appraisal service sell
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appraisal service sell (by Mike N [NY]) Nov 12, 2023 12:35 PM
       appraisal service sell (by Jim in O C [CA]) Nov 12, 2023 12:45 PM
       appraisal service sell (by OREO [WI]) Nov 12, 2023 5:54 PM
       appraisal service sell (by Allym [NJ]) Nov 12, 2023 6:28 PM
       appraisal service sell (by Frank [NJ]) Nov 12, 2023 6:50 PM
       appraisal service sell (by MikeA [TX]) Nov 12, 2023 7:15 PM
       appraisal service sell (by Ray-N-Pa [PA]) Nov 12, 2023 7:55 PM
       appraisal service sell (by Mike G [NY]) Nov 12, 2023 8:24 PM
       appraisal service sell (by Mike G [NY]) Nov 12, 2023 8:26 PM
       appraisal service sell (by Ken [NY]) Nov 12, 2023 10:02 PM
       appraisal service sell (by Mike N [NY]) Nov 12, 2023 10:16 PM
       appraisal service sell (by MC [PA]) Nov 13, 2023 5:18 AM
       appraisal service sell (by MC [PA]) Nov 13, 2023 5:32 AM
       appraisal service sell (by Ray-N-Pa [PA]) Nov 13, 2023 6:59 AM
       appraisal service sell (by Ray-N-Pa [PA]) Nov 13, 2023 7:25 AM
       appraisal service sell (by RB [TN]) Nov 13, 2023 8:12 AM
       appraisal service sell (by mike n [NY]) Nov 13, 2023 8:33 AM
       appraisal service sell (by Simplify [NY]) Nov 13, 2023 10:45 AM
       appraisal service sell (by Ray-N-Pa [PA]) Nov 13, 2023 11:18 AM
       appraisal service sell (by S i d [MO]) Nov 13, 2023 3:25 PM
       appraisal service sell (by OREO [WI]) Nov 14, 2023 1:22 AM
       appraisal service sell (by Ray-N-Pa [PA]) Nov 16, 2023 12:20 PM

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appraisal service sell (by Mike N [NY]) Posted on: Nov 12, 2023 12:35 PM
Message:

I have come to the time I should sell ,..I have 5 multiples to get rid of. I have had them for more than 30 years and I have never sold anything before. None have mortgages,..should I have no idea how to price them,..comps are all over the place depending on what block or part of the town they are, condition etc. should I hire an appraisal service or rely on real estate agents. I wonder if the RE agents would low ball them to make a quick sale?

--73.159.xxx.xxx




appraisal service sell (by Jim in O C [CA]) Posted on: Nov 12, 2023 12:45 PM
Message:

Have them professionally appraised. I would not trust a realtors guesstimate. Years and years ago I was selling a house and the realtors guesstimate went from $220,000 to $310,000. When I had it appraised professionally, the price came back at $255,000. The banks appraiser came in at $260,000.

--146.70.xxx.xx




appraisal service sell (by OREO [WI]) Posted on: Nov 12, 2023 5:54 PM
Message:

We have same as you 5 multiples wanting to sell. We did a rehab and had several Realtors come to give me thoughts on what they would sell it for. They all ranged at least $6000 below what it eventually sold for. Then they'd get a commission. So I wouldn't use realtors for an appraisal. I actually got a good lawyer who could close a sale and sold it myself to save a bundle. We put it on the market in late October, had one open house and 3 showings. Closed just before Christmas (our advertising said "buy yourself a house for Christmas and we'll pay your first month's mortgage payment*)

*not interest, just mortgage payment

We got a home equity loan and business loans on our properties prior to beginning the rehab, which required appraisals. I made sure the appraiser knew what had been updated since the last appraisal was done when we bought the house. When we go to sell a property, I'll take out the old appraisals, rinse and repeat. --75.11.xx.xx




appraisal service sell (by Allym [NJ]) Posted on: Nov 12, 2023 6:28 PM
Message:

Make sure your appraiser is a member of the certified appraiser association. When my mom passed and I inherited I used a big realtor and they messed up bigtime. They figured I would let them sell so they used inflated amounts. I went through the whole appraisal and found they had used unsold properties as comparables. This was for inheritance tax purposes so their valuation would have put me into the range where I would have had to pay federal taxes. Pres. Bush had done some good things to lower taxes for inheritors. At the time also Pelosi had given out those $200 K mortgages so every boarded up shack was valued at that amount and there were several in the appraisal. It cost me five grand for that phoney document. I got another appraiser and he appraised them properly using the values of properties on the day of my Mother's death which was before Pelosi made everything go sky high. I did not have to pay federal tax. In fact when I saw the appraisal I ordered boooks from the appraiser's association and found out about the appraisal having to be made based on values on the day of death. While most of this doesn't affect you, I do suggest you find an appraisar who has gone through the certification process with the association of appraisers. --173.61.xxx.xxx




appraisal service sell (by Frank [NJ]) Posted on: Nov 12, 2023 6:50 PM
Message:

Your local bank or real estate attorney canr be a good referral --173.63.xx.xxx




appraisal service sell (by MikeA [TX]) Posted on: Nov 12, 2023 7:15 PM
Message:

Get it appraised. RE agents will be off as much as 30%. Besides, I would have the RE agent include the appraisal document in the listing so that the low-ballers know that you know what it is worth. It takes a lot of the wind out of the buyers sails when there is an appraisal that establishes a fair market value. --209.205.xxx.xx




appraisal service sell (by Ray-N-Pa [PA]) Posted on: Nov 12, 2023 7:55 PM
Message:

These appraisals are not going to be cheap, but they will save you a ton of money when you sell.

What are you going to be doing with the money once they start selling? You might want to google up 1031 calculators. That will give you an idea of how much taxes you could defer or need to save you to pay your uncle Joe. --24.101.xxx.xxx




appraisal service sell (by Mike G [NY]) Posted on: Nov 12, 2023 8:24 PM
Message:

1031? I want OUT of owning RE. The business is not nearly the same as it was not too many years ago. I have no real heirs to pass things onto. PEOPLE are not the same now .IE: just one, I'm currently fighting to get a tenant out that hasn't paid in 2 years,and yes I have a lawyer considered by our LL association as the best on evictions in the area.

But she is a pro, and she and others have caused more stress in the last few years than all of the prior 33 years.

Too many pro tenant laws and judges. I want out. I'll pay the taxes and invest in other things,.. --73.159.xxx.xxx




appraisal service sell (by Mike G [NY]) Posted on: Nov 12, 2023 8:26 PM
Message:

1031? I want OUT of owning RE. The business is not nearly the same as it was not too many years ago. I have no real heirs to pass things onto. PEOPLE are not the same now .IE: just one, I'm currently fighting to get a tenant out that hasn't paid in 2 years,and yes I have a lawyer considered by our LL association as the best on evictions in the area.

But she is a pro, and she and others have caused more stress in the last few years than all of the prior 33 years.

Too many pro tenant laws and judges. I want out. I'll pay the taxes and invest in other things,.. --73.159.xxx.xxx




appraisal service sell (by Ken [NY]) Posted on: Nov 12, 2023 10:02 PM
Message:

Where are you located in NY that you are having eviction problems still? --74.77.xx.xx




appraisal service sell (by Mike N [NY]) Posted on: Nov 12, 2023 10:16 PM
Message:

a bit south of Albany --73.159.xxx.xxx




appraisal service sell (by MC [PA]) Posted on: Nov 13, 2023 5:18 AM
Message:

For selling, are lawyers involved? I found out the hard way anything in or south of the city required a lawyer for just about every step. You seem to be in the safe zone though. Yes, it got expensive. --73.230.xxx.xx




appraisal service sell (by MC [PA]) Posted on: Nov 13, 2023 5:32 AM
Message:

Mike- I understand completely. We got out. It used to be unusual to get a bad potential T, now it is the opposite. Too much govt interference. I shouldn't have to just accept that Flffy is an ESA. MJ shouldn't be allowed to be smoked in my unit. Yes, we have said no smoking. They did it outside. Everyone in the hood could see my T doing it. Beautiful. --73.230.xxx.xx




appraisal service sell (by Ray-N-Pa [PA]) Posted on: Nov 13, 2023 6:59 AM
Message:

You can own real estate and not deal with people. The returns are less than if you are doing it hands on but there are not any headaches.

I own performing gas wells in a couple of states. I have performing oil wells in a third. The rates of return are forecasted at 8-12% but I have seen them at well over double that amount. Wells don't call you. They toilets don't get clogged.

Not into easy mailbox money? You can own a NN or even a NNN property. I checked out a NNN place I have in a fourth state. Why did I visit it? Because it had been over two years since I looked at the place and was feeling a bit guilty.

Still not interested? You can pick up fractional interest in a DST. I am not as big of fan on these as they pay only between 4-5.5%. But you also have to facture in that at this point, you are willing to pay the government. Based on your 30 plus years of investing on these places, you are going to get your butt kicked with depreciation recapture.

Finally a bargain sale might balance selling, charitable giving with tax savings. This is done via a 170 bargain sale.

Before you say NO to all these ideas, understand that you are saying yes to paying 35-65% of what you made in taxes. That is sort like throwing away 15 years of your investment experience. I don't have a dog in your fight. If you want to pay extra taxes - you are free to do so. Strangely though - after paying so much, does the IRS ever give you a Christmas card? --24.101.xxx.xxx




appraisal service sell (by Ray-N-Pa [PA]) Posted on: Nov 13, 2023 7:25 AM
Message:

If you are alright paying that much in unnecessary taxes, why would you want to collect top dollar while you are selling your property to the point where you would be paying extra for appraisals? I am just thinking out loud. --24.101.xxx.xxx




appraisal service sell (by RB [TN]) Posted on: Nov 13, 2023 8:12 AM
Message:

Mike N, welcome to the Sellers Club. --69.130.xxx.xxx




appraisal service sell (by mike n [NY]) Posted on: Nov 13, 2023 8:33 AM
Message:

Thank you all

Ray lots to ponder,.would there be a professional someone I should see locally to help me realize/structure the tax implications? A CPA or other professional ? --96.236.xxx.xxx




appraisal service sell (by Simplify [NY]) Posted on: Nov 13, 2023 10:45 AM
Message:

Mike N if you're not too far from Albany, two resources that could help with appraisal referrals and advice -

The Albany area REIA just got restarted in the last 12 months, Capital Region REIA is the name and their website is CRREIA dot com

I just looked and their next monthly meeting is *tomorrow* Nov 14, 2023 at the Courtyard Marriot in Clifton Park starting at 6pm

Maybe a CRREIA member is interested in buying your properties!

APTSofNY is the rebranded NYCRAA (New York Capital Region Apartment Association). Any landlord with 1 or more properties can join, they are a National Apartment Association affiliate. Not sure if an appraiser is a vendor member or not, the APTSofNY website might help. Now that you're exiting the LL business I'm guessing joining doesn't make sense... --104.255.xx.xxx




appraisal service sell (by Ray-N-Pa [PA]) Posted on: Nov 13, 2023 11:18 AM
Message:

realized1031.com/1031-exchange-calculator

will tell you how much money you are volunteering to give away.

A CPA can teach you about 1031's. Depending on your area they may know about opportunity zones too. Very few people know about 170 bargain sales, but you can google it up.

The same is true for DSTs, OGM and NNN properties. There are specialty brokers who do nothing but NNN/NN sales if you go that route. These folks can buy and sell in multiple states. Since you are just waiting for mailbox money to occur, where a property doesn't matter as much as the terms of the lease. Even in a high tax state like NY it doesn't matter as the franchise pays the property tax bills --24.101.xxx.xxx




appraisal service sell (by S i d [MO]) Posted on: Nov 13, 2023 3:25 PM
Message:

Consider tax exchange into high commercial real estate where you will be dealing with professional who have a reputation to protect and rock solid financials. These tenants will pay and not cause you any problems.

All the problems you cited are from dealing with residential real estate, which is where the Govt uses the laws to buy votes for themselves. There were no moratoriums for commercial property during Covid. No rent control. No screening limitations. In short, it's real estate landlords as it should be.

Or, if you want really super easy investing, consider something like self-storage units. I can't speak for every state, but in mine if someone didn't pay I could immediately lock them out of their unit and just had to send out two notices over a 21 day time period. After that, I published notice of the sale, cut the lock, and auctioned the unit. Everything complete in less than one month and no hassles. E Z cheesy!

Try to avoid giving away as much as you can to the Govt.

--184.4.xx.xx




appraisal service sell (by OREO [WI]) Posted on: Nov 14, 2023 1:22 AM
Message:

RAY RAY: I've been looking all over the internet on ideas/ways to reduce my taxes now and on down the line. Found some, but not nearly as many or creative as the ideas in your post. I'll be looking into several of them. --75.11.xx.xx




appraisal service sell (by Ray-N-Pa [PA]) Posted on: Nov 16, 2023 12:20 PM
Message:

If you need assist Oreo, let me know. I am here to help and only charge a cup of coffee --24.101.xxx.xxx



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