All Forum Posts by: Rodney Marcantel

Interesting since I added 4 can lights in the hallway and entrance that didn't have but one wall sconce. Only other place I would have added light is in the pantry I created. But there's an outlet in there so the new buyers can add a light if they want. It just sold so fast that I didn't think adding one was necessary unless the buyers requested one.

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Hey @Scott W., check out the Zestimate on the house. It means the $230,500 sale price is right on target as Zillow's estimates are usually a bit low these days. Just thought it was interesting. Appraisal will happen next week after the buyers resubmit FHA paperwork on day 91 (May 26) of my ownership.

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Originally posted by @Tomi Osibodu:

Please explain. What is a rehab valuator software and how did it help you find the deal

Just look up their website rehabvaluator dot com. They have a program that finds off market deals.

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Originally posted by @Tomi Osibodu:

Great job the project looks wonderful. How did you find the property?

Rehab Valuator software.

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Originally posted by @Natalie Schanne:

Rodney Marcantel - Looks beautiful. Can you post the before pictures too?

You can see them on my facebook page under /Buydallasinvestments

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Originally posted by @Scott W.:

the only issue with that is you have to hope the home appraises. it worked out for you but some appraisers just go off the most recent sold comps.

Then they are not good appraisers. If it does come off under the sold price AND if the buyers aren't willing to cover the difference, then I'll get my agent to have the house appraised with their trusted appraiser.

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Originally posted by @William C.:

Rodney Marcantel thanks for the clarity. You quoted the insurance at $2k, that's where I got the figure, you just didn't have anything in the "actual" column.

Regarding the appraisal....the comps sold for 180-190k with similar sq ft? Yikes. I truly mean it when it say good luck,I hope for the best and that it appraises for what you need. In my experience appraisers don't differentiate from "brand new" like yours, and the comp down the street that was remodeled 10 years ago. Unless its extremely dated, or falling apart, they are both usually a labeled C3 in the eyes of the appraiser and therefore appraise for the same amount. Even if you are a C2 and they are a C3, the adjustment is typically $20k. Your $50k over the nearest comp? There is no adjustment for "new kitchen" or new bath. Its line for line, sq ft, beds, baths, etc, etc....I'm probably wrong and it'll appraise just fine. I'm on your side. I feel if a buyer is willing to pay X, then adjust accordingly and appraise it for X. Unfortunately for me I've been burnt too many times that I never assume it's appraise any higher no matter how much nicer it is compared to the comps.

We're seeing in the DFW area rehabbed properties going much higher than partial or no rehabbed properties. Partial is when they update kitchen counters and backsplash but leave old cabinets. People are willing to pay more for new solid wood constructed soft close drawer cabinets and white cabinets are the in thing now and they are more expensive. Same for luxury master baths over just new shower tile and floor tile with no expansion or new light fixtures. Our price is on par with homes 20 years newer and the same sq.ft. because it's been updated from the ground up (electrical, plumbing, foundation, roof, A/C, etc.). All big ticket items.

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Originally posted by @William C.:

I just saw your cost break down. Amazing job with your projections. I'm sure your aware you'll encounter more losing costs at settlement. Transfer tax, etc....I'm guessing that's when you'll pay the taxes? Also, I'm guessing the insurance was $2000. I'm certainly not trying to not pick, but profit is profit. Most of all, good luck with inspections and getting to the closing table. Appraisal and mortgages commitments await.

Appraisal should go well as there are other homes near by that are 1/2 as updated as mine and they sold in the $180K's and $190K's for similar sq.ft. Cash deal for me so no mortgage payback commitments. Insurance was much less than your quoted $2K.

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Originally posted by @William C.:

Great job.

Maybe I missed it but was there taxes and insurance? Holding costs are low. Never the less nice work.

Yes, but that is factored into the closing costs.

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All Forum Posts by: Rodney Marcantel

Rodney Marcantel has started 18 posts and replied 181 times.

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