All Forum Posts by: Mark Vejnar

Market value depends on the market. The three approaches to value used in residential appraisal are focused on arms length transactions between two parties of sound minds. The contract price demonstrates clearly what someone will pay, and as long as it is within a certain percentage of competing sales it will likely be the value used. Same for income and cost. 

Refi values are a different animal. I've never understood why lenders will offer such high LTV percentages on refi. It seems to negate the margin of safety. I understand TVM and all that, but it seems like a dice game to me. However, I'm not a lender and don't care to learn that model so I'll remain blissfully ignorant.

@Greg H.

Thanks for that breakdown. I've been looking at the HUD offerings and was wondering how all of that worked. Thank you for sharing.

@Gordon Vaughn

Thanks for sharing.  Your constructive and helpful contributions are greatly appreciated. 

Hi @Taylor Rider

Welcome! Be sure to sign up for the weekly webinars. They always have great advice for improving your strategy, and they email you a replay if you missed the live event. 

Happy hunting!

@Russ Scheider

I've only been to Spartanburg twice in my life. Why the interest in Spartanburg? Is it because they are just now starting what Greenville started 30 years ago?

Most of what I'm finding is Greenville county, and some in the city of Greenville. Have you razed any of those neighborhoods and started from scratch with new development? What's been your experience with buyers' perceptions. 

A friend bought in the Berea area of Greenville. He has a nice home and safe neighborhood, but the reputation still seems to supersede reality. Have you experienced this?

@Katherine Umstetter

I'd rather not get too specific right now, but I'm talking about mill villages in general. Some have more potential than others as I'm sure you've probably seen. 

@Peter Ford

Listen to the podcast and sign up for all the weekly webinars. The webinars are filled with great advice on strategy from experienced people. Plus they send you a replay if you miss the live event. 

Get to know your area and your city/county governments. Don't just go online. Spend some time down there asking questions and walking around. You'll learn a ton as a newbie. Start with planning and development to get an idea what the community needs, where it's going, and where they are spending money on infrastructure. 

Welcome and good luck! 

@Chris Isaacson

How much do you enjoy life in CA? As others have said - you can invest anywhere. 

I moved out of SoCal in 2004 and it was the worst financial decision I've ever made. California is expensive; taxes are high, cost of living is high. Yet if you love CA like I do then your cost of living increases dramatically upon leaving. Now I spend money on travel related expenses to enjoy what I used to enjoy for nothing more than the cost of living there. Plus my cost for groceries more than tripled upon leaving, and the quality of fruits and vegetables is just not there on the east coast. 

There are so many other factors, as well. So much of the lifestyle in CA has no fees attached. You can go to the mountains and park without paying. You can park at the beach for free. You can hike for free, surf for free, and even camp for free is some areas. Maybe some of the other western states have this but on the east coast everything has a price tag. Perhaps we don't share the same interests, but think about your lifestyle before packing up and moving out. 

Californians love to complain about how expensive everything is. I know because it's where I was born and raised. I learned that there is a reason California is so expensive; add up all you get for what you pay and it's the most cost effective state in the country. I can't wait to move back and start paying those high taxes again. 

@Devan Hill

Welcome to Biggerpockets! Don't forget to sign up for the webinars. There are great tips and advice to improve your strategy in each on. They'll send you a replay of you miss the live showing.