Thank you in advance for your help and support

Hey man congrats on taking that first step!

Man awesome work congrats to y’all !

congrats on getting your offer accepted. I would call an insurance company and verify the insurance is correct and to make sure it’s not in a flood zone. I don’t know if it applies to your area but that was one of my mistakes. 

@Sung Park thank you for the guidance this really does help. I will be shopping around for a CPA soon. 

Hello BP,  last March I took the plunge and invested in my first duplex which I am house hacking. Throughout this time I’ve heard a few times how owning real estate is a great way to reap the tax benefits. I’m curious to know if I would be eligible for tax credits for the the property itself and all of the rehab work I have done and will do even though it is currently my primary residence? 

Thank you in advance for your insight 

Hi there everyone,  about 4 months ago I purchased a property and inherited some tenets. The lease that the tenants were on was poorly written and has no protection. Luckily for me the tenenats are great and pay on time. I’m about to be at the 3 month mark prior to their renewal and want to present a new lease. Can any one guide or push me in the direction to were I can get good protective lease for a Florida residence? 

Thank you in advance 

I am currently house hacking my first duplex. I’m not cash flowing at the moment but my tenants pay most of my mortgage. The property will crash flow well once I move out but at the moment I just focus on how to keep expenses low. 

Also make sure you’re property isn’t in a flood zone. Wish I would have none that, my hacking would have been even sweeter. 

I had been dabbling with BP for a while then got into a position where it was time to move out my parents place. During that time I remember there was a BP webinar “end of the year 90day challenge”. I didn’t buy the property in 90 days but it sure put me on the right track to buy a duplex and house hack it a month later! 

Quick note: you can read a lot about real estate but most of the learning is in the process as you go through buy your first property. Good luck

If its bring in $500 a month the area may not be the best so make sure you’re comfortable dealing with low income tenant (not that they’re all bad). Also idk about your area but usually the places renting for $500 are bought at or less than 150k.