Re: help ASAP on my first possible deal!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on January 29, 2002 at 22:38:41:
Never believe an appraisal figure from a seller. Completely ignore it. You have to know the market value yourself. IF you do not know market values, do not make any agreement to buy.
I have a service that I can log onto that will quickly give me comps for the property. If you want to e-mail the address, I will give you my opinion of the value, based on the comps that I come up with. For Free. I will not try to take the deal from you. This is not my type of investment. Also, I doubt seriously that there is any equity at all in this property now. The loans were probably put on when prices were higher than they are now. This property is probably not a deal at all.
My best advice as this time: PASS. Or, if you know some more sophisticated investors, tip them off about the “deal.” Try to get a few thousand dollars for birddogging it for them. The BAIES meeting is next Tuesday at the Marine’s Memorial Hotel in San Fran. Starts informally at 6:30, speaker at 7:00, You probably could find somebody to talk to about it there.
Good InvestingRon Starr***