All Forum Posts by: Sam Horton

@Ken Tsai I use an app called Remine for an AVM model. @John Franklin is right, you could always do an exterior appraisal order. Or even order an exterior BPO. Either way, they are both opinions of value. I'd still lean on a few experienced Realtors first, it's the cheapest option and you could gain a good relationship out of it. 

@Ken Tsai If your not comfortable with the Realtor or haven't worked with them in the past, then you can always contact a few other LOCAL Realtors that could offer some insight into the subjects ARV. Then compare the answers to get a more realistic number.

If you can get the current owner to agree to allow you to have an appraiser walk through the property then you could do that. In my experience that is rare and could work against you if the appraisal comes back higher and the owner wants to see a copy of it. 

@Russell Brazil I like Remine and MLS (not an app but a good tool).

@Alyssa Robbins I agree with @Caleb Heimsoth this to me would seem like a looking battle versus the seller. In the future, best to ask for a credit. If the seller is unwilling to provide the credit then request the repair with documented receipts of work done by a licensed contractor. That should be written into the purchase contract. That way after closing you might be able to go after the contractor instead of the seller. Typically most offer a 30-day warranty on their labor.

@Account Closed Depends on your goals. Have you always wanted to go to college and have that degree? If not, I think there's a lot of ways to become knowledgeable in marketing/finance if you are willing to do the work. 

@Account Closed Do you have any information on who bought the abandoned property? I would do more research on that especially if renting the unit is not an option. 

@Jennifer Presley-Sanders 

If you're using an agent to purchase the property, you should be having them create a comparative market analysis for you to determine a better idea of value. If your not, for a small fee I bet you could get an agent to send you one.

As @Account Closed mentioned tax assessments are not necessarily a good indication of value. I do sometimes cross analyze assessment data versus recent sales though. For example if it's a 3 bedroom house, pull all 3 beds in that town within 6 months and a certain radius (based on population density). Then track whether these properties are selling above, at or below their assessed value. At least this can give you an idea on what's reasonable to pay over assessed value. 

@Parag D. I would say 1 month for 1 year lease is common in the suburbs in my area. The trend of tenants paying fee is "relatively" new to my market (within the last few years, I've seen more and more of it.)  

@Parag D. Depends on your market. In Mass, Boston is usually full months rent paid by the incoming tenant so landlord isn't paying a fee at all. As you get further away from the city the "normal" fees change. You could always reach out to a few rental agents in your area and see what they are saying regarding fees. Then choose the one you like best. 

@Parag D. if all else fails, I would look for the agent that does the most rentals in your market and hire them to rent it out. A good one could already have tenants for your property.