All Forum Posts by: Mike Parks

Im not quite understanding why you want to add more flooring? You already have 1" of flooring down. What are you trying to strengthen exactly?

up

go ham or go home, nothing ventured nothing gained

maybe I missed it along the way but do you own all of these free and clear? If not than how could you have a net worth of over 1M or is that the value of your portfolio at this current time ?

^^^^^^ SMART MAN ^^^^^^^

is this your own home or an investment property? If its your own home I wouldnt worry about it. If its a rental, than I DEFINITELY wouldnt worry about it. Your return on adding a bathroom isnt going to be greater that the cost to add it.

@Jon Holdman - comps in the area for the most part are wholesale prices, prices that investors pay. Ive done this SEVERAL times before where I pay pennies on the dollar and cash out refi after repairs. Like I stated previously, 0.7 miles away I bought 2 smaller places for roughly the same amount of money 15k-18k in a much less desired area, put roughly 15k into them and one appraised for 64k and the other for 67k. 3k difference being I put a half bath in one. In this area comps do have a wide range hence the reason for a walk through appraisal. For one property on the same street 3 doors up to sell for 75k a year ago and for mine to only appraise for 30k is absurd. Ive had drive by appraisals on other properties Ive done come in at 30k (which makes sense) because they dont know whats behind the walls. That's what I feel this appraiser did and thats why the change in appraisal price happened. Im not new to this and this has been my model for a few years now this is why I get walk through appraisals. Something just isnt adding up.

its a lot to go through just to obtain knowledge, but thats entirely up to you. I would think that there are more successful non REA's than are REA's. Not to say that REA's cant be successful, but if you are only looking to get your RE license for knowledge, there are plenty of other ways to do so. Good luck!!

Ken I need to pull cash out to do another project so this isnt a good situation Im in.

Lorenzo its in kingsessing section on belmar terrace

what is it exactly that you are trying to learn?