under/over values (by myob [GA]) Jan 19, 2022 9:47 AM
under/over values (by WMH [NC]) Jan 19, 2022 10:05 AM
under/over values (by myob [GA]) Jan 19, 2022 10:28 AM
under/over values (by Roy [AL]) Jan 19, 2022 10:32 AM
under/over values (by NE [PA]) Jan 19, 2022 10:34 AM
under/over values (by myob [GA]) Jan 19, 2022 10:58 AM
under/over values (by Roy [AL]) Jan 19, 2022 11:19 AM
under/over values (by Chris [CT]) Jan 19, 2022 11:36 AM
under/over values (by myob [GA]) Jan 19, 2022 11:57 AM
under/over values (by Robert J [CA]) Jan 19, 2022 12:31 PM
under/over values (by 6x6 [TN]) Jan 19, 2022 12:47 PM
under/over values (by myob [GA]) Jan 19, 2022 2:33 PM
under/over values (by Paulio [PA]) Jan 19, 2022 2:46 PM
under/over values (by Ken [NY]) Jan 19, 2022 6:46 PM
under/over values (by Ray-N-Pa [PA]) Jan 19, 2022 7:10 PM
under/over values (by NE [PA]) Jan 19, 2022 7:14 PM
under/over values (by SHAUN [FL]) Jan 20, 2022 5:59 PM
under/over values (by myob [GA]) Posted on: Jan 19, 2022 9:47 AM Message:
I'm reading the new un-covered info the NY Atty General has found on the truummps. here's my misunderstanding-- as seen through an investors eyes. I think every investor-- every one- has done this and forgive me but it seems proper to do.
When borrowing against property-- I want the highest value appraisal I can get because the loan amount (%) is based on the value reported.
CHECK. the BOX.
Next: when my property's are appraised I want the lowest value possible to get the lowest taxes assessed against the property.
AND this is wrong WHY? There are even company's who specialize in getting lower assessed value on business property. (my son use to work for one)
EVERY company out there does this-- yes even those not in RE.
This AG makes it seem like the earth is going ot get hit by a huge rock if we don't stop the T's.
--99.103.xxx.xxx |
under/over values (by WMH [NC]) Posted on: Jan 19, 2022 10:05 AM Message:
MYOB, what you are saying is not wrong.
But what I heard was that he was GROSSLY inflating unit sizes - which is easily proved - raising net worth as a result, etc. But some of the hearsay is just out of Trump's mouth - who tends to inflate and exaggerate - who knows what the signed documents actually say?
Now if he actually committed FRAUD to get loans OR reduce taxes, that's an issue. That's why they want their testimony - to find out what went on.
There are no charges at this time. --50.82.xxx.xxx |
under/over values (by myob [GA]) Posted on: Jan 19, 2022 10:28 AM Message:
wmh who in RE hasn't exaggerated values? Who hasn't gone out and RE-measured there units? to be sure the foot print is correct?
WHY is it him that's getting investigated?
When an appraiser uses comps-- what RE investor doesn't want the BEST comps possible? Who - when getting taxed doesn't want the house foreclosed used as the VALUE.
In the 80's you could pick your own appraiser (of courses that created big frauds) but you got the highest value for a sale price or value.
The grossly inflated size made me laugh. I just went to rent a new storage area. A 13 X 24. Bye 10 high. So I'm in the unit and told the lady -- gee call me crazy-- but this doesn't look that big. So assures me it is. So I take the tape off my belt and lay it down. the unit is 12 X 22.5. bye 9 high. She kind of laughs and says-- I told the owner people would measure!!!!!
Pretty sure when selling units RE investors try to pump up the income also. Looks so good on paper. --99.103.xxx.xxx |
under/over values (by Roy [AL]) Posted on: Jan 19, 2022 10:32 AM Message:
WMH,
Another thing some investors have gone to jail for is keeping 2 sets of 'books'. One set of bookkeeping numbers make you look poor and this is given to IRS. Another set of books is created for the bank loan officer which makes you look wealthy and like you really don't need a loan. All banks love to loan money to people who do not really need the money.
It would not surprise me if Trump has another set of books that only Deutsch bank in Germany has seen. --71.207.xxx.x |
under/over values (by NE [PA]) Posted on: Jan 19, 2022 10:34 AM Message:
When I have an appraisal done, I often have the appraiser ask me what I think the house is worth. (Not sure why, isn’t that their job?) the answer I give them depends on what my goal is with the property.
It’s similar to repairing a flood zone property around here. I had the code enforcement officer telling me that I could only repair the property by putting in a dollar amount equal to 50 to 60% of the value of the property.
Well I was “confrontational” with him (wink wink) and he was trying to get me out of repairing the property. He told me I could only put that percentage into the repair. I asked him, well, what is the property worth? And he said he doesn’t know, what did you pay for it? I said it doesn’t matter what I paid for it, what IS IT WORTH?? And he said he didn’t know, and I said well the county tax assessment has assessed at $260,000. And he said well, you can put 50 to 60% of the value in to the rehab. Haha GOOD!
Well, that much rehab was over double what I needed to put into the property. And I only paid $3,500.00 for the property. So by his thinking, I could’ve only put $1750.00 into it.
Then I had it re-assessed down below 100,000 because the counties assessment was too high. It’s all a game and sometimes it pays to be confrontational!
In what you referenced though, TDS knows no bounds. --174.249.xx.xxx |
under/over values (by myob [GA]) Posted on: Jan 19, 2022 10:58 AM Message:
Roy 2 sets of books-- who would do such a a thing?? Maybe 4 or 5 different tax returns?
NE there's a good point. Our appraisers do the same thing. If you want me to tell you what it's worth why do I need you? Let me do the appraisal then.
What I've done is ask the bank who there using for appraisals and get the LIST.
Then contact the company and ask them for an appraisal for just gee wiz info. It's usually very high. Then when i borrow against the property- the lender will say "we need to have it appraised by our people" -- that's when I produce the one I had THEIR people do for me. Made a ton on money doing that.
Roy you mention the bank. You know Roy when investors in CA hear how cheap RE is here-- they many times over pay cause they don't realize our values are lower. To them it's a bargain. Back in the day you would not believe how many BIG TIME INVESTORS- brought property next to I95 thinking it was gold. Most all got fore closed on. --99.103.xxx.xxx |
under/over values (by Roy [AL]) Posted on: Jan 19, 2022 11:19 AM Message:
MYOB,
All Appraisals are nothing more than ESTIMATES of Value. Even when done by a professional appraisers, the numbers they come up with is an Estimate. The best way to determine the true value of anything is to put up for sale in a free and open market. --71.207.xxx.x |
under/over values (by Chris [CT]) Posted on: Jan 19, 2022 11:36 AM Message:
Its hard to value real estate unless you sell it. An appraisal is simply an educated guess at a valuation.
Supposedly he way over inflated his apartment size which doesn't make sense. I wonder if he combined a few units into one. I can see being off a few SF he claimed triple. --24.45.xxx.xxx |
under/over values (by myob [GA]) Posted on: Jan 19, 2022 11:57 AM Message:
Well yea! estimates that the lenders believe??? don't forget that.
Chris on point with your observation. When i first learned how to REALLY check these property's I had for tax purposes-- I found out of the 63 that I appealed in that one year all but 2 were wrong on the property cards. That means, of course, for years the tax people billed me for more square footage and amenities then was actually present.
For example: showed fireplace and none there- showed extra sq ftage in the 50 to 100 sq ft range, said there was a garage and had none. Bay window-- did you know that a bay window that goes all the way to ground level is valued more than one off the ground.
So who was defrauding whom? since the time construction.
Guess the real point is-- who did these values? do you want to bet it was contracted out to some big company and THEY did the work? I don't see them with ruler out there measuring-- do you? --99.103.xxx.xxx |
under/over values (by Robert J [CA]) Posted on: Jan 19, 2022 12:31 PM Message:
One year a property of mine was put into the Rent Escrow Account Program because I was labeled a "Slum Lord". You see the previous owner, as of the last 5 years, forgot to pull an electrical permit for an outside motion sensor light. I had been the owner for a whole 24 hours when I found out about this issue and took immediate steps to resolve this supper important life shattering problem. Oh my god, a $50 permit fee wasn't paid to the City -- end of the world stuff!
Because of my property having a Housing Lien against it because this "fee" wasn't paid, and I never received notice, my property value according to any licensed appraiser was lowered by $100,000 or more due to the lien and my building being put in the REAP (Rent Escrow Account Program).
At the same time, the Los Angeles County Assessor did a re-assessment of the market value of my property and put it at around $85,000 more than I paid.
So in other words my property was worth $100,000 less than I paid but I was being taxed (property tax) $85,000 more than I paid (market value) -- a difference of $185,000. That's $2400 in additional taxes due to the stupidity of the Housing Department and the County Assessor.
This is the opposite of your post. An owner wanting the lowest tax rate and a high appraisal value so they could pull out "more" cash to buy other properties.
When I filed a law suit and went to court the Judge and the various City/County agencies said they were NOT RESPONSIBLE for employee mistakes. So now when I take to anyone in authority, I have to think of them as being Stupid, not competent and not responsible for anything they say or do. Even if and when I get something in writing, No one is going to abide by it..
--47.155.xx.xxx |
under/over values (by 6x6 [TN]) Posted on: Jan 19, 2022 12:47 PM Message:
'AND this is wrong WHY?"
Because you are not allowing the government to rip you off by taxing you to death.
--73.120.xx.xxx |
under/over values (by myob [GA]) Posted on: Jan 19, 2022 2:33 PM Message:
6bi and Robert I'm not sure your total feeling about this but mine is this:
If you go into it with the intention of NOT REPAYING WHAT YOU BORROW then you get what you get. That's fraud.
Going into it to maximize your cash flow and total overall value is totally different as long as you repay.
Maybe I'm wrong. I've understood even if you apply for a CC in someone else's name as long as you repay the police can't do anything. But miss or try running out on it and they gottcha and can prosecute that.
anyone else heard of that? --99.103.xxx.xxx |
under/over values (by Paulio [PA]) Posted on: Jan 19, 2022 2:46 PM Message:
There’s a group of people who are all wet just dreaming of T getting hauled in for inflating this or deflating that. I guarantee you he never picked up a measuring tape and recorded a room size. Given the size of his empire, there’s an army of appraisers, supervisors, bankers, etc. who signed off on this stuff IN THEIR PROFESSIONAL OPINION. This is all just part of the lame attempt to hobble him before 2024. The writing is on the wall. B won’t be running in 2024 and his party is freaking out about the possibility of T’s return. --174.198.xx.xx |
under/over values (by Ken [NY]) Posted on: Jan 19, 2022 6:46 PM Message:
When an appraiser asks what you think it is worth he is asking what do you need it to appraise for? he does not know what purpose you want the appraisal for so thank him and give him the number you want it appraised for --72.231.xxx.xxx |
under/over values (by Ray-N-Pa [PA]) Posted on: Jan 19, 2022 7:10 PM Message:
When getting a loan, when did it become the investors job to assign a value to the real estate being pledged. I though t that was what I was paying for an appraiser to do --24.101.xxx.xxx |
under/over values (by NE [PA]) Posted on: Jan 19, 2022 7:14 PM Message:
Ray, it is the appraisers job. I have had many of them ask me for value though, so I tell the my (needed) value. --24.152.xxx.xx |
under/over values (by SHAUN [FL]) Posted on: Jan 20, 2022 5:59 PM Message:
Right now Appraiser's are not on my "trust" list.
Sept 2020 Pre-pandemic I had 50ac appraised for sale value.
Fall 2021 Post-pandemic(before our recent variant) appraised again.
Why... the 1st appraisal seemed a little high and comparables did not seem relevant. Too far in distance and not the same type of area.
At the request of the realtor, a second appraisal was done.
The second appraisal was one-third less. And his comparables were not anymore impressive. As I read through it, I felt as though he didn't do the appraisal for US-the family and for market sale.
Can't prove any of this. Mom noticed the address and the name in print. She did her own snooping- hairdresser, local greasy spoon, local FRM, etc...
Low and behold, the appraiser does appraisals for Developers in the area and is known (gossip) to invest with in their projects.
So, right now my attitude toward Appraisers is negative. Listen closely, keep your guard up and don't put all your eggs in the same basket.
--173.31.xxx.xxx |
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