All Forum Posts by: Andy Chu

Remember in school during math class, teachers were always stating things like "show your work or it doesn't count." That is exactly how appraisers work. It doesn't matter if you know what the value of the home is, now you will need to base the numbers off all 3 approaches, income approach, replacement cost, and sales approach.

If you are playing with residental, only the sales approach matters (most of the time). The sales approach need to be justified with current market properties and sold comps with more emphasis on sold comps. These comps then need to be adjusted in every which different.

Long story short , it may take 2 hours to do an appraisal and 2 minutes to figure out the value. If your end goal is to be an investor, then I would leave tht trade for someone to do.

The note has an unpaid balance of 60k and the seller is selling the note at ~ 25k. The note is at a 7% rate but with the discount it is closer to 16%. The note was recently modified so that the payments are below what they could rent the same property for so it makes sense for the borrower to continue to making payments. The only thing holding me back is the BPO value is at 20k.

As a note investor would you even consider this note considering, if you had to foreclosure, you have potentially 13k downside?

No wonder I'm getting multiple offer disclosures left and right, Bruce you are making them on the same properties! All kidding aside.

Let's talks out specifics of where you may be looking, you didn't state year built in the category , so Im assuming 89128, 89117, 89146, 89103,89102. There is inventory but we are all fighting for the low price ones and rehabbing them to get top dollar. When you refer to a good deal, it is a little ambigious.

What is considered a good deal? Below market pricing at this very moment?
Are you willing to do the rehab work?
If you do not get a house, are you going to rent?
If you pay market price for a house and the mortgage is significantly lower than rent, then is that worth it?

I ask all these things because you are starting a job downtown and may need to move soon.

The assumption was not to have only one assistant as time goes on. Remember that some people want to be mentored as well and will happily work to learn the ropes. It's definitely good to pay it forward.

Remember you may also utilize online trading platforms such as www.loanmls.com to see what people will pay. Good luck

Also if and when they sell, there is an automatic withhold on the monies.

Las Vegas has been a very tough market in the last 3 months. To improve your chances, look at reos, short sales, and even trustee sale ( find an honest bidder with good title work.) 20 minutes to downtown leaves for a lot of places to consider.

Wholesalers: just open up craigslist. Theybaree trying to find you more than you are trying to find them...

Great sites is of course bigger pockets, however, have you determined a good location yet? Without steering, you may go to www.city-data.com for neighborhood info.

Best of luck

I've seen them in contracts but I have never seen them enforced before. Short of the deed restriction recorded with Fannie Mae, the rest record like a normal deed.

I believe it is just a deterrent, but I wouldn't want to test it ;)

I agree with Joe. Payments are crucial for a lot of buyers. If you make $5,000 a month and it is fixed, it is good to know what percentage of income is going towards your investment.

A little off topic, when I'm playing buyers agent, I always show monthly payment including principal, interest, taxes, insurance, pmi (if any) , hoa (if any), and additional assessments. The same property for 150,000 can swing the payments up to 300.

Back on topic. If you do not like the way they display the 1,000 , communicate it to your agent. He/she is just use to working with clients that are on a fixed w2 income, and trying to put things in perspective.

I think it's a wonderful idea. You cannot possibly do every task and work on the business as well. As your business and volume grows, more items will need to be outsourced.