All Forum Posts by: Jamal Pitts

I always try to vent to outside when possible, but I never had a problem selling a property due to the microwave recirculating. 

Hi @Clay Packel

Are appraisals required for your hard money loans?

Hi @Joshua Jonas

What parts of Philly are you interested in?

I would double check the zoning to make sure it is a legal four unit building.  55k for a four unit building sounds very cheap.  How is the block?  Are there any vacant lots or boarded up properties on the block.

I never heard of this happening before. Who ordered the appraisal HUD or your lender?

Welcome to BP fellow appraiser :)

Hi Jason,

I knock that wall out in 90% of my rehabs.  I actually just did one last week.  Most of the time it's not load bearing.  But your contractor should be able to confirm that. 

I like to knock down as many of the walls as possible on the first floor.  Open layouts are easier to sale.

Remove the stove, refrigerator, and tenant if applicable prior to the appraisal; and you should be good to go.

Hi Kay,

I wouldn't recommend starting out at the auction, those are very risky.  It took me over a year of just going and watching before I even started to bid on properties their. 

If you go the flipping route, you need to have a team already in place before making offers on properties.  People in your team should be, contractor, lender, and a realtor to start out with. 

Most likely with homes in Philadelphia you will have to go the hard money route for flips due to the possible poor condition of the properties.

One last bit of advise; when analyzing a deal, don't forget about your holding cost.  Most investors forget or under estimate this expense.  I would recommend you have a 12 month reserve cushion for your first deal.

Do your homework and take your time and you can make a lot of money in this business.

Good Luck

@Keith Motola hit it right on the nose. Those values can be way off. You need to get real comparables to analysis this deal. That asking price, rehab cost, and ARV is an investors dream. Do some more concrete homework. Good luck.