All Forum Posts by: Sonya Stovall

@Kevin Williams` Good Luck and Welcome to BP!

@John Thompson Welcome and good luck!  You will love what the site has to offer.  Reach out if you need anything.

@Bart Ford I think it is a red flag.  Life happens to all of us but you said it has been weeks, not days.  Move on....

@Andrew Briones check out this thread

http://www.biggerpockets.com/forums/67/topics/1790...

I think they covered this pretty good just recently...

@Gino Forte Welcome, and Good Luck.

@Bryan Gamble I am working on my own website now.  Well not me personally, but I am having it done.  What I decided to do, mainly based on the several blogs I read by Antonio Coleman(hereon this site) was to brand/market myself as the go-to person for a specific area and have all kinds of general RE information featured along with a video introducing myself. etc.  My broker is aware and I will have a link from my site to our/her company site that individuals can use to search for properties.  I'm with Re/Max so my Broker has her own website, and I have a website from Re/Max whereby people can search for properties.  These sites do very little though to help promote me personally.

I decided that most individuals initially  use Zillow, Trulia, Redfin. etc to search for property information, so those sites will always be first for SEO but if I can try to be brand specific for my area on having good RE information & content, hopefully they will start to come to my site for my blog, etc and then I can capture them.  All theory, lets hope it works!

Good Luck whatever you decide to do

Check with a Realtor in your area, not sure if the definition changes from State to State but generally it means the Seller can not accept anymore offers for the property.  They buyer does have some Contingencies in their contract, but whatever contingencies they have, the Seller can not accept anymore offers.  The Seller can only accept offers if the current contract falls through and a release is signed by both Seller & Buyer.  

@Mike Gallagher  I'm working on mine right now and I plan to.  I read all of Antonio Coleman's blog about effective websites and he wrote one about it, check it out.  Search his name and then go to his blog posts.  They were very helpful.

@Kim Uhland I can be a resource for you. We do light commercial in our brokerage. I could not offer you the assistance you need with the self storage but on the personal side with the mixed-use I could help. Having been here for 4 years myself and many moves (VA,OH,TX,PA,MS.MD); it can be overwhelming moving here with so so many choices. So PM me and we can talk, even if it's just about moving to the area. Good luck. I will inquire about some agents that do 100% commercial work for you. Our office assistant use to work with Marcus & Millichap so I know she will have some references.

@Account Closed what I am saying is honestly it's a question for a phone conversation rather than a forum because there are so many variables.  But again if the appraisal is for market value, when doing the income approach to value the property.  The appraisal will determine the EGI and from that they will subtract both fixed expenses to operate the unit (taxes, insurance, etc) and variable expenses (repairs, utilities),  One of the variable expenses that is subtracted is a monthly fee for Reserve Replacements (money you set aside for replacement of roof, HVAC, parking, etc).  This fee and property specific.  

If a owner has just paid for a replacement of an item and has an actual bill, the appraiser will use that data point. In getting those numbers, appraiser reply on contractors to give them quotes on what it will cost to replace for that specific property.  Using that cost and the estimate life of the item gives you a yearly estimate.

So once you subtract those you will get the NOI for the property. Again this is for Commercial Properties. If you have a duplex, three unit apartment; no it's not as detailed. But when you get to really multiple units, yes the Reserve Replacements is calculated and used when doing the Appraisal.

Again these are Appraisals not done on some form but are actual Reports which show Market Demand, etc.  I hope this helps.  Main point to remember, each appraisal is different due to property and value sought and my answer may not be applicable to this situation but it is absolutely part of the process on some situations(i.e. which value is the lender requesting and what scope of work did they request).