All Forum Posts by: Ryan Jackson

@Matt Crusinberry thanks I'll keep all this in mind! I did buy this off the mls but I believe I bought it for well under what it should appraise for. Keeping my fingers crossed. Thanks again!

Thanks for the reply I appreciate it! @Don Petrasek

So I am currently finishing up rehabbing my first BRRRR project. It's a duplex and I have the top unit rented and going to rent the bottom when rehab is completed. My concern is the appraisal coming back low. The property should appraise for more than enough but what I've noticed with the few deals that I have done is banks do not appraise properties for anymore of asking price when I originally buy them. This deal shouldv appraised for closer to 80,000 but only appraised for 33,000 which was magically the price I was buying it for. Every property I have bought seems to be this way! Really hoping I can get an honest appraisal of actual worth. What can I do if I feel the appraisal comes back lower than I believe it's worth when I go to refinance??

thanks for the comment @Mark S. definitely going to get the basics as solid as my wallet will allow me

I found a 14 unit for sale. Asking price is $480,000. It is in a B class neighborhood and the property is in good shape other than it could use some updating. Rent is 500 per unit and with some updating could go up to around $550-$600 a unit. I'm currently under contract with 2 duplexes so I would definitely be in a pinch to purchase the 14 unit if I could even be approved for the loan. I'm wanting to get some opinions on if I should really try and make it happen or let this one go. Thanks in advance.

Thanks Dennis for the reply!

Thanks for the replies. The electric is updated other than some small stuff like light switches and recepticals which I would feel more comfortable having newer ones installed. My biggest worry is the plumbing. These buildings are both up and down duplexes one built in 1900 and the other in the 1950s. Some of the plumbing has been updated but ideally I would replumb the entire property but I don't think I'll have the money to do that. I have 2 bathrooms and 2 kitchens that need a little attention and shouldn't be too costly (new toilets, vanities, shower heads and paint). I'm going to rent out the two units that are pretty much rent ready. Get cash flowing and work on the other 2 as the money comes available. Going to try and survive with the plumbing for now in hopes of changing out in the future. Thanks again and any more input is welcomed

I'm getting ready to close on 2 duplexes. They are both older buildings that need a little bit of clean up and improvements. I don't know if I should do minimum repair or really sink some money in them to make them more attractive and possibly a little more hassle free. Is it worth the extra effort and money to improve or am I wasting time and money and be better off to rent asap with minimum repairs? Reply for details. I'm newer to rental property and really not sure where to go with this one