We've also considered selling this property and find other investment properties to bring in more positive cash flow; however, we figured we won't be able to get much cash back after selling it with the current assessment value, $490K.I will appreciate if anyone is willing to share your wisdom with us.

So, if you don't have a good eye for assessing such flooding risks, regardless of what the maps say, I'd suggest you first ask an inspector to evaluate the area during inspections (if that's what you usually require and don't do them yourself) or get a spot elevation and comments on the area from a surveyor.....if you are concerned about flooding.

How any investor can think that they can start with limited capital and will have people with good profitable opportunities seeking them out is beyond my comprehension.

An appraiser will only do an appriasal for a purchase transaction with a signed contract, but it's not to say that you and the bank couldn't be the client as a private assessment and have it updated within a few days if the contract was accepted, with the bank as the only client.

Enrolled Agents must pass a comprehensive federal income tax exam and take continuing education courses in tax related areas.CPAs have a broader education and experience requirement.

The phone started ringing and the first call was this:Two Family HouseSTYLE 2 FamilyMODEL ResidentialGrade: AverageStories: 2 StoriesOccupancy 2Exterior Wall 1 Aluminum SidngRoof Structure: Gable/HipRoof Cover AsphaltInterior Wall 1 Plastered/DrywInterior Flr 1 Fin WD/CarpetHeat Fuel Oil/GasHeat Type: FA/HW/STAC Type: NoneTotal Bedrooms: 06Total Bthrms: 2Total Half Baths: 0Total Rooms: 12Bath Style: AverageKitchen Style: AverageLiving Area 2,578 square feetReplacement Cost 222,986Year Built 1935Depreciation 30%Replacement Cost Less Depreciation 156,100BAS First Floor 1037 1037FAT Finished Attic 1008 504FOP Fin Open Porch 224 0FUS Finished Upper Story 1037 1037UBM Unfinished Basement 1037 0Total 4343 2578Current Assessed ValueTotal: 131,880Zestimate $137,500Owner says it needs roofing work done and the porch needs to be fixedThere are 2 tenants one is paying $900 a monththe other isn't paying anything but is a family member which a reason he has to sell not making much money.Owner owes property free and clear and is looking for $70k or best offer.Comps in the area are about 115kso 70% is 80,500 - 20k repairs - 10k my fee = 50,500Supposed to meet with him today, my partner set the meeting up before I could talk to him.What do you guys think?

I think something other than B.S. is going on here.I think its important to remember that we have a lot of members here now, and we are all have different abilities of understanding and comprehension.

These can all be determined by an assessment of the physical property.

I'm sorry the arv is about 50k the assessed value is 36k without repairs.

That 30% of the outstand balance may not be met to release a property when the LTV of the new loan is assessed on that one property.