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All Forum Posts by: Parker Foley

Parker Foley has started 11 posts and replied 18 times.

Quote from @Zeona McIntyre:

Hey @Frank Agyeman-Duah

My co-author in Bigger Pockets upcoming book on Medium-Term Rentals sells a furnishing list, that makes it dummy proof to just order and set up. I'll reach out to connect you. 

looks like a great read Ill add it to my list

Quote from @Ken Latchers:
Four applicants is not great demand. They may be backing out in part because they have have problems. 

for my long-term tenants, I ask these questions:
... tell me about your pet situation
... How many people will be living in the unit?
... are the people in the unit inside outside or non-smokers?
... if I did a drug, criminal, credit check on you, is there anything I should know?

and by extending the process, some of them may have found other accommodations. You need to be lightning fast to get a prospect. They want to hear that they have the place and that it suits their needs at the price they think is Worthy.

perhaps instead of a formal credit check, you should be using something like USA search to try to find potential problems.

Originally posted by @Michael Ablan:

Hey guys,

Looking for advise. I recently turned one of my SFH into a house for transient workers (traveling nurses, ect). I've found great demand for the product, but everyone backs out when I ask them to do the following.

Fill out an applicant

Go through the background/credit check

Pay a security deposit or move in fee

Am I going about this wrong? I've had 4 qualified candidates back out because of these things. I don't feel comfortable letting them in without knowing anything about them, or getting any kind of security deposit.

Does anyone else do this strategy? What have you found works/doesnt work?

I’m trying to figure out if I should mix male and female in one house. I was originally planning to do all female. I have two females in my property now and I haven’t got any other female inquiries that were a good fit. The other two that inquired had a lot of bad credit history when I ran their background. (Personally I will not rent to anyone who isn’t willing to do a background check or sign a lease. I treat it like any other rental.) anyways now I have two men who are interested and the property is only 50% occupied with females. So I’m highly considering to have a coed situation.  

Post: Cleveland Property Management

Parker FoleyPosted
  • Posts 22
  • Votes 9
Quote from @Melanie Thomas:

David Terbeek is a good one, hes with RE/MAX Haven Property Management.

https://remaxhavenrealty.prope...

Do you have personal experience with this person/ company

Post: Cleveland Property Management

Parker FoleyPosted
  • Posts 22
  • Votes 9
Quote from @Bob Stevens:
Quote from @Julie Mistretta:

Hi! Looking for some advice from fellow investors in Cleveland. 

I have been having a hard time over the last 2 years finding a decent property manager. My previous property management kept inaccurate books, was unreliable with owner draw, and placed an unqualified tenant that has taken me a year + to get evicted (still an ongoing process). I finally switched to a new company in Jan 2023. Im getting several red flags, poor communication, took 3 weeks to post a 3 day eviction and then another 4 weeks to file paperwork with the court. I am paying for landscaping services and my long term tenant was reached out to me to let me know the PM has never been to the property for landscaping etc, etc... 

Cleveland has been a rough go for us in terms of finding good help; but I still believe in the potential of this property. I have feelers out on Realty Now and Cleveland Property Management group as potential new PMs. 

Any suggestions of reliable PM in the area? Duplex is located in the Euclid area. 

Thanks!

Julie 


 I know them all. I am aware of who to stay away from as well. I have extensive experience out there doing about 500 deals over 10 years. Nothing I do not know about the Cleveland markets,  Happy to recommend. 

Hey Bob, it would be great to hear more about who you recommend in the Cleveland area. I’m also looking for property management and notice some of these companies are charging many fees for their services and if I added up amount to nearly 20% of gross income.
Quote from @Brad S.:

Not enough info to properly help, but...

1) Why do you think the $305k appraisal was correct vs the $174k?  Could it be it was previously overvalued and the more current appraisal is more reasonable?

2) What basis did you use to dispute the appraisal?  Better comps? and if so, why were they better? etc.

3) In many areas, a zip code does not equal a market area. In other words, 2 properties in 2 different zip codes does not mean they are in 2 different market areas. They both may be viable alternatives for a buyer in that market area, hence they may both be comps.

So, the appraiser may've used more similar comps in different zip codes, then dissimilar comps from the same zip code, but they may all be in the same market area.

And if you are saying the same subdivision has properties in different zip codes, then it may well be that the comps in the same subdivision are more comparable than the comps in a different subdivision, irrespective of their zip codes.

*************
So, bottom line is more info is needed - just because comps are in different zip codes, is not enough info to understand what the issue is.

1) I think the 305k appraisal is correct because there is a house that sold behind mine for 367k it’s a legal duplex but is being used as a single family. Also there are many many single family homes that are selling for 350-450k that are much smaller on the block behind mine. Not to mention there are duplexes that are closer to my address than the comps the appraiser used. It’s being used as student housing and the properties closer to the school sell for more and the properties further from the school sell for less mine is basically on the boarder of where those price differences split.

2) the basis I used were better comps because they were closer to the property and closer in square footage. They were also in the same / similar proximity to the school
than my property. 


thank you for this info. Is there any way around this?
Quote from @Jay Hurst:
Quote from @Parker Foley:

Hey guys I’m having an issue. I and trying to refinance out of a hard money loan. The duplex appraised at 305k when I bought the property 9 months later the duplex is now appraising at 174k. I’ve disputed the appraisal and they adjusted price from 172k to 174k. There are homes in the same zip code that have sold for much more but the appraiser is using comps from a different zip code (assuming bc they are part of the same subdivision) I don’t know what to do bc if this property doesn’t appraise at 305k minimum then I’ll be forced to either pay off the balance of the hard money loan or I will be forced to sell and lose money. What can be done?

Was a FULL appraisal required by the hard money lender or did they do some sort of desk top appraisal?  
Jay, it was a full appraisal they did last time when I bought the property. Back in October 
Quote from @Dennis Muno:
Quote from @Parker Foley:

Hey guys I’m having an issue. I and trying to refinance out of a hard money loan. The duplex appraised at 305k when I bought the property 9 months later the duplex is now appraising at 174k. I’ve disputed the appraisal and they adjusted price from 172k to 174k. There are homes in the same zip code that have sold for much more but the appraiser is using comps from a different zip code (assuming bc they are part of the same subdivision) I don’t know what to do bc if this property doesn’t appraise at 305k minimum then I’ll be forced to either pay off the balance of the hard money loan or I will be forced to sell and lose money. What can be done?


 Hello Parker,

While property values have gone down(vary from place to place; real estate market to market) your property appraising 50% less is problematic and unusual. Is there a reason why? Is the property in good condition?

Something is definitely wrong here.

Dennis, 

The property have been completely renovated from the studs up. It’s practically brand new. Everything is new inside. It’s a duplex there are other duplexes in the same zip code that have sold for more and there is a property which is a legal duplex right behind the property that sold for 367k a few months ago (issue is that this is being used as single family) Even though it’s still considered legally as a duplex. Idk what to do because I need to refinance in less than 2 months and if I can’t get the money idk what my other options would be. 

Hey guys I’m having an issue. I and trying to refinance out of a hard money loan. The duplex appraised at 305k when I bought the property 9 months later the duplex is now appraising at 174k. I’ve disputed the appraisal and they adjusted price from 172k to 174k. There are homes in the same zip code that have sold for much more but the appraiser is using comps from a different zip code (assuming bc they are part of the same subdivision) I don’t know what to do bc if this property doesn’t appraise at 305k minimum then I’ll be forced to either pay off the balance of the hard money loan or I will be forced to sell and lose money. What can be done?

Hey guys I’m having an issue. I and trying to refinance out of a hard money loan. The duplex appraised at 305k when I bought the property 9 months later the duplex is now appraising at 174k. I’ve disputed the appraisal and they adjusted price from 172k to 174k. There are homes in the same zip code that have sold for much more but the appraiser is using comps from a different zip code (assuming bc they are part of the same subdivision) I don’t know what to do bc if this property doesn’t appraise at 305k minimum then I’ll be forced to either pay off the balance of the hard money loan or I will be forced to sell and lose money. What can be done?

Post: Cleveland Project Manager

Parker FoleyPosted
  • Posts 22
  • Votes 9

Hello,

If you've done real estate investing then you know the challenges we face as investors when dealing with contractors. It amplified 10 fold when you are investing out of your home town. With California prices the way they are it's hard to start anything out here. Which is what has brought me to Cleveland, I know locals don't like it but its the nature of the beast. We all need to eat and there is enough to go around. With that being said had a few bad experiences with contractors and project managers. I'm currently looking to start developing relationships in the Cleveland area.

Parker Foley