As a hard money lender, I have deep respect for the hard work and hundreds of hours our borrowers put into each of their rehabs. Some of that work is exhilarating – think about getting that contract signed, especially when the price is right! Some of it is tedious – pushing through the county bureaucracy and dealing with inspectors. Some of it is downright maddening like when your contractor is dragging his feet or slams you with a change order. When all this hard work is done and your property is about to go on a market, we know you feel like breathing a sigh of relief. But wait. You’re now facing your final challenge – pricing your property right.
real estate appraisers
In real estate your make money when you buy. What it means that you need to put a property under contract at a price that will allow you to make a reasonable profit after the costs of owning, renovating and selling that property. The process of estimating these moving parts might be better described by the former Secretary of Defense Donald Rumsfeld: “There are known knowns; things we know we know… There are known unknowns – things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.” I’m sure he wasn’t referring to the real estate rehab business, but you get my drift.