All Forum Posts by: Bin Chen

Is there anyway to anything that I can where an appraisal is really low due to a lack of data?

I am getting my house appraised in order to refinance it for another deal.

My house is a 4 family house in the boarder of riverdale and kingsbridge, bronx NY.  I have spoken with the appraiser and he told me the closest 4 family he could find to my house was over a mile away. I am in an area where there are predominantly single and two family houses. A 3 family house is really rare. The only 4 family house within a 10 block radius is my neighbor who has an identical build as mine. There were a couple 2 family houses that sold within 2-3 blocks from me for around 700-800k a couple months ago but the appraiser said he cannot use them for comps. He said the closest 4 family he could find was over a mile away and in a much shadier part of town. the price of that house was 650k and hes using that as a comp. 

 I bought the house for a bit under 900k and used a bit under 200k to gut renovate it. I asked him if he could use a narrative report to do the appraisal since the house has 10 brs and 4 garages and rents for over 9k but he said since the bank originally requested a forms report he cannot switch half way. 

Is there anything I can do to raise the appraisal? He was telling me the appraisal will come out around 700k.

thank you in advance

Hi all,

So the situation is as follows:

My father bought a house 15 years ago for around 300k, it can now be sold for about 700k so if I were to sell the property There would be a 400k capital gain. Last year my father and I created an LLC and transferred the house to the LLC for for a 34% stake in the property. Since there was no money exchanged in the transaction we didn't pay any taxes. Now if I sell the property, who would pay for the change in value? does the property still qualify for 1031? and is this question more suitable for a lawyer or an accountant?

Thank you.

Ahhh ok that makes sense. The rezoning and popular trains are all in the north part of ENY. I'll look into that area with more detail. Thank you very much.

Hi all,

I have seen a couple posts about how ENY is a hot neighborhood right now for investing. After doing an initial scan I've noticed there are a couple properties that are listed a bit above 200k while similar houses are listed for 500-600k. In the description it states that the properties are being short sold and there are non paying squatters in the houses. So this has lead me to a couple of questions.

There seems to be a ton of listing in ENY for extremely cheap compared to the rest of NYC. Why do people speculate that prices will go up?

There seems to be a couple of houses with non paying tenants, wouldn't that make the neighborhood high risk?  The neighborhood right now doesn't seem to be very nice so attracting good tenants will be a struggle.

Even if you have to evict the tenants and gut renovate the property, wouldn't it cost less than the 300k difference in price? 

Is the speculation for ENY only geared towards certain sub areas of ENY?

Thank you in advance for your insight.