Jerry Ingmire
Freshman Member
- Joined
- Mar 20, 2002
I have found that in addition to the Sunday paper, that a valuable source of information for the GRM and other rental data, especially when a lender is requiring a operating income statement is the buyer, and seller but the greatest one is the property management company, It always costs me a lunch, but I take the local PM rep to lunch and then he/or she will give me information on rental property throughout the city. Realtors or who ever are always up for a free lunch, and the information provided is great. What the owner paid for the property, what the expenses are, the vacancy rate and other such needed information.
Another thing that I do is state that although the lender is requesting this approach to value that the typical buyer does not purchase this type of property as an income producing property if that is so. And that the results of this approach to estimated value is used to support the appraiser's opinions and conclusions. After all the majority of SFR homes are purchased for the benefit of ownership and not for the benefit of income. Read the Multi purpose Addenda that we enclose with our report, in the extent of the appraisal process portion of the form it states that the subject property is located in an area of owner occupied homes, and after all it is my opinion that we are trying to estimate value for the typical buyer not a particular buyer.
I hope this helps.
Jerry Ingmire
Another thing that I do is state that although the lender is requesting this approach to value that the typical buyer does not purchase this type of property as an income producing property if that is so. And that the results of this approach to estimated value is used to support the appraiser's opinions and conclusions. After all the majority of SFR homes are purchased for the benefit of ownership and not for the benefit of income. Read the Multi purpose Addenda that we enclose with our report, in the extent of the appraisal process portion of the form it states that the subject property is located in an area of owner occupied homes, and after all it is my opinion that we are trying to estimate value for the typical buyer not a particular buyer.
I hope this helps.
Jerry Ingmire