All Forum Posts by: Jesse Rivera

Thank you all so much for the info, it's been very helpful. Seems that the consensus here is to reach out to some other lenders. A bit earlier I reached out to a broker in the state, as the other lender was direct. 

Hi Luke, I have to agree with Andrew, but let me add this one thought; have you spoken with your lender about the possibility of an appraisal waiver? It's possible, using certain metrics, to bypass the appraisal altogether. There are also certain lenders that are starting to create their own appraiser networks (mostly to alleviate what you're dealing with right now). This is definitely a common problem that many people are running into right now. We just had an appraisal process in Rio Rico, Arizona that took six weeks and cost close to $1600.00. Without the appraisal waiver, you are pretty much at their mercy, but I think you would be surprised how often a home qualifies for the aforementioned appraisal waiver. That's how we have been overcoming the problem. We also constantly have our eyes out for lender programs that either alleviate or eliminate the appraisal process. Hope this helps.

@Eduardo G. It depends on what your objectives are. If your goal is cash flow, you should probably be considering STR. I'm a lifelong resident of CA and have seen huge appreciation over the years but I'm not a believer in banking on appreciation a lone. If you go the STR route, you could have the best of both worlds, however, the upfront capital required is a big hurtle. If you're goal is solely cash flow then you might consider OOS markets, particularly in the Midwest.