All Forum Posts by: Phillip Dwyer

What are you trying to do?

There are several posts on this forum relating to prepping for the appraisal. Keep in mind there are several laws put into place to protect appraisers from outside influence. That said, if you have data or information about comparable sales in the neighborhood that the appraiser may not be privy to, then share that with the appraiser. Also, provide a list of repairs, remodeling, and/or replacements that have been completed on your properties to the appraiser. Have your rental data organized and provide it. If there are unique attributes of the neighborhood that impact value, share that knowledge. It sounds like you took the reactive approach rather than the proactive approach.

I highly recommend an in person interview, references, recommendations, ect. Get several references, and verify.

Shari,
Your rent range is about right. You can typically expect $1100-1400.

Hi Michael,
Check out www.narpm.org.

At these entry level costs, what returns are you seeing versus laminate, tile or other? It seems like granite would be a no-brainer.

At $150k all-in you will not get close to the 2k rent Will suggests for cash flow. Rent doesn't escalate in line with price in Vegas or most markets.

I'm relatively new with BP, but I'd love to participate if you think I could ad value.

Here's how California defines Fair Market Value as it pertains to condemnation:
"The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available."
Note, the wording "highest price". I'm not sure how this would pertain to notes, but this would be what an appraiser of real property would be using in the appraisal.

Google "paired sales analysis". I also recommend taking an appraisal class on the subject matter or sales comparison approach.