All Forum Posts by: Jordan Garcia

Hey @Thomas Holdstein 

I hope this helps. 

1. Depending on if the attic is in the main structure or the ADU it will be valued differently. If it's a part of the main structure and conforms with the rest of the home in terms of building components, heated and cooled sufficiently, etc. it should be included in the GLA of the main structure and should not be valued any differently. If it's in the ADU it will be valued the same as ADU square footage is valued. ADU square footage cannot be included in the GLA in the appraisal grid and must be an added line item at the bottom of the grid. The way that I value these spaces puts emphasis on bedroom and bathroom count and whether or not it has a kitchen. The value for these spaces is similar to adjustments made for the GLA, for example if bathrooms included in the main structure are being valued at $6,000 then the ADU bathroom will also be valued at $6,000.
2. I think my answer to #1 answers this questions as well. 
3. I think there’s a disconnect on how Investors/realtors/buyers value any type of property vs how appraisers value property because of regulations that appraisers must follow that other fields may not completely understand. 

I’m more than happy to elaborate on any of these answers if you’d like to give me a call. 

Hey @Pete Peters, 

Yes, that's standard practice in any market. I normally ask buyers to be exclusive for at least 6 months. 

Hey Aleksandra! 

I've had STR's in downtown St Pete that were experiencing 75-80% occupancy rates pretty much year round. One of them was a 3/2 and I was able to charge between $150-235 per night. STR's in the city of St. Petersburg are technically illegal but they are still being operated successfully and a lot of the surrounding municipalities also have regulations against STR's. I would just make sure to look into the laws within the municipality you plan on buying in. Good luck! Let me know if I can help :)

Hey @Brandon Glick These are great questions. I’ll do my best to help answer them for you based on my experience as an appraiser. 

1. The reason why some appraisers don’t give value for extra bedrooms when comparing units of multi family property is because the adjustment is generally included in the square footage adjustment of the grid which are based off of a $ among per square cottage difference. I can’t speak for this specific appraiser but that is my train of thought when making adjustments for bedroom count. 

2. Did you request a reconsideration of value? This should’ve started with you making a request through your lender and then the lender reaches out to the appraiser. 

Hey Shane, 

Congrats on the baby! Short term rentals in St Pete are technically illegal but it doesn't stop hundreds of other investors from doing it. I've experienced success in the STR market here in St Pete myself but I've since transitioned my properties to long term rentals for convenience and time management sake. As an appraiser I've appraised a handful of properties recently that are outside of city limits and operating successfully as STR's that don't have the same regulations as the city of St Pete. I would love to sit down with you while you're here in February and talk more. Have a great weekend!

Hey Phuoc! Congrats on the deal. I think your question is how to get an appraisal done in order to refi and pull your money out. In this case your lender will order the appraisal during the underwriting process but if you’d like to get an appraisal done before applying for the refi to see what your value might be you should just shop around the local area for an appraiser that really understands that specific market. Which market did you purchase in? 

Hey Roland, 

Unless you have a crystal ball that is telling you when the market will cool down, my personal opinion is to get in ASAP. As an appraiser, realtor and investor in the Tampa bay market I'm still seeing +10% property value growth in most market areas with only signs of stabilization. If you're looking for property with an investment mindset you'll be able to find a good deal that will produce income and gain equity and for a house hack property, that's a WIN! Not to mention the obvious benefits of being able to leverage the VA 0% down payment loan on up to 4 unit properties. Let me know if I can help in anyway.

@Aubri Paredes Hey! I apologize for the late response. I purchased back in 2018 so the median home prices weren't as high as they currently are and I also had an awesome realtor that got me a seller credit that covered a little less than half of my closing costs. I hope this helps and let me know if you have any other questions. 

Good afternoon,
I'm curious how much staff appraisers that are working exclusively with one appraisal firm in either Colorado or Florida are being paid as a base salary? I've been looking around and the answer seems to be between 40-65k depending on quota and level of licensing/certification. Is this accurate?

Good afternoon, 
I'm curious how much staff appraisers that are working exclusively with one appraisal firm in either Colorado or Florida are being paid as a base salary? I've been looking around and the answer seems to be between 40-65k depending on quota and level of licensing/certification. Is this accurate?