Real Estate – My First Appraisal Process Explained With Tenants In Place!

Real Estate – My First Appraisal Process Explained With Tenants In Place!


hello everyone and thanks for tuning
into the financial investor channel my name is Brent and this is just going to
be a quick update I went out and got my appraisal on Monday May 6 2009 teen it
was my very first time going through the appraisal process where I had to contact
my property manager first and then I had actually go to the location the building
meet the appraisal notify the tenants that I was there we were there to do an
appraisal of the building and such so in today’s video we’re gonna be quickly
discussing the whole process there that took place so if you are brand new to
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on the channel don’t be afraid to just drop them drop a question I always read
and reply to your comments and let’s go ahead and get into the video so I am
going through my process currently of refinancing my duplex I bought a duplex
back in October 2018 it was a little detached duplex each unit is a
two-bedroom one-bath I did my renovations in 2018 we fixed them up and
they were rented in January February 2019 so they’ve been rented now for
about five months they each rent out for $750 is the base and then one has a pet
which is a thirty dollar monthly addition so its 780 and 750 now I went
out to believe Lending Tree comm is the website that I went out to in order to
get my sort of process kind of going and looking at all the vendors that are out
there and available to do a refinance they kind of shoot my information then
they begin to kind of battle for their rates I was able to get a rate lock at
what was it four point seven five percent annual percent APR annual
percent rate and you’ll present something I can’t think right now but uh
I was able to lock in at a four point seven five I supply
all my paperwork and on May 6 2018 I had to go and view my appraisal so prior to
that prior to my prose appraisal date I had to contact my property manager
because I do have a property manager I don’t have a whole lot of time outside
of my WQ job here online media business and then my own at home you know being a
father and a husband and such so it’s a lot of little things so I wanted to take
that part of the business not having those maintenance calls not having to go
out and call plumber and electrician get those work order
phone calls in the middle day where some issues happening and you know they could
do all my counting as such because they do take care of the income and the
expenses they report it to me on a statement and then I just got to punch
it into my spreadsheet and at the very end of the year I’ll get a 2019
statement breakdown for every month which I could just give to my CPA so
that’s one of my things why well with the property manager so I contacted my
property manager I said hey on the 6th of May 2019 I have an appraisal it’s
gonna be at 3 p.m. so I had already worked it out with the appraisal
I talked to the the finance institution they supplied me with the appraisal I
talked to the appraisal I came up with a date far enough out that I could call
and schedule what the property manager first notified the tenants so we had a
date I called the property manager and said hey I’m going through an appraisal
on property XYZ I need to be out there at this date are you able to allow me
access between this hour in this hour so they came back and actually had to
adjust it just a little bit and I said ok that’s fine as long as both tenets
can be there to let me into the buildings I will work it out with the
appraisal because he’s going to be in that location anyways he’ll be more
flexible than the tenants will be so I called back the appraisal and I said hey
we can’t get into this building until this time can that work for you
he said yeah I’ll just knock off a couple other appraiser uh you know he
had to do some other spots in the city and
I can meet up with you at that location at that time so I said okay excellent
scheduled that out now on the date I drove out there and I waited until the
exact time that I was supposed to actually be there say three o’clock I
was supposed to be there at 3 o’clock so we waited until 3 o’clock the appraiser
he arrived I got out of my car went over and created him saying hello my name is
Brent and you know here we are scheduled for the appraisal and I walked up to the
first building and I knocked on the door and I introduced myself as Brent I’m
like hello I’m Brent we’re here to do an appraisal the property manager should
have already discussed that we are going you know we’re going to be going through
here and they said yes of course yeah they already notified us and you know
the first thing we did is go around the first property we went on the outside he
took pictures and did measurements of the outside of the building took take a
look at the roof the siding the foundation looked underneath the
crawlspace to check everything take pictures take a picture of the
electronic box and that as he was going around the outside you know he finished
up everything on the outside so then we went inside and he took pictures the
living room the kitchen the space heaters the bathroom the living room
conditions you know the bedrooms doing all the
measurements everything that he needed to do in there and at the same time by
doing this appraisal with my tenants in place it was kind of really nice for me
because they I don’t I didn’t introduce myself as the owner I had my work attire
on I work at a financial institution so they may have thought I was actually
with the appraiser with the bank like a banking institution and you know I
didn’t tell them anything specifically I was just there notifying them that my
name and it was nicely just see the living conditions you know the first
property had two females they were sisters they were taking really good
care of the property everything was well kept everything was in place really
nicely and you know just kind of felt I felt a lot better knowing that the
property was being taken care of and then we did all the measurements with we
thank them and we walked out the door and you know just inked them for their
time and then walked out to the second
property I knocked in the second property door and he had already been
out he had greeted us earlier and let him know that we were still doing the
other one and we’d been with him in a few minutes and then we went over to him
we just you know we talked a little bit with him and the appraiser started going
around the property looking and taking pictures doing measurements I made notes
of issues are not issues but in some locations he had discussed you know
possibly getting a higher prese Lin the future if I wanted to get a higher
praise get it appraised higher in the future as part of my duplex I could
expand one part of the wall increase the room size push back the
closet expand out the second bedroom out a little bit about 8 9 feet and he said
that would give it a much higher appraiser because instead of this 800
square foot little two-bedroom one-bath I could have a 1,000 square foot
2-bedroom 1-bath was very NAR very nice large bedrooms and such and he said you
know you could do that and he kind of explained the whole process and you know
I wrote it down as my notes then continued on so the second property we
went through the property again it was a couple male-female couple it was great
they also were taken very good care that could property they had pets but they
were well they were well maintained the pets had their own bed there was no you
know immediate sort of detection of you know smells or litter or you know dog
droppings throughout the house the dog was well maintained for and they had a
cat as well and he was well groomed he had his kitty box and such and just kind
of walking around the property and looking at the inside they were keeping
themselves organized they were also organized themselves so it gave me a
peace of mind being able to see both properties while I was out there doing
my whole crazed old process and when the appraiser you know he took pictures of
the bathroom living room laundry rooms he asked me if I had supplied them with
the washer and dryer in the fridge and yes all the items had been supplied I
supplied the the the refrigerator the washer and dryer I believe those are the
three that I had supplied and then on the other side
as well so he just asked me a few questions along the way and I kind of
made my doubts if he had any sort of suggestions that was really nice of him
and that was basically it I finished up we think the second
individual the couple for their time said you know thanks for letting us in
and we’re done now you guys can go ahead about your day and we went back to the
vehicles I think the appraiser and I said thanks you know am I gonna be able
to get pictures in the future and a report of what you know how the
appraisal was done and how it was great I didn’t you know what and such and he
said yes you’re gonna get a spreadsheet of your own you’re gonna get a couple
pictures of the bedrooms the living rooms and such just for your notes and
stuff for the bank you’re gonna get a copy it’s lost so you know I give him a
handshake said thank you for your time as well God has had my vehicle and the
whole praising process was complete that was my very first time going through an
appraisal process with tenets in place I thought it was gonna be a little bit
rougher I wasn’t sure what the conditions of the home was a group were
gonna be in but it actually made me feel a lot better being there on-site going
to the appraisal process after I had already done the bird I had bought it
I had rehabbed it I had rented it out I had refinance it which I was going
through the process of refinancing it I believe it should appraised somewhere
between a hundred and twenty hundred and thirty thousand possibly in there I only
bought it for seventy six thousand so it should appraise higher somewhere
hopefully within that range I will go and create a future video over where to
praise that how much cash I was actually able to remove from that property how
much I had to leave in there and then eventually we’ll go over the whole
numbers of the refinance so this one had him in refinance that we just held in
cash and I’ve already done my video going over my whole process of my other
single-family home after it was refinanced I got a loan on that one with
a I believe it was 70/30 so 70 percent I was able to pull out I left 30% in and I
believe I pulled out 79 thousand out of that one so I only left about twenty or
twenty one thousand dollars in the deal but that was the whole process there so
that basically all I wanted to cover in
today’s video just a quick appraisal update that I did get my duplex
appraised I am going through the whole process of getting at refinance
I should have cash available to begin buying here in June so I have six months
to buy my two properties that I want to buy for 2019 and then 2020 I’ll probably
be going through the whole process I’ll be refinancing the properties that I got
in 2019 and then I’ll have four properties and then I’ll be able to buy
two or three more in 2020 and then I’ll have six and I just continue doing it
and every time I buy another property I’m increasing my cash flow from
anywhere from two to four hundred dollars every individual building that I
buy so that is it for today’s video if you guys did enjoy the video hit that
thumbs up if you guys have any comments questions about any of the process of
the appraisal schref them in the comment section below and that is it if you guys
are brand new hit that subscribe button I appreciate all the feedback that you
do leave here on the channel and that is it thank you all for tuning in I will
see you next time have a great day bye

6 thoughts on “Real Estate – My First Appraisal Process Explained With Tenants In Place!

  1. Keep it up 👍👍💵!

  2. Best of luck.

  3. Wish i could find a rental property at that price. Everything im finding id 130k and up.

  4. That’s awesome man !!! Keep it up 😎

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  6. Wow! Awesome! I really loved it. Nice content featuring ( Real Estate – My First Appraisal Process Explained With Tenants In Place! ). Thanks for sharing this video.

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