All Forum Posts by: Davian M.

@Mat Lewczenko, I will look into this book reading the reviews it appears to be a great read.

Regards

Davian

@Kyle Hipp, thanks for the insight. I have also looked at the comps in the neighborhood and feel good about the property. After deliberating I decided to have the property appraised prior to making improvements and figured id get the appraisers opinion rather my proposed upgrades would increase the properties value. I find it ironic that I was looking at similar properties that are on the market and reviewing the pictures of those houses to get an idea how my property compares. Overall great information and thanks for your thoughts.

Regards,

Davian

@Matt Buckels thanks for the insight. I am leaning towards using mysmartmove.com as it requires little to no effort on my behalf to do the background check for criminal record and credit! What experince do you have with finding materials regarding prior evections? I am leaning more towards the section 8 program as the applicant has more to loose i.e. a subsidized payment, required up keep of the property in compliance with the housing authority guidelines, and my belief that the tenants will stay for a period of time considering that there are limited 4 bed rooms like my place that is affordable.

Davian

will do!

@Willian T. Thank you. I have done my “do diligence” and had a termite and home inspection which went well with minor discrepancies. As to your second question no I do not know the actual value of the property currently as I have not had an official appraisal. I used a variety of Internet resources such as Zillow, Truila, BoA home appraiser, and totalview.com to get a rough estimated value of the property. While I know this may be a bit unorthodox it is a learning curve and I am picking up some valuable lessons as I go. I totally understand your perspective of getting a females opinion and yes I am on top of that as well. I hope my improvements will increase the value of the property and I may just get an appraisers opinion on what things I could do to increase the value over the next year. Thank you for your insight.

Regards

Davian

@ Kyle Hipp, thanks for sharing your thoughts. I based my 30% below market value price off of what the seller's asking price. I used a few websites to get a comparative market value of what house in the area were worth but I have gotten conflicting information. I have considered getting the place appraised before making improvements but have speculated due to the fact that the bank is going to make me pay for an appraisal when I do a cash out refinance. I also had the realtor send me the CMA and it looks as if I got the property below its actual value, I was looking for other ways to figure out what it was worth. You make a valid point it would be easier to just have it appraised, once again thanks for your input.

Davian

Hi BP,

I am in the process of renovating a cash purchase that I just closed on. Considering that I used my own funds to secure this property I have limited resources left to secure an additional property for the time being. I intend to do a cash out refinance after meeting the 1-year seasoning requirement and wanted to know what are some good websites that can give me an estimated appraisal value of the property (I have already tried Zillow, Truila, Totalview, and eppraisal. I purchased this property about 30% below market value as the seller was ‘highly motivated’ and will put another estimated 10k into the property by redoing the floors throughout the entire house, painting all the walls, updating the bathrooms, changing out the entry doors, light fixtures, and finishing the laundry room. Will these changes help increase the property value when it is time for me to have the property appraised for a cash out refinance? Any thoughts that you can share will be greatly appreciated.

Regards

Davian

Hi BP,

I recently closed on a cash purchase, which I have started making small renovations to get the property rent ready for potential section 8 applicants. While I know that the housing authority will do their diligence to ensure the applicant is qualified for the property what kind of checks should I do in regards to tenant screening? I plan to ask for references from a previous landlord at least (2) and proof of income, are there any other requirements that I should have such as a background check and how much should I charge an applicant for these services, is there a ROT I should follow, are there any good websites to provide guidance? Any thoughts that you can provide will be greatly appreciated. Thank you in advance.

Kind Regards

Davian