All Forum Posts by: Thomas Wang

@Arn Cenedella

An inspiring post. I just closed a 4-plex in Colorado Springs and have few single family rentals there. Let me know if I can do anything. I can source deals, fix them up and participate in cash investment.

It seems most lender requires 2-6 months reserve for your mortgages. How much do you actually keep in your reserve and where do you keep them? Money market and CDs do not pay much.

@P Baxter Hudson

Can you send me your phone?

Can you recommend a roofer who can repair a leaking flat roof in the west side of the Cleveland? This 4-plex has an older roof but it is in a fairly good condition. A roof company completed a routine check and maintenance last year but the same company is not available. Because of all the rain we had last week in Cleveland, I have a small leak from the ceiling in one of the units and the hole might need to be patched and sealed again. Thanks

@Bill S.

I will be calling the appraiser and ask for reasoning. I did sent her the original appraisal and current rent till, which is higher then when I purchased. She also went inside all units and took photos.

@Bill S.

Thanks for your feedback. I bought it via an agent with cash but hired my own appraisal that valued $245k. I guess I will have to use this $190k value for the cash out refinance.

@Phillip McDonald

It was cash purchase and there is no mortgage. Are you in Colorado Springs? I am closing a plex on 18th there and would love to connect sometime. Thanks

In end of October 2019, I purchased a 4-plex for $175,000 in Cleveland but my appraisal came in for $245,000 at that time. 10 months later now, I want to do a cash out refinance but the appraiser this mortgage company that I am working with has appraised my 4-plex $190,000 ($54,000 below last year’s appraisal). I know the home price my neighborhood has been going up, not going down.

Is this common? I thought about switching lender but each lender does it’s own appraisal and it will cost me another $800. Any advance will be greatly appreciated. Thanks

@Satyam Mistry

What do you think of these area?

Check out this home at Realtor.com

$205,000

7beds · 4 baths

6313 Taylor Cir, Omaha

https://b1iw.app.link/sN9YdgCPu7

https://www.realtor.com/realestateandhomes-detail/6313-Taylor-Cir_Omaha_NE_68104_M93237-98226?cid=other_shares_core_ldp

@Yamundow Camara

I recently bought a duplex with a loft on the third floor for $95k in 44111 zip code and I am getting $1810 per month. It was turnkey with tenants so did not have to do anything. Good luck with your search.