All Forum Posts by: Michael L.

 When you say absolutely needing a comp, do you mean in the case that there are no comparable properties close by that match the same style of house as the subject property?

Hey Michael, 

As a general rule of thumb I would just take the style differences into consideration when giving weight to your comps. 

depending on your market, a cape cod or rancher may be seen as more desirable to buyers and so even with them being similar square footage may not give you accurate comps. 

Have you looked to see if the average price of a cape cod vs a rancher differs any significant amount?

@Michael L., no you want the same style of home, similar age, similar size, and preferably within a mile of the property.

Sometimes you have to flex on one of these, but never had to flex on the style. For example, a ranch may be more desirable because it specifically suits people who are older or who have mobility problems in addition to others who just like that style. So, a specific style can have higher or lower prices in any given market. 

@Michael L. means that the market rate would apply whether its higher or lower at the 12 month mark.  for example Tom had said current rate is at 7.5% when he checked...that would mean that mine would go up from 6 to t7.5%

@Tom S. yes. I applied at Advia credit union when they were running a special.  I qualify for the 1.5 but would need to borrow 25K otherwise I qualify for 75K at the 6.1% 12 month special and after the 12 months then goes to prime.  Just debating on whether or not I should go lower for the lower interest but I'm leaning towards max just in case I get a good opportunity come through.  :)

 Can be both. Understand that wholesaling/wholetail commercial requires significant capital to prepare it for an end buyer. ALTA survey, Phase I environmental, etc.