New to Bigger Pockets - Commercial Real Estate Appraiser

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New to Bigger Pockets - Commercial Real Estate Appraiser

Account Closed
Appraiser · Member since 2014 · 40 posts · 20 votes

Good Morning!

My name is Cam and I am new to Bigger Pockets. I am a commercial real estate appraiser (MAI) in the Phoenix area and I specialize in multifamily. I am also very interested in becoming an investor at any level - starting small is fine with me. I see a wealth of information here and I am excited to learn my way around the site.

I also want to contribute and share my perspective (where applicable and appropriate) and be an active member on the forums, helping anyway I can. I would like to write a few articles that answer questions investors have for appraisers, keeping the investor's needs and interests central to the topics.

Are there any questions anybody has that I can help with? I typically appraise properties with 100 units or more, but I am willing to learn about smaller multifamily properties too. I can also field general appraisal questions.

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Giovanni Isaksen
Investor · Bellingham, WA · Member since 2010 · 308 posts · 230 votes
12y

@Account Closed Welcome aboard. Looking forward to your posts and comments. What is your sense of the PHX multifamily cycle at this point?

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  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    12y

    Welcome aboard, Cam.  We look forward to benefitting from your knowledge in MF appraisal, and are happy to help you where ever we can.  We're glad you've joined us!

    0Reply
  • Jeff Greenberg
    Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    12y

    Welcome @Account Closed I am sure your  the BP family can benefit from your knowledge. There is a wealth of knowledge on this site.

    0Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    12y

    Hi Cameron,

    The forums are for generally answering specific questions by posters.

    General commercial appraisal information there is a blog section on Bigger Pockets where you can write articles etc.

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    @Account Closed welcome to the site.

    0Reply
  • Giovanni Isaksen
    Investor · Bellingham, WA · Member since 2010 · 308 posts · 230 votes
    12y

    @Account Closed Welcome aboard. Looking forward to your posts and comments. What is your sense of the PHX multifamily cycle at this point?

    1Reply
  • Account Closed
    OP
    Appraiser · Member since 2014 · 40 posts · 20 votes
    12y

    Joel, thanks for the direction - I will check out the blog and make sure I post articles there.

    Giovanni, thanks for the question. The general consensus is that we are in expansion mode. But in the multifamily sector, most of the big players have already made their moves. Most of the deals right now are on Class B and Class C "Value Add" projects, especially ones that have been mismanaged. Multifamily land values are increasing, and we are expecting several high-end projects to come on line this year in the Scottsdale or North Phoenix area where high rents (up to $2.00 PSF/Month) are supported. That is not being duplicated anywhere else in the valley, and honestly, some market participants wonder if its sustainable with all the product in the pipeline. While most are outwardly hoping rents will increase like they have recently, the rumor is that they will be flat.

    Understand, I'm painting this picture with a broad brush. Individual pockets within the Phoenix MSA will most likely vary.

    Since you are from Washington, maybe you are familiar with Weidner? They came in here a few years ago and started acquiring as the market was heating up. We appraised several properties they purchased. Great people to work with.

    Here is a link to the latest Broker Forum's Report generated by ASU. While it covers the market in general, there are portions dedicated to the multifamily sector:

    http://wpcarey.asu.edu/sites/default/files/uploads/center-real-estate-research-and-practice/q1-2014-brokers-forum-report.pdf

    Let me know if this answers your question or if there is anything else I can do for you.

    Thanks!

    2Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Account Closed  incredibly informative - thanks a lot for the Phoenix overview. And props to @Giovanni Isaksen for asking. 

    Cam, what submarket of Phoenix do you think there's the best opportunity to pick up those Class B and C value-add projects?

    1Reply
  • Giovanni Isaksen
    Investor · Bellingham, WA · Member since 2010 · 308 posts · 230 votes
    12y

    Thanks @Account Closed for the detailed reply. The B and C stuff that I looked at with a client last year with in PHX seemed a little rich even then given the amount of deferred maintenance and the intensity of management required to turn the properties around. Maybe I'm a little spoiled though because another client was picking up REO product there in 2010 and 11 that they're now exiting with good results for their investors and the distressed pool has pretty well dried up it seems.

    Great stuff on the link to the WPCarey brokers forum. I'm on their distro list and am waiting for their next edition. About a year ago they did a presentation called Phoenix Housing Market Explained where they said that in the next 25 or so years the city would grow by the size of Denver and highlighted the importance of being near transit corridors (and future transit corridors). The video and my take on it from the multifamily angle is here.

    Also, to link someone's name in a post or a reply on here type @? and a dropdown list will appear at the bottom of the page with all those who've posted or replied on that thread.

    Good hunting-

    0Reply
  • Account Closed
    OP
    Appraiser · Member since 2014 · 40 posts · 20 votes
    12y

    Joe,

    Thank you also for the question. This is more difficult for me to answer, because the "best opportunity" depends on the preferences of the investor. I can't give you the answer you are probably looking for without that information.

    What I can say generally is that value-add acquisitions are occurring in almost all submarkets - so in other words, think if you should consider all submarkets if your investing preferences are flexible.

    If you have specific questions, send me an email and I'll see what I can do for you. Finding specific deals based on investor preferences is typically not within the appraiser's scope of work - we appraise the properties once they are found. But then again, that is why I am here - to learn from all of you, see how our disciplines can work together, and become a successful investor.

    0Reply
  • Account Closed
    OP
    Appraiser · Member since 2014 · 40 posts · 20 votes
    12y

    @Giovanni Isaksen thank you for the tip and the link. It seems that you are already in the know! If I can be of any more assistance, please don't hesitate to reach out.

    1Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Account Closed thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts."

    Have you read this post yet? You might enjoy it: How to Buy a Small MultiFamily Property: A Step by Step Case Study

    See you around the site!

    Podcast Guest on Show #92
    0Reply
  • Account Closed
    OP
    Appraiser · Member since 2014 · 40 posts · 20 votes
    12y

    Thank you @Brandon Turner for the suggestions. That will be my reading for today. I am very excited to get started. I'll jump on the keyword alerts too.

    1Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Account Closed

    BiggerPockets
    0Reply
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