All Forum Posts by: Jennifer Ullrich

Thanks so much @Caleb Heimsoth, @Kurt Traynor & @Mike Dymski for your insight.  I ended up contacting another lender to hopefully solve this issue.  

Thanks again, I really appreciate it.  

Hi All, 

I'm looking for advice.  

I'm purchasing a duplex in Florida for $170k, my lender's appraisal came in at $135k, which is a $35k discrepancy.  

The seller is obviously annoyed and ordered his own appraisal, which came back at $170k, the sales price.

It turns out there, was a few errors on my appraisal (one which was the wrong address) in regards to the comps.  My bank is going back to the appraiser, but highly doubts any revisions will come in at sales price.  They also will not accept the seller's appraisal.  

Has anyone had this issue, have any advice for me in this predicament?

Next Steps:

- My next steps is to call the bank and discuss my annoyance with this situation and not pay for my original appraisal since  there were many errors.  

- We are waiting on word back from the original appraiser to see what happened and what the correct appraisal amount is.

Any advice would be appreciated.  Thanks so much.

Jen  

My friend's property management business just started using Leadsimple, which is new, but the tracking & reporting is great so far.  I would recommend their services. 

Thanks so much @Steve Vaughan. I think option 1 has great potential for appreciation, option 2 also, but I don't think as much as option 1. Yes, i was very surprised at the LLC pricing vs. a loan through me.

My salary is not bad, but I live in the Northeast, with higher monthly expenses.  

Thanks again for your comments.

Correction to downpayment

Downpayment- 25% down, $84675 is being financed

Good morning, 

I currently have 2 properties that I'm looking at for my 1st deal, but when I put the #s into the BP rental property calculator, it looks like the cash flow is minimal or negative.  Am I doing this correctly?

Option 1- Zip Code 32763

Purchase Price- $105,900

Taxes $1,616/year

Rent- $950/month

Closing costs: $5,500 + $1500 attorneys fees

Expenses: 10% management fee, Insurance, 

Downpayment- 25% down $84675

Loan Interest- as myself 4.875, as an LLC 7.99 & 6 points on a 30 year fixed

I'm running into issues with estimating the following:

Vacancy- I've ready the lowest you should estimate in %, but 10 is recommended?

Repairs & maintenance- It's a turnkey property, so is 5% a good #?

Cap Expenditures- I'm so lost on this formula, any help is appreciated.

Calculated cashflow for me to take the loan out is $38.51

Obviously, if this is the real# it's not a good purchase, but can anyone assist with analyzing this deal from an expert's perspective please?   

Your help is very much appreciated.

Option 1- Zip Code 32738

Purchase Price- $112,900

Taxes $1,799/year

Rent- $1050/month

all the rest still apply from above.

Cash flow estimated at $5.48/month

Thanks in advance

Jen

Thanks so much @Matt R. I really appreciate you sharing all this information with me.  

Hello, 

I'm going to look for my first investment property this weekend and I could use any advice of what to look or watch out for when buying a single family buy & hold.  Any advice would be appreciated.

Currently I'm looking for the following:

- 3 bedroom, 2 bath

- B type property & neighborhood

- will check out the neighborhood during the day & at night

- Location: Deltona, Florida

- Google street views completed

Anything else you can think of when i'm on property?

Your help is definitely appreciated & thank you in advance.

Also, I'm looking to join an investing club in NYC or Northern, NJ, please let me know if you belong to, run or know of any if this area.  

Thank you,

Jen

Hi @Larry Lynch & @Dan Barli, I'm in Hoboken currently and I'm interested in single family homes at this time.  

Thank you @Mark Nolan & @Michael S.