All Forum Posts by: Joaquin Arizpe

@Andrew Postell

Yes we are going to present 3 comparables, and the house plans to see if that help. But what doesn’t makes sense to me is that my puse is being appraised at 67sq/ft vs all others on average $103-120!

@Jeremy Taggart

Thanks for your time replying. That’s exactly what I meant when I said other houses, one example is my neighbors sold about 8mo ago they used it as the 4th comparable and that house was build by the same builders same time very similar to mine and is over 1000sq/ft smaller than mine and was sold for only $5000 cheaper than mine was appraised. And looking at the other 3 comparables houses are similar but sold at a higher sq/ft value than mine was appraised. I asked the bank to see if we can get a second approved appraiser but said that these are chosen randomly and is against their policy to get a second appraisal.

I am in the process of Refinance my house to pull some equity and reinvest on RE. The appraisal on the property came low that what I was expecting, after reviewing it realized that for some reasons 1) my house was appraised at $67sq/ft when all the comparables were appraised at $103-$123; 2) mine was appraised on the living area whereas the comparables were on the gross area. I also noticed that the front/back porch and enclosed garage were appraised at $29sq/ft ( considering everything was build as a part of the house by the same construction builder it doesn’t make sense to me) Also: my house was built in 2010 and comparables were 2009-2013 range!

Have you had any similar experiences?

Any thoughts or reasons on why is appraised like that?

Thanks in advance

Appraiser Value too low on Cash Refinance

I am in the process to refinance my property to pull some equity out, but they appraised the property low. Received a copy of the document and for some reason when checking the comparables 1) mine is appraised at $67sq/ft vs $103-121 and 2) they separated the porch and enclosed garage and outside restroom and they’re appraised even lower $29sq/ft ( note that everything was built as a part of the property - same construction builder. Now when checking the comparables they appraised $103sq/ft - $121 times the gross sq footage of the property not only the living where as mine is way too low and separated. Do you have any idea why? Similar Previous experiences?

Thanks in advance

@Cody L. Thanks Cody

@Caleb Jordan Thanks for your advice I will look into it

@Jonathan Soto thanks for your advice!

Two years ago I quit my Job in which I worked for 11 years, I invested most of my savings in Single Family Houses, buy, fix and rent and so far is going good. Now I am looking into other options in finding funds to buy more properties, but since I am not on an employer payroll I believe will make it harder to find a loan and wanted to ask for your OoInIoms. I thought about getting equity loans but want to know if there are other options. Appreciate your tIme! Thanks in Advance

Curt and Dimitar thanks for the advice! I am considering my options. In one hand I can let professionals manage my property and spend some of my cash flow but then on the other hand I can learn tons of details first hand. I do live about 15min away from that property; but my only concern is work. I work long hours and have to commute days at a time. I work two weeks on - one week off and when I'm off I can dedicate my time to the property.  

I just buy my first investment property in South Texas. It is a single family residence that I am planning to rent. House was rehabbed and is on decent condition. What are your thoughts on using a professional management company vs doing it myself? Regarding the lease contract; any advises. Where can I buy/acquire a decent one. Any tips on advertising my property and interviewing renters. Thanks