Looking for Best, Most Inexpensive way to Appraise a Unit

6 Replies

Hello,

I'm looking for advice on the best, least expensive way to do an appraisal on a unit. I don't want to seem like a tire kicker to local agents. So I'm hoping someone has practiced a better method. Thanks for any input.

Looking in the Jacksonville, FL Area.

Multifamily under 5 Units

@Richard Morris Jr. you hire an appraiser. That is the only way to get an appraisal. The bigger question is why do you want an appraisal?    

Are you looking for ways to evaluate a potential deal you want to buy? Are you looking for an appraisal for a property you want to finance? Are you just curious what your properties are worth?

hi what is an ideal purchase for you in real estate (numbers wise) and  exit strategy of it, and what is your short term and long term goal?

@Richard Morris Jr. Sounds like you're trying to determine the value of a property you want to buy. This could be just finding 3 properties that recently sold that are close in type and location to the property you are evaluating.

If you're looking for a formal appraisal, then you have to hire an appraiser.

Originally posted by @Sina S. :

@Richard Morris Jr. Sounds like you're trying to determine the value of a property you want to buy. This could be just finding 3 properties that recently sold that are close in type and location to the property you are evaluating.

If you're looking for a formal appraisal, then you have to hire an appraiser.

Thanks. What's the best method though without a formal appraisal. Recent sales on real estate boards  (Zillow, realtor.com, redfin) seem deceptive at times. 

@Richard Morris Jr.

Thanks. What's the best method though without a formal appraisal

Another method is a BPO (Brokers Price Opinion) which any agent can do. Also an agent can do a CMA (competitive market analysis)

But you asked for the best way. The best way is learn your market and do  your own analysis.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you