4 unit multi family

[Zoe]

Here is my problem. I don't know the subject or the subject market. I am shooting in the dark. Give me about 1 week with expenses paid and I could get the client a credible appraisal on Market value and fee simple interests.

You can't afford me.

 

[Zoe]

I am geographical incompetent. I could get competent. The client would be better off using a local. The client would say, we don't need you on this one.

 

[Mike Ault]

I am geographical incompetent. I could get competent. The client would be better off using a local. The client would say, we don't need you on this one.

How do you get past this certification on the 1025 form?

 

[Zoe]

How do you get past this certification on the 1025 form?
View attachment 107115

I can't. I already explained I have no competence in THIS subject market.

Trust me the lender could not afford me.

 

[Mike Ault]

I can't. I already explained I have no competence in THIS subject market.

Trust me the lender could not afford me.

You just startled everybody on here with your "7K+ completed multifamily assignments across multiple states" claim. I was curious how that could possibly be done.

 

[Sadie]

It does if you look through the eyes of a buyer. There is a reason why a four family property is in the classification of “2-4 family”. That is the classification of a buyer who gives less emphasis on income and more on owner-occupied, “just want to pay the mortgage”. It is generally, “just them” who is in charge of finding tenants and maintaining the property. Unlike 5+ family owners, they don’t have people for that. A vacant unit is a scary liability and would factor into what they are willing to pay. If I can prove that with adjusted sales prices that are in line, then yes, a client will buy it.

2-4 family is because of financing. You get better rates for a 2-4 family than more than 4 units. At 5+ units, its a commercial loan.

 

[Sadie]

You just startled everybody on here with your "7K+ completed multifamily assignments across multiple states" claim. I was curious how that could possibly be done.

Don't get your panties in a bunch. Mult family is not necessarily 2-4 family. Multi is over 1. It can be 10, 20 or 100.

 

[Mike Ault]

Don't get your panties in a bunch. Mult family is not necessarily 2-4 family. Multi is over 1. It can be 10, 20 or 100.

The claim sounded pretty "Trump like" so I wanted some additional clarification. I wear Kevlar "underwear", by the way. And it doesn't bunch up.

 

[Sadie]

The claim sounded pretty "Trump like" so I wanted some additional clarification. I wear Kevlar "underwear", by the way. And it doesn't bunch up.

Sounds comfy!

 

[NC Appraising]

Thanks thats what I did he "No inslt"comment is due that theres a colleague y name Rex ( he even uses a dog as avatar) that loves to make nasty comments. Hve not seen him in quite a while Take Care

Dont have to worry about Rex. He died of cancer a couple of years backs.