Episode Details

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?

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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