All Forum Posts by: Mckenzy D.

@Emiel Barbosa I was thinking the same thing. Unit 1 & 2 are 2 beds and are 846 sqft and unit 3 a 1 bedroom is about 570 sqft. Unit 3 was totally updated.

@Evan Polaski - Thanks for this. I didn't do a package for the appraiser this time but I will definitely next time. This was my first time going through the process and I think I have learned a few things for the next time I have to go through this. 

@Keith Richardson. I did but with the whole COVID issue, it took some real effort to convince my tenant to let the appraiser into the units. I was trying to see if I could do this without having to go through that again. 

@Emiel Barbosa the appraisal came back at 515k. I was a little disappointed as my property is a 3 family and I have watched multiple two families sold in Brockton between 500-550. I thought I was at least going to be in the 550 range. I was thinking since I already had the appraisal done that maybe I could find a lender that could give me 85 ltv. 

Hi @Emiel Barbosa

Thanks for your help. I will give them a try. Would it make a difference if the property is owner-occupied?

Hello everyone,

I recently tried to do a cash-out refi for my first property which is owner-occupied in Brockton MA. Unfortunately, things did not go as planned my appraisal came in much lower than I expected. Does anyone have any suggestions on what my next steps should be? Also, are there lenders out there giving out 85-90% LTV?

Best,
mckenzy

Good morning BP family,

A couple of days ago my cash-out refi fell through due to a low appraisal. I tried multiple banks and if they even returned my calls they pretty much told me I would not get anything out or very little from equity. I was wondering if anyone had some advice on what I could do next? My goal was to pull money from the current owner-occupied property located in Brockton MA in order to purchase another. I thought that maybe I could find a lender that did 85-90% ltv but that seems to be impossible now a days.

Best,

Mckenzy

Hello everyone, I am new investor. I purchased my first property in September and things have been going pretty good. I learned that I will have two vacancies by the end of this month and was wondering if there is any advice you may have on getting through this process and getting the units rented as soon as possible. Thanks for all your responses!

Hello BP community, I purchased my first property in September. It's a 3 family home in Brockton MA and the property came with tenants. One of the tenants is a tenant at will and on section 8. The housing department has not paid me their portion of the rent since October due to the fact that I have not signed the HAP (Housing Authority Payment) contract which looks and reads a lot like a lease to me. I want to get my rent money but also keep this tenant as a tenant at will. Does signing a HAP contract with the housing authority make this tenant no longer a tenant at will? Have you heard of the housing withholding rent until HAP contract is signed? Any insight will help. Thanks!

Hello BP community, I purchased my first property in September. It's a 3 family home in Brockton MA and the property came with tenants. One of the tenants is a tenant at will and on section 8. The housing department has not paid me their portion of the rent since October due to the fact that I have not signed the HAP contract which looks and reads a lot like a lease to me. I want to get my rent money but also keep this tenant as a tenant at will. Does signing a HAP contract with the housing authority make this tenant no longer a tenant at will? Have you heard of the housing withholding rent until HAP contract is signed? Any insight will help. Thanks!

I really appreciate everyones comments and advice. I try to listen to a podcast a day while at work. I will take the advice of reading the beginners guide and make sure to search through the site and forums. @shaunReily do you happen to know the dates for these meetings that you suggested?