All Forum Posts by: Samori Diallo

Hello BP,

I am looking to do a cash-out refinance on a property that I own free and clear which i estimate to be between 95k and 105k. I'm considering terms that I received from Zeus Mortgage. 30 year loan, 4.75% interest rate and 75% of the appraisal value with $6,500 in closing costs. I am a self employed. I will continue to search around but wanted to know your opinion on these terms??? Both the interest rate and closing costs seem high to me. Your feedback is appreciated. Thanks.    

Thank you @Paul Danieli, @Ronald H, @Timothy F,

I see that the best thing to do is to learn to do the comps and adjustments properly. This seems to be a skill that you develop over time, but very important and less time consuming, rather than going out to properties and doing an analysis to determine arv. If you have any recommendations on books, video series, training courses on comps, etc... that helped you get better at doing it, please pass it along. I've been reading articles, but i think the best way to learn is just by doing it. Thanks for your input!

@Timothy F

Thanks for the information. The article is a good introduction. Now that I have a basis, I will search deeper.

Hello,

I am currently in my education phase, soon becoming a wholesaler. Can someone please clarify the following for me:

1. I see a lot of people explaining their calculation methods for ARV without inspecting the physical condition of the properties. How accurate can an arv analysis be without going out and seeing the home yourself or sending a trusted inspector?
2. How does one go about finding out what the inventory levels and sub-categories are in a target market? Do we get this information from Real estate agents, checking the mls, or by some other means.
3. Lastly, how does one learn to make the adjustments when doing comps for homes that are not exactly the same makeup? Is it something you learn over time from doing it, or is there training on that anywhere? I believe that is a crucial skill to master. (ex. 3br 2bt and a 5br 3 bt) Thanks! I look forward to reading the replies.