All Forum Posts by: Mark Vejnar

Was your appraiser an SRA or MAI? Wow only six months? I know current guidelines prefer comps within six months, but stable, low-turnover neighborhoods can often support a longer look-back period - especially for matched pairs analysis within a given subdivision. I've even seen appraisers use comps older than two years, and then document the decision with a thorough explanation in the addendum. Also, I don't know your market but the lot size adjustment makes me curious. Perhaps he's considering utility of the lot since your property is single story and that comp is 2 story. What was the justification in the addendum? Look at the Appraisal Institute website and find an appraiser who also teaches AI courses locally. Ask if they'll review the appraisal. They might ask for a fee, but it's usually worth it and helps establish a relationship with a consultant many fear, or at least don't understand.

Whoa @Mike Hanneman

Settling cracks are a big deal. Sort of like how grandma's expressions seem to be flattening and her arms aren't swinging while she walks - there's something serious going on underneath. Don't just attribute it to age. 

I know some locations are prone to settling issues due to geology, but it could also be poor quality construction or the result of a homeowner playing Handy Manny. Things like failing foundation and compromised structural supports. Ask your GC for more details - it's ok to ask him/her to name the specific cause. 

@Eric H.

I see other posters talking about sending 10 or more mailings before the response, prospect, and conversion rates start to get good. 

Why not split test using your current list? I haven't tried mailing yet but I think split testing is used in many types of marketing to allocate spending. I'm still learning about marketing.

I'm sorry it didn't work out well. That's great that you're able to capture above-market rents, though! You must be doing something right. The appraiser determines value by using three approaches: sales comparison, income, and cost. I could fill the page explaining each and how they are reconciled against each other but Google is your friend. The job of the appraiser is basically to see where the property fits in the marketplace. There's no emotion or advocacy involved. Sometimes buyers hate appraisers, and sometimes it's the seller who is filled with rage, but the appraiser is to remain as objective as possible. If you think about it, the lender is using the appraisal to buy a property sight-unseen. Your underwriter could be anywhere in the world - all they have to go on is the numbers.

Wow that's unfortunate. Is this the first mailing to these 1,000 leads?

Welcome Sharon Okocha Yeah fear is something that must be managed. It's valuable and should be respected, the irony is that often it's the things we must do that we fear the most. I suspect years of social conditioning contribute more to fear than any actual danger. One way to mitigate fear is to negate it. Take courses in property management if you fear professional tenants. Then get licensed and go work for a property management firm you admire. Do this while networking with investors here on BP and out in your community, and you end up with exposure to deals while getting paid to develop your skill set. This site is great. So much to learn and so many great resources. I wish you the best!

Welcome Victor Miller What is your current profession? Do any niches appeal to you yet, or are you still consuming mass quantities of information. There's a lot to learn here, and it's a really fun place to be. Good luck!

Hey Chad Leonard Welcome to the world of real estate! You might find real estate courses beneficial if you're focusing on developing your knowledge base. The Appraisal Institute offers online and classroom learning for those interested in developing a deep understanding of value. There is also the CCIM curriculum which is impressive. Or you could go the property management route. Any of these will interact heavily with seasoned investors. I wish you the best!

Welcome @Grace Hutchinson

Set a reminder to sign up for the weekly webinars.  BP emails you a replay if you miss the live broadcast.  Each one has lots of great information and encouragement.  

@Travis Glenn 

Welcome! Don't forget to sign up for the weekly webinars.  BP will email you a replay if you miss the live one.  Lots of great information and encouragement!