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Capstone Demo - Apartments (need Help)

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txagbrown

Thread Starter
Freshman Member
Joined
Apr 7, 2009
Professional Status
Appraiser Trainee
State
Texas
Hi all

This is a long shot but I was seeing if someone who has completed The Village at Gracy Farms Capstone Demo would be willing to answer a couple of questions I have. I took the course in Oct 2015 and I struggled with the H&BU, effective age/life of improvements, and market support for improved sales.

When I attended the classroom, I tried to ask a lot of questions and requested for help in areas I got stuck. However, the instructors could not have been more vague and gave aloof answers and were very curt with their responses. I understand that is how the course is structured and the instructors are not supposed to give you answer, but I felt like I did not gain anything by aimlessly trying to write this report without a little guidance.

Could someone please get back to me either a PM or my email at qb_brown at hotmail dot com? I only have about 30 days until I can re-submit this report and if I do not pass then basically just pissed away $1500.

Thanks
 

Gobears81

Senior Member
Joined
Nov 7, 2013
Professional Status
Certified General Appraiser
State
Illinois
I took the office one sorry.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
txagbrown-

I don't want to come off like a jerk (so I apologize up front) but you need to be careful about asking for assistance with the Capstone Program.
I took the course this October and I thought our facilitators were very helpful: while they wouldn't give us the answer, they generally pointed us in the right direction (where to look for reference, etc.).

In that spirit, I can tell you this:
H&BU is discussed in Fanning's Market Analysis for Real Estate, 2nd edition.
The cost approach questions are all answered in the Appraisal of Real Estate, 14th edition.

The Cost Approach analysis is tough, there is no doubt about it. We (or at least I) don't typically do a Unit-in-Place (segregated cost) analysis to the same degree of detail that is required in the demonstration report. But the basics are all there in the 14th edition as well as in the AI cost approach classes.
Your Fundamental Market Analysis and H&BU go somewhat hand-in-hand. Again, Fanning's book has direct examples of how to complete these components.

Take advantage of emailing the facilitators with your questions; they will attempt to point you in the right direction (but they will not tell/give you the answer).
I would also suggest that you reach out to your Candidate Advisor; he or she won't be able to give you specific answers but he or she may be able to point you to a specific passage or section of the related texts.

Don't give up. The analysis, while not easy, is definitely doable. Carefully read the text and the Capstone examples/case study. Everything one needs to know is in there (just not always easy to find).

Good luck!
 

sail143

Junior Member
Joined
Oct 6, 2011
Professional Status
Certified General Appraiser
State
Rhode Island
Whether Capstone or traditional apply Market Analysis step-by-step - it can be done. For Cost Approach supplement Appraisal of Real Estate with In Defense of the Cost Approach by Nelson Bowes.
 

Gobears81

Senior Member
Joined
Nov 7, 2013
Professional Status
Certified General Appraiser
State
Illinois
I don't want to come off like a jerk (so I apologize up front) but you need to be careful about asking for assistance with the Capstone Program.
I took the course this October and I thought our facilitators were very helpful: while they wouldn't give us the answer, they generally pointed us in the right direction (where to look for reference, etc.).
Hardly sounding like a jerk. The tone of the original post set him up for a much harsher response. I have felt in the past that the pass rate for Capstone was a bit too high, so I am not overly upset to see some fail at it. The MAI designation has to remain difficult to get. I posted a couple months ago about potentially turning an appraiser in, due to it being easily one of the worst appraisals that I've ever seen. I met the guy after and the human factor set in, so I didn't turn him in, but lo and behold, he gets his MAI a couple months later. At this rate, roughly 50% of commercial appraisers will be getting their MAI it seems.

OP-the Capstone instructors are the best of the best. I took a Capstone class and one of the instructors was the new AI president, while another was the former AI president. They aren't going to give you the answer, but I would carefully consider everything they say (and also consider not badmouthing them in a public forum). It is a red flag that you look at the $1,500 as lost money if you don't pass. Even if you don't, you should be that much more educated on what is needed and expected to pass if you try it again. With that said, there is a lot of material in the information that they provide. Couple that with The Appraisal of Real Estate and like Denis said, Fannings book, and you will have enough information to pass, you just have to find where that info is.
 

txagbrown

Thread Starter
Freshman Member
Joined
Apr 7, 2009
Professional Status
Appraiser Trainee
State
Texas
Thanks for all the responses and helpful advise, I will definitely read up on the books that were suggested.

I'm not sure how the tone in my OP would ruffle some feathers. It's not like I took a shot at the instructors or said anything disparaging about the capstone program. But then again I forgot in this day and age people go out of there way to get offended.
 

ginna currie

Junior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
New York
I just received my "passing grade" last week for the Capstone, but I had the office, not the apartment building. It appears that AI is designating approximately 95+/- MAIs each quarter(average, according to the last two Valuation Magazine published numbers). It took me two years to finish the program and it was not easy.
 

Ty Sutton

Sophomore Member
Joined
May 5, 2006
Professional Status
Certified General Appraiser
State
North Carolina
Everything is there that you need. I followed the examples provided and passed. You might as well get the SRA too, as this course can be used for the SRA demo requirement as well.
 

ginna currie

Junior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
New York
Everything is there that you need. I followed the examples provided and passed. You might as well get the SRA too, as this course can be used for the SRA demo requirement as well.
Mr. Sutton, I do not believe EVERYTHING was in the Capstone book, or maybe I couldn't find it. I referenced the Federal Highway Administration’s Manual on Uniform Traffic Control Devices to obtain the average size for a parking space, because it was not given and I needed to support my Wild @$$ Assumptions with something :)

I LOVE BEING AN APPRAISER
 
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