Appraisals & Inspections
I'm an investor myself and I manage properties for 20+ owners. The opportunity to buy a property, collect rent, and see long term growth of value appreciation is an exilerating experience. But buying a real estate investment requires due diligence. I realize there are many investors who pay cash outright for their purchases. As much as a lender requires an appraisal for their own benefit, I can't stress enough how getting an appraisal can only help a cash buyer as well. An appraisal factors in property condition and considers the subject property with respect to other similar properties that sold in the area recently. There's nothing worse than over paying for a property. As much as there's an expense to get an appraisal, it's worth it for a better understanding of what you're buying. While rents are increasing, there is still a ceiling. An appraisal can be your best friend in negotiating price. BUT!! It can also be your best fri...