Lifestyle > Train of Thought
Real Estate
Trauma-san:
We're on two completely different levels with this, dog. Best wishes, though.
ecrazy:
^^just outta curiosity though, answer his question, did you actually get this building appraised or did you just think it in your head that it would become a historical landmark or something?
Trauma-san:
--- Quote from: E-Crazy on January 16, 2007, 08:30:40 PM ---^^just outta curiosity though, answer his question, did you actually get this building appraised or did you just think it in your head that it would become a historical landmark or something?
--- End quote ---
I don't feel the building will be a historical landmark, no. It also hasn't been recently appraised. Real Estate appraisal is not rocket science, especially in a town full of similar structures in similar condition of a similar age. I ran across an excellent deal and had the cash to buy it outright; I'm quite pleased with it. For the price I paid, and the small amount of money we're talking about, an appraisal would be worthless. I bought it from a gentleman who's had it for years and had no idea what it's value was.
It's a 2300 square foot brick building, strong, sound, built in 1920. What's that worth to you? Throw a number at me.
It's just different philosophies, neither are wrong, you should stick with what you know and what you're interested in. I personally am interested in old buildings that can be renovated, Jrome seems to be more interested in newer properties. He said he finds it hard to believe that a 100 year old building in a town of 1000 people is desirable. I strongly disagree with that statement, I would rather buy a 100 year old building in a small town on main street any day of the week over a new construction in a larger city. We're at exactly two opposite ends of a spectrum so I don't feel his advice or my advice makes much difference to each other.
Peace~
jeromechickenbone:
--- Quote from: Trauma-san on January 16, 2007, 08:42:11 PM ---
--- Quote from: E-Crazy on January 16, 2007, 08:30:40 PM ---^^just outta curiosity though, answer his question, did you actually get this building appraised or did you just think it in your head that it would become a historical landmark or something?
--- End quote ---
I don't feel the building will be a historical landmark, no. It also hasn't been recently appraised. Real Estate appraisal is not rocket science, especially in a town full of similar structures in similar condition of a similar age. I ran across an excellent deal and had the cash to buy it outright; I'm quite pleased with it. For the price I paid, and the small amount of money we're talking about, an appraisal would be worthless. I bought it from a gentleman who's had it for years and had no idea what it's value was.
It's a 2300 square foot brick building, strong, sound, built in 1920. What's that worth to you? Throw a number at me.
It's just different philosophies, neither are wrong, you should stick with what you know and what you're interested in. I personally am interested in old buildings that can be renovated, Jrome seems to be more interested in newer properties. He said he finds it hard to believe that a 100 year old building in a town of 1000 people is desirable. I strongly disagree with that statement, I would rather buy a 100 year old building in a small town on main street any day of the week over a new construction in a larger city. We're at exactly two opposite ends of a spectrum so I don't feel his advice or my advice makes much difference to each other.
Peace~
--- End quote ---
When I say desirable, I mean to another buyer. In a town like that, who are you gonna end up selling that building to? Like I said, in 30 years theres a great chance that that town may be non existant. And you downplay appraisals but they serve a major purpose. But no, you don't need one. You could do title searches on comparable buildings in the area yourself, but that gets expensive and it may turn up that there hasn't been any ownership changes on other buildings anyway.
But if you have no history of comparable sales that are somewhat recent, thats a HUGE red flag. That right there tells you there is no market. If you bought for half of what it's worth, what are you basing that on? I can't throw out an arbitrary number without knowing facts about comparable sales, demographics, proximities etc. But you're right, appraisals aren't rocket science but they can be very useful, and a requirement in my opinion for any long term investment.
Yes, my true excitement is new developments / construction. But I own rental properties myself, and I deal in these types of transactions everyday at my job.
Chief:
fuck yeah, property is a damn good way to get your hustle on.
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