All Forum Posts by: Stephen Glover

@Robert Kirkley what episode is that? Others have been asking and I cannot remember which one. I think it’s been in the past 6 months or so.

@Anthony Vaiana a little scary but thankful it worked out!

@Account Closed first one I've had to deal with this issue, but I'm sure there will be more.  Have great resources in Richmond and happy to help as needed.

@Henry Lazerow Thank you!

@Alex Jones Absolutely!  Many thanks to this community.

@Alexander Lang Thank you!  Local in Richmond for now.  Have a large network here, lots of connections with great people, and I'm a partner in a local boutique property management company.  Almost all of the opportunities I see go to our investors (clients) first, but some come to me through family or friends outside of my company and I'll take advantage of those.

@Oscar Navarro I listed exactly what I did ^ up higher in the post.  Hope it works out for you!

@Oscar Navarro By the time you get to the bank for a refi, you should be absolutely confident in the number the home should appraise for based on your analysis (or a professional's).  If it's off, either the analysis is wrong or your accurate analysis should be able to get you a second chance (if it's anything like my experience).  I've only had to contest an appraisal this one time.

@Taylor L. Yessir! All the CapEx done up front and it looks to be a good investment. Just put a verbal on a 5-SFH portfolio, so fingers crossed I have similar luck (minus the low appraisal) :) Hope you're doing well.

@Ellen McKinley I wish I remembered which Podcast it was in particular so I can note them... I think it might have been a female guest and she spoke about contesting multiple appraisals and how she did it... and another one with a male or two that discussed it as well.  Within the last 6 months?  Not sure.  I'm sure there are a ton of blog posts on it like you mentioned, too!

@Alexander Lang that podcast saved me a lot of time and effort, for sure!  Being confident in your numbers and being persistent were very important- and understanding the appraiser's point of view.  Thanks for reading.

@Joe M. Thank you.  Didn't change anything, just offered more information.

-A very detailed CMA from the MLS

-Comparable units on Zillow

-The home's current listing on Zillow to show improvements (I had it listed for rent)

-Every capital expense line item and cost (value) associated with each

-Shared history of the home and neighborhood

It was a national appraisal company, (which I also wouldn't have understood without BP) so they knew little about the area I was investing in and did their best.  Very professional company, just missed the mark.

@Will C. @William Lee  Welcome to DM me if interested.  For the record, this post isn't intended to reflect negatively on the bank whatsoever.  I refer investors there often and work with them for my own investments. It's moreso to emphasize the shock of a low appraisal and that it's possible to overcome it.