All Forum Posts by: Patrick Britton

so many of you ASSUME it's the appraiser.  why?  Why is it not the realtor's fault?  and maybe it's not a "fault" at all but a warning to NOT BUY!!!  

Seriously, if an independent, unbiased third party who works FOR THE LENDER is saying you are overpaying, maybe you are!?!?!  Just because someone else paid $$$ a few months ago doesn't mean anything.  

Appraisers do not care what you paid.  

don't.  

Totally!  i've wasted tons of my life on deadbeats if i could have made some money or deterred others from wasting my time, i should have thought of it!  LOL

OMG!!!!  really!?!?!?!  this is 100% worthless!  all their info, tips, etc., can be found here on PB and Youtube for free.  

i've had acceptable experiences with Lima One.  Just avoid Renovo, Fay and RCN.  

"The property is worth 1.3 M so even with the high rent its not a good deal." says who? Was that the appraised value? If not, it's meaningless if you're using FHA loan.

IMHO, negative cashflow is fine if the area is appreciating rapidly and has no indication of slowing down.  So that's a select group of crazy expensive places like Vancouver, NYC, or near any Big-10 school.  That will be very expensive and only worth it for certain investors with large pockets.  

"I live in Texas and I need a good CPA and a lawyer. Any suggestions? I have a contractor that I have worked with for about 8 years. He wants to parnter with me on flips. I think this is a good idea because I have no construction background."

Run away.  Contractors are the WORST business people and you're taking on a massive amount of risk.  But I'm sure he's convinced you that your lack of experience is a problem that he can solve.  don't do it. 

Yes, there are very few absolutes.  And property managers failing at some point is one of them.  My property manager was placed on a pedestal by me, incorrectly, and I am trying to warn all others not to repeat that same mistake because I was one of those promoting scaling ASAP.  Scaling quickly has many unexpected repercussions that will strain every aspect of the endeavor.

@Kevin Sobilo no, i am absolutely certain they are not worth it.  At least for someone like me, who owns fewer than 10 rentals.  the cost, thievery, garbage service....nah..  not worth the stress.