All Forum Posts by: Angelo Mart

I completely disagree. Fences add little value on a Uniform Residential Appraisal Report Form. In addition, you are playing into the tenants / neighbors game. Read my comments above

Randomly showing up, What exactly was he doing? If he was just cutting through the yard which some people have done in my neighborhood then no big deal, if he is going onto your yard to maybe look at his roof or in order to do work in his yard then let him do it as he is not bothering anyone. BUT if he is just hanging in the yard, looking in windows of just doing something creepy then that a different story. You could:

1. Tell him that he is trespassing on the property but if he needs to maybe step on your property to trim his hedges or something then let him do it. But it its creepy then its a problem

2. Pull a Burner / Toaster / Hammer on him if he is creepy or gets irate .... 2A haha

3. File a police report for trespassing but do not charge him for anything. This way it is recorded by the police in the event this problem persist then they can take further action

Either way do not put up a fence. You are playing into the tenants and neighbors game which is gonna cost you a lot of money and show that you have no control over the situation which could have been resolved

Hey guys check this link out. I called this two years ago from a Newark appraiser standpoint, in addition my broker who is based out of Newark has been calling this for years

https://www.foxbusiness.com/pe...

What street in Vailsburg 

It this business was easy everyone would be a rich investor. Never give up

After you pay back the current owner/lender, you will be left with potentially $5,500 cash in pocket? Do you have guaranteed comparable sales that support this in an appraisal grid? Do you have a lender that will give you the cash out refinance in which you need? Me personally I would not take this deal as the margin in too thin and risky

Lack of education, lack of knowledge of the area and not calculating costs or replacement reserves properly. Thin margins would be biggest factor also

Gov Cuomo is a scumbag

I can give you two pieces of advise as a real estate appraiser (my full time job) and real estate investor. First, as an investor (rental) have the foundation inspected by a general contractor and get an estimate to repair. If it sounds significant then have another contractor look at it along with a structural engineer if need be. If its a few thousand that you can roll into repair costs then no big  deal. Now here is the biggest most important question, are you holding this property for long term or renting and then flipping quick after a few years.

Your statement which says "My biggest fear is that I go through the process of repairing but then a lender won't lend due to the foundation". Well to answer this, a lender can not deny you if there is a foundation issue because they will never know unless you stand there pointing it out to an appraiser. The appraiser is the EYES AND EARS of the bank so when appraiser arrives hide the issue and don't say a word. Majority of appraiser's 

1) Can't identify a foundation problem if the foundation fell on them lol

2) Wont disclose something observed with the foundation since a foundation inspection is far beyond the appraiser's scope of work and expertise in order to produce credible assignment results per USPAP

3) Somehow if they find out from you or god knows where that there is structural damage, it will be dismissed if you can show it was repaired if you do decide to repair it

4) I know long term BRRRR investors that buy homes with foundation damage all the time with the intent to hold for long periods of time and address it later on....

5) If you plan on flipping to an end buyer soon then this can come back to bite you. If you purchase a property with foundation damage and ignore the issue but rehab the rest of the house you could be setting yourself up for a disaster. An end buyer can come in the home fall in love, order a home inspection to have the inspector fail and call out the foundation damage. When this happens there is a chance that buyer could back out and you will either have to lower price or get it repaired. 

6) If flipping address issues ASAP

7) If buy and hold you can still get a loan when you refinance or purchase and address issue whenever 

Hope this helps