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Thread: Real estate Help

  1. #1

    Default Real estate Help

    Hey guys, I was wondering if anyone in here in the real estate business that would be able to help me out. I own a home in maryland for a good 3-4 years now and I always wanted to know the value of the home. I try to do some Googling and Zillowing but it always come up with questionable values. is there any other way to figure out the value of my home?


    Another question, I currently have a 15 year mortgage @ a rate of 2.15% (at the time I thought it was a good idea especially with that rate), it is currently being rented out, however the rent does not cover the mortgage, I actually have to pay an extra $600 each month. Some of my co-workers thought that was a not so smart move from a real estate investing standpoint. Do you guys have any advice? Thanks in advance!


    P.S I am not living in Maryland, So I cannot get the home appraise.


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  3. #2

    Default Re: Real estate Help

    Ref approximating a realistic sales value/what an appraiser might present as value, for purposes of one's own knowledge. The assessed value is probably low if the neighborhood is competitive, but county sites often contain details of the structure. Zillow's number is just a number. Use Zillow or other similar info to identify actual sales in the last year within the competitive area. Use aerial photos or google street or other sources if you can to confirm the candidates you want to consider are similar to yours in appearance. Use online county assessment records to determine features that might warrant an appraiser's adjustment up or down (busy street, garage, bigger lot, more bedrooms, more baths, higher finished area). Simulate what an appraiser does albeit without the data he/she has access to. But, nothing's exact. He's not bidding and neither are you.

    Negative cash flow has to be balanced against the after tax actual effects.

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  5. #3

    Default Re: Real estate Help

    if you own it, why can't you have it appraised? if you own it, you could paint it pink turn it upside down and put it on stilts, right? this is america and you have freedoms. there is something else going on with this place, unable to appraise and unwilling to appraise are two different things.

    you have 3 basic options depending on what is motivating you to determine value of the property:

    1. short-term investment: keep paying the extra $600 per month and in 10 years you own it outright. you obviously are not starving if you can afford the internet, and after payoff whatever is left over minus taxes, insurance, and maintenance is yours to keep (see how the financial ticks suck blood there?).

    2. long-term investment: refinance it, shop it around to a few banks looking for a 30 year note that positive cash flows. you will almost immediately get an idea of what it's worth because a banker won't touch it at less than desirable loan to value price. market discovery is what that is called, every good banker can do it off the cuff or else they go broke. pretend the home is a dividend paying stock.

    3. kick your ex-girlfriend and her same sex 'college roommate' meth cook high priced whore out and start charging market rates on the lease, don't be such a softy.

    caution: all of your options include the services of a lawyer so you know up front somebody is going to get screwed. don't let it be you.
    Last edited by burrocrat; 01-11-2014 at 07:40 AM.
    100g

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  7. #4

    Default Re: Real estate Help

    Thank you both for the replies. Its not that I cant get it appraise, its just me being cheap and wanting to do it for free. Since selling is not an option for me, i rather not pay for the service

    Warrelm, thanks for that. I almost forgot the county does do appraisal.

    Burrocrat, i understand those options are available. From a investing perspective, is it the right move to finance at 15 years instead of long term (30years)and collect a measly small returns.

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  9. #5

    Join Date
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    Default Re: Real estate Help

    Quote Originally Posted by law87 View Post
    Thank you both for the replies. Its not that I cant get it appraise, its just me being cheap and wanting to do it for free. Since selling is not an option for me, i rather not pay for the service

    Warrelm, thanks for that. I almost forgot the county does do appraisal.

    Burrocrat, i understand those options are available. From a investing perspective, is it the right move to finance at 15 years instead of long term (30years)and collect a measly small returns.
    I recommend the 15 year as you pay more against principal and less to the bank.
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
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  11. #6

    Default Re: Real estate Help

    Quote Originally Posted by law87 View Post
    From a investing perspective, is it the right move to finance at 15 years instead of long term (30years)and collect a measly small returns.
    your question can only be answered by you. if by measly returns after refinancing you mean anything above break even, then by your earlier description you would net a minimum +600/month off the top vs. current arrangement. (cash flow)

    if you like holding the asset because you feel your cap needs more feathers in it, then keep the -600/month deficit arrangement you have now. (balance sheet).

    if real estate diversification in your portfolio is the goal, have you considered selling the place and putting the proceeds in a low cost reit fund? that way you don't have to shampoo carpets or replace frozen pipes yourself.

    i still want to know who you are renting to at a loss and why, that sounds like a juicy story. maybe you could shut the place down for a month-long remodel and have the contractor install hidden security cams in all the vents. one well-placed youtube sex tape can be more profitable than hitting the lotto.

    personally, i would sell it and put the money down on one of those deisel rock star party buses and cruise around making my own youtube videos. like girls gone wild except for with baby boomers. livin the dream.

    it all depends on what you value. let us know what you decide, and ps... i love driving and know my way around a camera, call me.
    100g

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  13. #7

    Default Re: Real estate Help

    if you own it, why can't you have it appraised? if you own it, you could paint it pink turn it upside down and put it on stilts, right? this is america and you have freedoms. there is something else going on with this place, unable to appraise and unwilling to appraise are two different things.

    What did it appraise for when you bought it and/or refinanced it to get the 15 year mortgage?

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  15. #8

    Default Re: Real estate Help

    Quote Originally Posted by burrocrat View Post
    your question can only be answered by you. if by measly returns after refinancing you mean anything above break even, then by your earlier description you would net a minimum +600/month off the top vs. current arrangement. (cash flow)

    if you like holding the asset because you feel your cap needs more feathers in it, then keep the -600/month deficit arrangement you have now. (balance sheet).

    if real estate diversification in your portfolio is the goal, have you considered selling the place and putting the proceeds in a low cost reit fund? that way you don't have to shampoo carpets or replace frozen pipes yourself.

    i still want to know who you are renting to at a loss and why, that sounds like a juicy story. maybe you could shut the place down for a month-long remodel and have the contractor install hidden security cams in all the vents. one well-placed youtube sex tape can be more profitable than hitting the lotto.

    personally, i would sell it and put the money down on one of those deisel rock star party buses and cruise around making my own youtube videos. like girls gone wild except for with baby boomers. livin the dream.

    it all depends on what you value. let us know what you decide, and ps... i love driving and know my way around a camera, call me.

    the house is loan to my previous roomate, she is a nurse and she ask me if I can rent it to her for a good aka low price, of course my dumb ass give her a price that was 150-200 below market value. I also had wells Fargo manage my place (property management) they take a commision of 10% which I think is a ripped off but they been doing a pretty good job so I guess I cant complain too much.

    her 1 year lease is up in July, thank god.

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  17. #9

    Default Re: Real estate Help

    Quote Originally Posted by Scout333 View Post
    if you own it, why can't you have it appraised? if you own it, you could paint it pink turn it upside down and put it on stilts, right? this is america and you have freedoms. there is something else going on with this place, unable to appraise and unwilling to appraise are two different things.

    What did it appraise for when you bought it and/or refinanced it to get the 15 year mortgage?
    I really cant remember. Like I said I know I can get someone to appraise it but I was hoping there is a free online service.


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  19. #10

    Default Re: Real estate Help

    Quote Originally Posted by law87 View Post
    the house is loan to my previous roomate, she is a nurse and she ask me if I can rent it to her for a good aka low price, of course my dumb ass give her a price that was 150-200 below market value. I also had wells Fargo manage my place (property management) they take a commision of 10% which I think is a ripped off but they been doing a pretty good job so I guess I cant complain too much.

    her 1 year lease is up in July, thank god.
    a nurse, huh? have you tried getting her to play doctor? that has an incalculable value all its own. if i was you i would just walk in the front door by surprise one day and fake a heart attack right on the kitchen floor.

    either you will get some free cpr, or else at most a half hour will cost you one hundred bucks.
    100g

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  21. #11

    Default Re: Real estate Help

    omg, i just figured out law87's appraisal problem. the nurse is a cat lady. sure, she only had one when they used to live together, but now she has more p***ies than an under staffed obgyn office's waiting room.

    there's no way to kick her out without ticking off peta and the rainbow coalition. since it's your house, i recommend just moving back in. and getting a dog. a big dog. a hungry dog.

    and make sure the cameras in the vents are rolling, this should be a good one.
    100g

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  23. #12

    Default Re: Real estate Help

    Quote Originally Posted by burrocrat View Post
    omg, i just figured out law87's appraisal problem. the nurse is a cat lady. sure, she only had one when they used to live together, but now she has more p***ies than an under staffed obgyn office's waiting room.

    there's no way to kick her out without ticking off peta and the rainbow coalition. since it's your house, i recommend just moving back in. and getting a dog. a big dog. a hungry dog.

    and make sure the cameras in the vents are rolling, this should be a good one.

    ahah its not like what you think at all. Shes from Cameroon, have 2-3 kids and her occupation is nursing that is the reason why I want to help her out by lowering the rent. When we live together she was always on time with rent but now she is constantly late, I cant wait for July till her contract is over.

    I cant move back because I am now station in Hawaii, my house is in Maryland. the house is being manage by wells fargo property management.

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