All Forum Posts by: Ken Tsai

@Jason D. 。I got pre-approved letter already from my lender before I start to shop around, at what point would they do the appraisal for you? what is the lender that you refer to gives your the appraisal and ARV estimate ?? Thank you

@Sam Horton @John Franklin 。 Thank you for your feedback.  I actually research for the appraiser and found a website call home advisor that link the appraiser to the client throughout the nation.  The appraiser was super nice and told me that he can just take a job and make that $600, but he doesn't think it's worth my time to invest in that area and do not see any similar property that is worth $240k like what the realtor told me.    He also walks me through with the basic of how they appraise the deal to give me some idea, and looking at Zillow together with him for the property that is selling or sold within 5 Miles, we Do not see anything sell for $240k lol   Thank you again guys for your advice,  I would have got myself into a big trouble just based on what the realtor said.        I think maybe for the first few properties I should start with turnkey property first. 

@Ken B.

Thank you for your reply :)   Any recommendation of finding a right appraiser in out of state ?

@Sam Horton

Thank you so much for your reply !!!   I really appreciate it.

I don't think the owner will willing to have me hire an appraiser to walk around the building, but I think I will def reach out to other local realtors and see what they think of the ARV.

There is no app or website that can give us some kind of estimate, right?

Thanks  

Hello BP family, a question for you all.  

So I recently visited one of the fourplexes in the state of FL and want to use the BRRRR for the first time.

The property is selling for 170k- need about 20k rehab and according to the realtor the ARV is 240k.

He said the number is base on the similar house that was sold around the area,

but my question, how reliable is this number? Can I pay appraiser beforehand to see what they think it will be worth it?

Any recommendation or tips to confirm the After repair value will much appreciate it

Thank you all

Hello BP family, a question for you all.

So I recently visited one of the fourplexes in the state of FL and want to use the BRRRR for the first time.

The property is selling for 170k- need about 20k rehab and according to the realtor the ARV is 240k.

He said the number is base on the similar house that was sold around the area,   

but my question,  how reliable is this number?   Can I pay appraiser beforehand to see what they think it will be worth it?

Any recommendation or tips to confirm the After repair value will much appreciate it 

Thank you all 

 


 

Hello BP community:)

Can’t say enough how much I love about this community , and has been follow the step to become rental property investor.

Got approved from my lender today and need to start looking for MF that fits my budget.

So my question is, do I start reach out to the realtor in the market I want ? Online research ( loopnet , Zillow ). Or hit up some wholesaler ?

Where do I start ??!!

Also, since I’ll be invest out is state , Is the lease from BiggerPockets good enough or should I still have attorney to review it for me ?

Really excited but a bit scary at the same time lol

Any feedback and suggestions ?

@Bjorn Ahlblad. Thank you for your response. I’ll check with my local CPA then. I don’t think I’ll have my LLc set up before I closed but maybe for next :)

Hello BP family, question for you.

So I am about to make offer on my first MF units in state of Illinois ( I am in CA)

I was told that I should open LLC and have property under for tax and liability purpose.

So my question is that , if in the next year if I purchase another one , can I and should I keep under the same LLc ? And for the current one that I am working on , can I purchase it under Perosnal first and transfer to llc after ?

Thank you guys !!

@Kao Saeteurn

Hello Kao, thank you for your response.

That’s what my auntie told me too, she has been living in Az for 10 plus years now and do not have good impression with the area lol