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Stand Your Ground

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ginna currie

Junior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
New York
In 2016 I stood up to an AMC and JPM Chase residential appraisal department by schooling them on NY rent regulation guidelines and leases. Subject is a rent stabilized unit in a co-op building that has been occupied by the same tenant for over 30 years. Investors tried buying the unit shares with hopes of evicting the tenant on more than one occasion, but they were not successful. NY rent regulated units(rent control and rent stabilized) limit the rent increases. Subject's monthly maintenance is $1,000/mo and the rent is $575/mo. Negative income flow anyone? Chase owns the unit now and the AMC demanded I do it as a FEE SIMPLE. I SAID NO because the tenant will never leave and the family will take over the lease! After sending them pages of NY rent regs, keystrokes of how to calculate the present value of future income stream, discount rates from PwC, etc., they finally accepted it. Moral of story, not every property can be bracketed by an adjusted or unadjusted value. I am proud I stood my ground.
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
Nice job Ginna. Haven't seen you in a long time, hope all is good.....
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
:clapping: Fantastic job. :clapping:
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Do they still send you any business?
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Way to go. :beer:

 
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