All Forum Posts by: Kirk Frickey

So I’m having issues with an appraisal and I want to see if anyone here has any advice for me. So here is where I’m at...

I have a triplex under contract through a wholesaler here in New Orleans, LA. I ran comps for this property, along with my fiancé who is an Agent, and we seen comps to support the purchase price of $298k and also an ARV of about $550k. Well, once we got the appraisal back they have the as-is value around $160k and the ARV at $410k. I knew it was off the second I heard the numbers so I asked for a copy. When reviewing it, I seen they pulled two comps from 10 years ago and 3 more comps from an area not even in the same zip code.

Immediately, I went get on the computer and pulled comps again and sent them to my lender to send back to the appraisal to ask why these comps I see are not being used. These comps are all within about 3-4 blocks of the house and one was the same street and sold 5 days before for a little over $560k. Only difference I see are these houses are doubles with only one similar triplex, and my potential property is a triplex. Both are two story, both are around the same square footage, similar bed/bath, etc.

I tried calling the appraisers myself but they won’t give me any info on it since I went through a private lender. It’s been about a week now and I have heard nothing back on if they will adjust the appraisal or not. I’m just wanting to know if anyone has been here and has any pointers since I can’t directly talk to them.

Thanks in advance!

I’m looking for a reputable Private Lender or Hard Money Lender in the New Orleans area to fund a fix and flip single family property.

Recently I came across a property in New Orleans that had a large shipping container on the property that was turned into a house.

I’m curious to see if anyone on here has done this before or had looked into it? This seems like it would be a very intriguing Airbnb also. I know the One Trip containers will run you under 10k for a 40’ container, so is it worth it?

@Umar Awan I like that idea, it seems like it would make the letter a little more personal also and not seem like bulk lettering. I appreciate it.

I’ve recently started using the DealMachine app to send direct mail to Single-Family and Multi-Family property owners.

I’m curious on how this app is working for you or if it HAS worked for you previously. The monthly rates aren’t bad and I’m okay with the price of the separate fee for the postcards. All around, it seems like a good application, but is it working for you?

Also, if you have any recommendations for other apps or strategies, I’m all ears. Thanks in advance!

@Chase Braud yeah that would be awesome bud, I’ll connect with you ASAP

@Javier D. All in on the flip I'm interested in keeping, I'll be at 85k. ARV is estimated with comps at 135k. Rent in that area for this sized house (1250sqft) is $1100-1200 a month, give or take.

@John Teachout That is what I’ve been told before. I’m not looking for any get rich quick situation, but i would not mind the extra income from multi family. I have a single family property right now that I’m flipping, and i was considering keeping it instead just to test the water.

@Greg Dickerson In my situation of just starting off with rentals, would you recommend starting with smaller units (duplex, triplex) or would it be just as easy to get into a building with more doors? I will not be managing myself, but I’m also willing to get out of my comfort zone in order to get the passive income associated with bigger multi family units.

I don’t know where to start! For the past few months i have been educating myself on buy and hold properties. There is so much controversy on whether buying single family rentals is better than multi family, vice versa.

I’ve heard horror stories from both and also just as many success stories. Currently i have no rentals, but i have some fix and flips under my belt. I just want to try my best to start off on the right foot. Most people are telling me to start with single family just to get my feet wet, but these are also people with little to no experience as well, so that’s why i am here.

Should i start with single family since it’ll be my first rental? Or is it the same work with just a bigger dollar amount for multi family? If i do get multi family, i will be looking into a Property Manager after so many doors are in my portfolio. I’m looking forward to your opinion, thanks!