ASK MIKE MONDAYS - I am under contract and buying an apartment building. I’ve been contacted by the appraiser; what do I need to know and give them?

A lender needs to understand the value of the collateral. Even though you paid for the appraisal, the appraiser is hired and works for the bank. They will not discuss value with the buyer until after they have completed their final report. If you meet the appraiser at the property and you mention that you are going to do some specific rehab; the appraiser will more than likely add that into their report. So…be careful in speaking to the appraiser, if you haven’t confirmed those improvements. The appraiser is going to need the most updated T12 and a current rent roll. They may want to see your PROFORMA on the new property taxes and other expenses and make sure that it looks reasonable.

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Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles: ASK MIKE MONDAYS - Mik...

Old Capital Podcast Old Capital Podcast | 3 years ago

When you buy a single family house, AND AFTER THE LOAN CLOSES, your lender will not continuously ask for your updated paychecks, bank statements and annual income tax returns. BUT...in apartment transactions…you lender is your single largest partner and needs continuous financial performance information on you and the asset either on a quarterly or annual basis. Updated operating statements, rent rolls, rehab construction updates, immediate health and safety concerns, updated personal financia...

Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles: ASK MIKE MONDAYS - Mic...

Old Capital Podcast Old Capital Podcast | 3 years ago

It is all about “execution certainty.” This means your banker/broker must be your advocate in closing your apartment loan. Michael discusses some of the reasons on why you should consider using a commercial mortgage broker in your apartment transaction.

ASK MIKE MONDAYS - Can you make money; if you buy a SMALLER APARTMENT building? What are some of the...

Old Capital Podcast Old Capital Podcast | 5 years ago

Smaller buildings can typically be more challenging to staff and then push payroll expenses over less units. Owning apartments is a scaleable business. Mike explains some of the rules of thumb on how many units you need to own to hire a manager and maintenance person and some of the solutions that are necessary to make money on your investment.

Mike Simonsen: “Inventory is climbing, is the supply crisis over?”

HousingWire HousingWire | 8 months ago

The real estate market frenzy is over, we're seeing more normal patterns. Here's what to expect with inventory and prices into early 2023. The post Mike Simonsen: “Inventory is climbing, is the supply crisis over?” appeared first on HousingWire.

That one super skinny house (eight feet wide)

Sacramento Appraisal Blog Sacramento Appraisal... | 11 months ago

Could you live in a tiny home? Or what about a skinny home? I’m talking where walls range anywhere from eight feet to twelve feet wide at their maximum. Well, let’s talk about a super thin unit that sold recently in Sacramento. Think Like an Appraiser Class: I’m teaching my favorite class on April 28 from 9am-12pm. We’ll […]

Episode 46 - Listen to the Apartment Appraiser

Old Capital Podcast Old Capital Podcast | 6 years ago

“What’s driving apartment values? A Peek Behind the Appraisers Curtain” Aimee Morgan, with the CBRE Commercial Appraisal Group in Dallas, helps us understand how apartments are valued. Also, learn what type of amenities apartment owners can add that will create the greatest return on investment. Good interview.

Same-sex couples pay a premium to live in more liberal states

National Mortgage News National Mortgage Ne... | 8 months ago

Homeowners in the top ten states with the highest share of same-sex couples are paying on average $116,730 more for their property than those in the ten states with the lowest percentage of LGBTQ+ households, according to a new LendingTree report. Vermont, Massachusetts and New Mexico have the highest shares of same-sex couples with 2.082%, 2.071% and 2.064%, respectively. Meanwhile, South Dakota has the lowest percentage, with only 0.726% of households occupied by same-sex couples. North Dako...

Mike Smith named CFO of Doma

HousingWire HousingWire | 8 months ago

Doma named former chief accounting officer Mike Smith as its chief financial officer, solidifying the acting CFO role he'd recently taken on. The post Mike Smith named CFO of Doma appeared first on HousingWire.

ASK MIKE MONDAYS - Michael, I just scheduled an appointment with the listing agent to walk a multifa...

Old Capital Podcast Old Capital Podcast | 4 years ago

After reviewing the initial underwriting and if you think it works for you and your investors…it becomes necessary to physically walk the property. Most listing agents require you to walk the property PRIOR to submitting a LETTER OF INTENT for purchase. The listing agent wants to make sure that you and your equity have had a chance to understand the physical needs of the property before they will consider LOI seriously. Michael discusses what you need to pay attention to when walking the prope...