In some cases, anonymity is healthy, but this depends on your preference.

I think if you understand the price per unit as well as the price per square foot in the zip code and nearby zip codes that will give you a good idea of the comparable market analysis approach and appraiser might use.

It will be helpful if you get that lease resigned before approaching the bank.  

If we approached him with the $5,000 and had the deed put in our name, could we pay off the mortgage and own the property?

When I came across this property, I approached the seller directly and negotiated a fair price based on the property's condition and potential.

This approach requires more messaging though—and the impact of this at a larger scale could be a lot of extra work—but in our view, it was absolutely worth it.

Take the 4 Hour Work Week approach and head off to somewhere in exotic😉

Those aren't appraised via income approach, they're appraised using comparable sales approach.

DM us if you'd like to chat more about our logical approach:)

From there, you can better transition into a DIY approach