All Forum Posts by: Michael Nguyen

Hello! My name is Michael Nguyen (he/him). I'm looking for a roommate for the Garden View with 2 double beds, or whatever is the most economical with separate beds. I'm a small investor from Philadelphia with 2 rental units. I'm looking to connect with others and learn at the conference. Hobbies include travel, camping, and disc golf! 

DM Me on BP. 

Additional Comments: Laid back personality, social but also enjoy my alone time too. With a hotelmate, I'd say someone who is clean and neat is would be a big plus as I try to be. 

@Jeff Greenberg, are you still looking for a hotelmate? 

Hi @Andrew Postell, I hadn't thought about using the hard money's appraisal. I'll ask about that. They did one back before I closed on the property earlier this year. I'm refinancing into a conventional 30 year loan. I've been told I can only do a 75% LTV since it's purely a rental property and not a primary. I appreciate the advice, thanks again Andrew!

Hi @Andrew Postell, thank you for responding. 

What do your comps say the value range should be?

1. $260 to $265K

Also, what does $35k represent?

1. The 1st appraised value was $230K, which is lower than my initial $265K estimate. I made an appeal, and then he raised it to $242K.

A different appraiser could provide a different value but you should factor in some margin of error when you are calculating your ARV.

1. That's a good point. Learning that now as I felt like I was a bit overconfident.

Also, what value did your HML provide you on their appraisal?

1. They provided $265K on their appraisal.

And what LTV is your REFINANCE lender providing?

1. 75% LTV

I bought a duplex in Drexel Hill, PA on a hard money loan. I did the reno, and now in the middle of refinancing. The appraisal came at $35K less than my estimate. I made an appeal, but I'm still shy $22K. I elected to get a new loan company with a different appraiser.

I'm hoping to be more prepared this time around. Attend in-person and provide the appraiser a list of repairs I did to the property, before/after pics, and a few strong comps to back my research. I understand I'm not allowed to directly influence the appraiser by saying anything like, "I think this house is worth this much." Are there other strategies I can implement to swing the appraisal value in my favor while treading lightly?

Thank you in advanced,

Michael

Thank you so much for posting this! 

Are all tax-delinquent properties in Philadelphia automatically put up for a sheriff's sale? 

Did you collect a security deposit? Tell them either you can return a part of their security deposit to help with moving or use it on an attorney to file their eviction. I like what Lana also said. Mention that the eviction is going to ruin the credit and rental history. Try to be sympathetic to their situation but also firm with your rules. 

Thank you @Mike Shemp. From what I've read, it looks like Philadelphia taxes me 8.5% of my monthly revenue, and it must be paid every month. 

@Joseph Scorese, Thank you! 

So I am allowed to Airbnb my unit out (while I'm traveling) year one. However, I'm NOT supposed to report it until year 2? How does that work? 

I was looking into Fishtown. It seems like it's past the transition phase. Do you think it's too expensive for a first-time home buyer like me? 

Best,

Michael 

I understand where you are coming from Joe. I also do like the idea of a long term tenant that is always paying rent every month. Airbnb can be more susceptible to vacancies. Also, many different people are using my personal space, which may increase the chance of something going wrong. 

Thank you for your valuable input Joe.