Rick Solis is a master of evaluating properties and is currently the main appraiser for the Norris Group. He's appraised over 12,000 properties, averaging more than 500 per year, has done 200 real estate transactions of his own and has been involved in around 250 loans.

In this, the second part of our interview, Rick gets in to a lot of details on the appraisal process.  He spends a lot of time sharing both his own process for inspecting properties, and how you can work with appraisers as an investor.  We also discuss creative financing, retirement investments and Rick even provides 3 downloadable documents that you can use today to help you and your business.

Have any questions for Rick or myself? Just post them in the comments area below! And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?

Plus, don't forget that we will be starting up a first-of-its-kind House Flipping Mastermind group in February! If you'd like to get information on the upcoming webinar or any other information, just sign up here: houseflippinghq.com/mastermind

Show Notes

In this episode we cover:

• Why most appraisers and real estate agents don't really know how to evaluate properties for investing
• Rick Solis' approach to writing rebuttal letters and where to send it to (and where NOT to send it!)
• Rick's process when he inspects properties and what he looks for
• How to work with appraisers to get the best results
• What to do when you end up with a bad appraisal and your options when the appraiser won't budge
• Rick's financing methods with seller financing and subject 2 (and what those are!)
  • Examples of creative financing with seller financing
  • The documents you need for seller financing
  • Approaches to subject 2 financing
• Rick's approach to retirement investing and ways to build your retirement equity quickly

Memorable Quotes

• “I'm a much better appraiser now that I'm buying properties” ~ Rick Solis [Tweet this!]
• “As an appraiser our whole life is coming up with a number and justifying it” ~ Rick Solis [Tweet this!]
• “In the 12,000 appraisals that I've done, it's always been the ‘wrong' number.  Someone is always unhappy with the number.” ~ Rick Solis [Tweet this!]
• “I'm a big reader of books.  Whenever I have a problem I need to figure out, I just go get a book.” ~ Rick Solis [Tweet this!]
• “If I was hitting real estate clubs right now [Tony Alvarez] is the main guy I would try to follow.” ~ Rick Solis

Transcript

Click here to Read and Download the Transcript for Episode 19

Links and Resources

• Norris Group Website
• Interested in the House Flipping Mastermind Group? Get information here.

And here are the documents that Rick mentioned in the podcast, which you can download for free:

• Appraisal Adjustments
• How to select sale comparables
• Rick's recommended books and resources

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The Winners are announced!

We have winners for our two drawings for prizes with both Robert Fragoso and Ryan Skalla!  Here are the details:

Contest 1

Tickets to Anchor Loans' VIP house flipping networking event in the Hyde Lounge at an L.A. Clippers game (See post here)

• Winner: Chris Music from San Francisco, California

Contest 2

A 1-on-1 coaching call with Justin Williams and Direct Marketing expert Ryan Skalla (See post here)

• Winner 1: Casey from Denver, Colorado
• Winner 2: Blake Stevens from Ft. Collins, Colorado

Congratulations!  If you won the contest, just shoot an email to [email protected] with your contact details and we will send you all the information you need.

Like what you hear?

If you’ve found any value or helpful information in the House Flipping HQ Podcast, we’d love to hear about it! Head on over to iTunes and leave us a rating (5 stars would be great!) and review so that others who are interested in starting a house flipping business can find us and get in on the good stuff. Click here to leave a review and rating If you have any questions or comments about this show or it’s contents, please post them in the comments area below and I’ll be happy to answer them!

Image Attribution: By Herzi Pinki (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

The post HFHQ 19: Appraisals for House Flippers – Rick Solis (Part 2) appeared first on House Flipping HQ.

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