1004MC to describe Rental Market ?

[glenn walker]

I'm just playing with the--Zzzzzz man but he needs to make money not more work for himself....lol

 

[J Grant]

I would never use the MC form for rentals.

Just get the most recent leases that are most similar and ask some RE agents whose names show up on rentals how the recent fires and displacement are affecting the prices and demand.

 

[alebrewer]

You could build a 1004MCish form in Excel in about 15 minutes...

 

[RustyTapeMeasure]

Assignment requires an Opinion of Market Rent of a VERY upscale, new construction residential condo in a market where the population of potential buyers is enhanced by thousands of VERY upscale individuals recently dispossed by LA. Consequently the market environment is a critical factor; and I wish to use the 1004MC to document changes during the past 12 months.

Not too difficult to populate the 1004MC manually but I'm wondering whether MLS in general, especially CRMLS, can provide 12-month rental data that can be uploaded "electronically" into the 1004MC, with explanations to be included.

Thanks.

So exactly how does the 1004MC for sales help you develop rental answers and you are trying to put rental information in the MC sales section plus do it automatically via MLS data drop ? and what exactly is "VERY upscale" I live in this neighborhood hence would love to know how you break it down. 'upscale vs VERY upscale, maybe in Beverlywood I am downscale and never knew it ? The horror. Plus wouldn't an "opinion of Market Rent" be something akin to doing a Rent Survey on appropriate form and comparable rentals ? $70,000 a month is quite the rental amount.

 

[RustyTapeMeasure]

You could build a 1004MCish form in Excel in about 15 minutes...

i built one in 12 minutes.

 

[ZZGAMAZZ]

So you are going to base your opinion of market rent on a hypothetical, that should go over well, So are you also going to base your GRM on a hypothetical?

No, no, no. Perhaps I did not express myself correctly. The reference to a Hypothetical was an attempt to poke fun at Nephew Glen, kinda like the need to try to get a punch in his gut anytime hedrops his guard even for a second. LOL LOL

A hypothetical that people who lived in Mostly expensive beach community are going to move out 50 miles to a lower income. .hot weather and no ocean views and from a Dark Blue Politically to a Red Maga area. Those folks will go West into the San Fernando Valley before they will ever rent in deep MAGA country....lmao

Glenn, the subject of this rental analysis is a new construction condo fronting Santa Monica Blvd, Beverly Hills, which IMO is a perfect location for temporary, or long-term, residential housing for folks who lost homes to the wildfire.

 

[ZZGAMAZZ]

So exactly how does the 1004MC for sales help you develop rental answers and you are trying to put rental information in the MC sales section plus do it automatically via MLS data drop ? and what exactly is "VERY upscale" I live in this neighborhood hence would love to know how you break it down. 'upscale vs VERY upscale, maybe in Beverlywood I am downscale and never knew it ? The horror. Plus wouldn't an "opinion of Market Rent" be something akin to doing a Rent Survey on appropriate form and comparable rentals ? $70,000 a month is quite the rental amount.

Very, extremely, a bunch true about the unnecessary "Very," which I used for the AF post but not in the report, which was a stand-alone assignment reported on a 1007. Also, please advise if the term "Opinion of Market Rent" isn't the correct term for results of a Rental Survey (although if not, that might be the reason I couldn't find the term in appraisla lierature). And you're also correct about the $70,000 that is higher than anything else, anywhere in that part of the County.

 

[ZZGAMAZZ]

I would never use the MC form for rentals.

Just get the most recent leases that are most similar and ask some RE agents whose names show up on rentals how the recent fires and displacement are affecting the prices and demand.

JG, I appreciate your perspective but wouldn't you think that a form would be available to report 12-month rental activity, presumably similar to the 1004MC because the format already exists.

 

[Dublin ohio]

No, no, no. Perhaps I did not express myself correctly.

No kidding, So how are you going to justify a market rent substantially higher than anything on the market. Are you doing an appraisal on the new construction condo or just doing a rental survey.

 

[ZZGAMAZZ]

No kidding, So how are you going to justify a market rent substantially higher than anything on the market. Are you doing an appraisal on the new construction condo or just doing a rental survey.

Well, you probably won't believe it, but the assignment was [exclusivey] to determine market rent for the subject property as follow-up to the "original" market value appraisal of the property about 1 month prior, by a different appraiser. My 1007 Reconciliation addressed an opinion of market rent above both adjusted and unadjusted values although to exceed the latter is very unconventional, keeping in mind that the 4000 individuals who recently lost homes within a few miles of the subject tilt the supply-demand ratio to the extent that recent 1-month rents in that general area is 10% per month. [Took me awhile actually to realize that the rental contract I was provided was not $7,000 per month, but $70,000. As the AF often describes the assignment, my decision to accept the assignment was a "business decision" with a substantial fee. Downside of the assignment is that I sit here in my apartment that I felt was top-of-the-world but now I'm wondering WTF I did wrong that the tenant rather than me can afford $70K/month].