All Forum Posts by: Clint Dorris

I’m an appraiser in Jackson, TN.  I recommend you call Tony Neihoff at Remax.  He should be on google.  I hate to post his number here.  Call me if I can help you.  I’ll be back in town on the 2nd.  I can talk today if you need.  I have a duplex listed at 1406 Hollywood.

Having just spent 3 hours with my accountant, I'm thinking I need a bookkeeper.  @Brandon Turner, how did you decide?  Daily, I don't need too much.  I don't mind paying for stuff, I already pay a couple of managers.  The problem is I mostly buy and hold, but I do some selling. I fix up most everything I buy.  I have 30 units across 20 properties.

When tax time comes, I spend several hours going through my purchases, repairs, improvements, tax documents, HUD statements, etc. but I still end up confused, and I'm afraid I'm taking too much of my accountant's time. I have stuff coming from me, my manager, and everywhere else. Just too much stuff in too many places. They offer bookkeeping services, but I don't know if I need them, or someone who specializes in Real Estate. I could use some more organization, but I don't really want to spend my time nose deep learning quickbooks or something. Any thoughts would be appreciated.

I don't see a huge problem with it being that it is for work completed and it isn't an ongoing gift that implies he's getting a gift for hitting a value.

Once, I was at a house in the country, and this guy made BBQ sauce, and he gave me a gallon jar of it.  At the time, I thought nothing of it.  I took it home, took it to the family BBQ.  Everyone loved it.  A month later the guy calls and was mad about my appraisal.  I couldn't help him.  I had forgotten about the gift, and I had taken it innocently, and I obviously didn't take it expecting to hit a value.  The worst part was, every one wanted to more of his sauce, but he was too mad for me to call him.

Anyway, it made me think twice about taking a gift of any kind.  However, if my good clients or realtors send me a gift at Christmas or in a Thank You note, as a regular part of business communication, and without expectation, I really don't see a problem.  You might should make sure you are showing appreciation for his work and not the value.

I have a property right behind the one on Gordon Street, and I believe I'm familiar with these properties.  I can answer all your questions. Give me a call whenever you can.

Clint 

This property needs new flooring, and the bath needs to be reworked.  The floor is sinking at the tub, and the shower head sprays toward the electrical box (I know, right?) Bath would need total remodel.  This was an old Cotton Mill town, and the workers all lived in this area. The history is actually pretty cool http://www.bemishistory.org/bemis_story.htm

This house has 3 bedrooms, but you have to walk through one of them to get to the other, which is common here.  The area is a mix of owner occupants and rentals.  Feel free to call me direct at 731 393 9171.

Here is the Zillow link with pictures.  http://www.zillow.com/homedetails/80-Colorado-St-J...

Total fixer upper.  Needs flooring, paint, some door work, a couple of windows, and new plumbing to from the toilet and to the kitchen sink.  Street has had several updates in the immediate area.  Feel free to call me direct at 731 393 9171.  There are some pictures on Zillow.  

http://www.zillow.com/homedetails/171-N-28th-Ave-Humboldt-TN-38343/41308707_zpid/?view=public

Just looking to see if anyone knows the area or wants to work this lead.  I have no idea about the area, but the owner said the property is tenant occupied.  He thinks it is worth more than Zillow does, but he's asking less than Zillow says its worth.  I don't trust Zillow in my area.  

If anyone experienced wants to work this lead, please message or get in touch with me.  

Most 4-pled appraisals will be done on the 1025 form, which will look at both the Income Approach and the Sales Comparison Approach.

The income portion will use rental comps (they will actually need to call other owners/managers to get real rents on real properties) to establish market rent, but the appraiser could also use your actual rents. Then, the appraiser will determine a Gross Rent Multiplier (likely using sold 4-plex prices divided by market rent or their actual rent). This GRM will be multiplied by your Actual Rent to come up with an Income Value. They will also likely run a depreciation schedule and calculate expenses and vacancies. This portion shows the lender if there is enough cash flow to cover your payments.

The Sales Comp Approach will show actual sold comps and adjust them for differences in size, age, condition, and location as needed. The grid portion also breaks down each comp by sold price per room, per bedroom, per unit, per foot. The appraiser can see these prices for all comps and determine which one is driving the market. They can use any of these numbers to come up with the value, or they may just use the adjusted comp prices. I tend to look at it all because adjusting for size and age makes less difference on a 4-pled than rooms or bedrooms. Renters don't usually care about 100 foot difference. 

Hope this helps. If not, call or message me. 

I really don't know why.  I see both sides of that . But actually, we are required to make every effort to get a signed final contract.  

The one thing I hear a lot is that appraisers just come in at the contract price.  I actually don't now people who do that.  It would take more work to back into a price than to just do it right. 

However, there are 2 types of appraisers.  Some believe they set the market.  I believe I am just reflecting the market.  If I work the numbers up, and they are coming up to $68,000, and I see a contract for $68,500, I'm going to look at my calculations real hard rather than send in an appraisal $500 lower than contract. Nobody is that good.  Having the contract shouldn't really play a big role.  I often appraise things $10,000 higher than the contract when an investor gets a deal.  

Great documentation.  Thanks for doing it.