All Forum Posts by: Jeremy Gengenbach

View report

*This link comes directly from our calculators, based on information input by the member who posted.

My house was appraised for a refinance and the appraisal came back at $160,000, which is significantly under what we expected ($190,000). Our house was built in 2011, in a cookie cutter neighborhood and there is an exact replica of our house under contract after 6 days on the market for $182,500. 

I got comps from 2 separate real estate agents a couple of months ago, and both thought our house would appraise for about $185,000. Our mortgage company expected the home to appraise for $190,000... So I can't help but think that the appraiser may have had an off day. What is the best way to approach this to get a second look from the appraiser? Any suggestions would be appreciated!

Hello BP Team,

We are planning to cash out refinance this month and I am looking for a little advice. I have a lender that I have built a trusting relationship with at Prime Lending, but one of my wife's requirements to go through with this is that we get quotes from 5 different mortgage companies...I suggested 3, we settled on 4. It seems like a lot of extra effort to me, but she agreed to the refi so I can't complain.

While I am putting the effort into this to get the best rate, are there any suggestions or tips that you have for me? Our goal is to refinance now while rates are low, and save the money to purchase our next home in the next 12 months. We should be able to pull out about $35K and our target for downpayment on our next home is $50K. 

My questions are: 

Are all lenders trustworthy?

Do different lenders charge different fees or points? Are they relatively the same amounts?

Are there any tricks or tips to look out for?

Where is the safest/most efficient place to put the money while we continue to save? (Estimated 6-12 months)?

Thank you for your inputs!

Jere'my Gengenbach

I’m looking forward to the meeting. H.I.T. me up!... See what I did there? 

Hello BiggerPockets,

It is a very interesting time to be a real estate investor, exciting and difficult at the same time. Inspecting properties for maintenance issues is an ongoing necessity and can be intrusive if you have tenants. One way to get a general idea of how your property is doing inside and out is to have your roof inspected for damage. We can easily inspect your roof while practicing social distancing, which typically includes a conversation with home occupants (via phone or email if preferred) regarding interior leaks and wall stains, etc. As a fellow RE investor I understand that tenants are sometimes more comfortable talking about problems with a third party contractor, and we are a great resource for an extra set of eyes and ears on your property.

I work with CM Roofing Pros in Houston. We are a well established company with references, online reviews, and customer service systems in place. Our process is simple, contact me and provide the property address that you would like for us to monitor. I will inspect and monitor your roof for damage. We also help clients to fight denied and underpaid insurance claims.

Message me for more information.

Thank you all, stay safe!

@Cody L. thats actually pretty genius view of the situation. But my hesitation is the inevitable question, what is the exit strategy for when it floods again?

@David Olson it was a good meet up. We discussed a couple of current projects that others are working on, financing, exit strategies, and house hacks. I would say that the networking and just knowing the local investor community was the best part. It was good to meet other people out there getting started and learning as they go, and sharing what they have learned.

@David Olson, I would like to discuss the rehab budget more with you, I'll check out your profile for the details. Also great to hear it came out well! Will you be at the Katy meet up tomorrow night?

Thank you for replying. 

I found a house in west Houston that has potential for investment opportunity. It was flooded by Harvey and is already gutted. I believe that the ARV will be significantly higher than the purchase price and rehab. The average time on market is 60 days in the last 3 months. The information is verifiable but there is not a lot of deals being done yet in this area.

I guess my question: does anyone have experience with Harvey flooded flips? What was your experience with buyers at time of resale? Did the fact that it was a 100 year flood hurt you significantly?

I will be there. Looking forward to it. 

Thank you for the inputs, I am not going to bang my head on a door that won't open.