Rooming House

[Zoe]

Certified Residential = 1-4 family no cap on value.

Hard pass.

Yeah and they might have to do "subject to" also. It could get nasty.

 

[Zoe]

I won't swear how long it might take me. I would guess 2-3 weeks and allow for 4 weeks on my estimate.

My estimate would be like 1 week and based on information thus far, it could take way longer.

I am almost certain I could complete it in 2 weeks with nothing else on the table. I may run into obstacles.

 

[Zoe]

Do at least 1/2 fee up front. I don't know your client. You may want all up front on the fee you quote them.

I don't like all up front, because within a week or shorter, I will know my obstacles. Charging by the hour is not unheard of.

 

[Zoe]

If you get into all up front, Privacy comes into play. I would not recommend that. Your client may be dumb for all I know.

 

[Zoe]

How long you think it will take you to figure out your obstacles?

Ask for engagement fee up front of like $500-1000? You set the engagement fee.

Understand Privacy.

You sign the engagement letter and make client sign it. Your clean.

You may be liable for engagement fee based on the engagement letter if you back out.

 

[Tom D]

Yea, put it on a 1025. Oh wait, rooming house rents aren't based on 1-4 family rents or comps. You do a narrative appraisal. Since you are thinking it wrong, you is going to do it wrong. From your question, you have no idea how to get a cap rate.

 

[Zoe]

study this definition:

It will help you on your engagement with your client.

Definition of PRIVITY

a relationship between persons who successively have a legal interest in the same right or property; an interest in a transaction, contract, or legal action to which one is not a party arising out of a relationship to one of the parties… See the full definition

www.merriam-webster.com

Don't ask for all the fee up front. Fee by the hour is fine.

 

[Zoe]

Certified Residential = 1-4 family no cap on value.

Hard pass.

I love you and you know it. But they could associate and be fine. I can be a hardazz.

 

[Zoe]

Don't get me going on this stuff on how messed up it is.

 

[Zoe]

Who is in charge of the client wanting evaluations and all the other stuff that we as Americans bailed out?

You don't have to answer.

I know. It is the same regulatory authorities today except for maybe CFPB.

CFPB put a whole new light on things.