Sign New York Banking Job Offer Free

Industry sign banking new york job offer free

[Music] so larry please introduce yourself and give us some background on on on what you do and who you are okay um first of all thanks for um having me on tonight um i hope i can give some helpful insight to um everybody with regard to what what an appraiser is um how an appraiser thinks and and what is expected of the appraiser from the banks and the clients that hire appraisers so just quickly my background is as danny mentioned um we know each other for a little bit of time but now i seems like seems like ages ago but um the memories are still are still there um so i got into the appraisal business in 1985 um i was fortunate enough to be trapped by somebody what's that no no you could keep going they just made it themselves um who was who was in the business um for probably 50 years at that point so um it was very um helpful to to have that training and um at so from that point on i i started with the residential and then i was trained in commercial and at this point um i spend um an equal amount of time doing both residential and appraisal and commercial appraisals which is unusual most appraisers specialize in one or the other so um throughout the years um i i continued my appraisal education um i ended up with three or four different um designations from professional organizations in the appraisal um in the appraisal field and i've appraised pretty much any type of real estate that you could think of from single family how homes apartment buildings 50-story office buildings in manhattan uh 300 apartment building you know rental park apartments um warehouses vacant land so um and um they're all very different um and as well as co-ops and condos so um that's um and i've been doing it consistently since around 1985. so and clients typically consist of banks mortgage companies accountants lawyers realtors um appraisals are used by a lot of different people most people just you know think about for mortgages but a lot of our work is for for other purposes um so enough about my background let me just give you um a quick summary of what the process is that we can go into some finer points and then um i'll stop so we can get some questions um and not get too far ahead of ourselves and then and then so um first a general overview of the uh valuation process okay so one of the first questions an appraiser is going to ask is what is the purpose of the of the appraisal um there could be a number of reasons that an appraisal would be an appraiser would be retained so for this conversation let's let's discuss how it's being done for a transaction of real estate as opposed to an appraisal that's done to reduce your taxes or for litigation or um other purposes that that that we do provide for so once we've identified the problem in other words this appraisal is going to be done for either a mortgage or for a a sale without a mortgage and that's number one then we decide what the scope work for that appraisal is going to be which would involve our s what what most people are are familiar with and that's the search for comparable sales and that's that that's a whole other that's going to be a whole nother aspect of this but um once we we determine what the sales where we need to look for sales and and what they are going to be the next the next question we have to ask ourselves is um which um well before we do that the the the another question that we're gonna need to address is what the highest and best uses so you may have a small ranch style home on a double-sized lot and the highest and best use of that property may not actually be as a one-family house it may actually be to be developed so the vacant land may be actually worth more than the one family the small one family house on and you see a lot of that happening in the boroughs they'll knock down a house and they'll put on something that the zoning allows it's a lot larger so once we've determined what that is then um we start working with the three approaches to value the sales comparison approach was which is what most people are familiar with where we're comparing similar type homes on a whole to whole basis as opposed to a commercial property where if we're using appraising a warehouse for instance the unit of comparison would be a price per square foot basis and that's done by taking sale price divided by the square footage of the building and that's how your analysis is developed on a commercial property with the sales comparison approach for residential properties and by residential i mean one to four family houses the the the strongest approach to value is going to be the sales comparison approach once you start getting into rental properties office buildings industrial buildings then you start utilizing another approach which is called the income approach to value and in summary what the way that works is you either utilize a contract rent if that's at market develop an income expense statement with the expenses that are applicable and then you end up with a net operating income which is converted into value via a process called capitalization and again that's a whole nother discussion but that value is then developed and compared to the sales comparison approach value and for commercial properties whether it's office buildings warehouses apartment buildings those two values are then reconciled that i mean we look at the data for both approaches and determine which one is accurate or they may both be accurate it's not an average of the two okay um at that point um we've developed our final value and that is um that's what's reported it's one value that we report in in whatever type of appraisal it is so um after having said explain that whole process there are different forms formats that the appraisals can be developed residential one family houses two to fours co-ops condos they're typically prepared on a four type of appraisal report that fannie mae or freddie mac designs and appraisers all over the country use those have basically neighborhood and subject property information and then they have a sales comparison grid which is where all the differences between location size condition number of bathrooms uh garages all the items that we adjust for are laid out and presented so when an appraisal is complete somebody in another part of the country should be able to look at that appraisal report and say yeah i understand where this value is coming from it's not something that's pulled out of thin air um there's a while appraising is not it's not a science it's it it has definitive research that backs up what your opinion value is going to be so after those though those are the form type of appraisals that many most people in the residential arena are familiar with in the commercial on the commercial side there are narrative appraisal reports there are 60 80 120 page reports that are follow the same scope of work in the same process but they're a lot more detailed with commercial property you need to examine leases you need to have rental comparables you need to estimate develop an income approach to value as well as a sales comparison approach and then there's a third approach to value that's called the cost approach to value which is typically only used for specially used properties like churches or buildings where there are a lack of sales so that would be a second approach to value if you can't develop a sales comparison approach or an income approach larry i have a question you mentioned that you have to determine um whether for what reason you're you're doing the appraisal um now would it matter if does it does it does the end result matt uh is the end result determined based upon whether it's say a divorce case or a resale case or a partnership division case or something like that okay so that's a good question so we have a range of value say a five percent spread okay it's not anything that's a crazy swing but it may be helpful especially if you're getting into multi-million dollar properties so for instance if i'm been retained to do an appraisal to for a tax tertiary case in other words we're grieving somebody's taxes i am going to look to be towards the lower end of that value range as opposed to representing either the wife or a husband in a divorce case where they want to be on the higher end of the range but again it shouldn't be more than let's call it a five percent spread but when you get into when you start adding zeros to the value it makes more of a difference so larry when you say five percent spread when you do you mean so if i bring in if i bring in appraiser a and appraiser b and you know next month i said you know what i don't like appraisals a number i think he's wrong i bring an appraisal b you shouldn't be off more than five percent is that correct is what you're saying yeah more or less right okay yeah i mean there's a range it's not you know no one's going to come in double the value it's not an exact science basically right anyone have any questions i got a question um i think you touched on this a little bit larry um if you have an a pure investment property so a residential unit four unit three unit whatever the case is so how do you approach utilizing the sales approach versus the income approach like how much weight do you give one over the other or if you give any weight loss yeah what is what is the thought process behind using one step one approach versus the other so are we talking about like uh a two to four family property yeah like a two to four family is purely investment generating income you know how would you give the sales approach more away would you give the income approach okay so i would give the sales comparison approach more weight because in the two to four or one in what's called the two to four family arena purchasers are more apt to rely on this that hold the whole value rather than the income approach which can be manipulated by you know um let's call it um [Music] rents that aren't at market and it's a lot harder to manage that part of the analysis so typically the sales comparison approach is we place more paid on for two to one one to four family property and let's say you so if you use a sales approach and let's say you're in a market where let's say you have a four unit but there's no other four units available out there to utilize and there's three units and two units how do you how do you do your adjustments to account for you don't have another four unit but you may have other three units and two years as a sales comparison what how do you engage that adjustment so if there's nothing else i would use a two family and i would use a three family two three and four i would i would use interchangeably if i had nothing else so my adjustments again would be based on square footage because typically a three families gonna be a little larger not always but typically right right oh i i would adjust for square footage and then all the other areas of adjustment and then i would make an adjustment for units the unit adjustment now let me just um stop for there for a minute with regard to adjustments okay um so the way adjustments are made on a grid sales comparison grid it's based on what's called paired sales analysis so what that means is the appraiser is familiar with the market to the point where if you have two houses exactly the same one has two bathrooms and one has one bathroom the difference in value is going to be attributed to that one bathroom now agreed that situation is difficult but after having experience with how buyers and sellers handle those differences that is the basis for making the adjustments it's not what it costs to add it or what what the that has nothing to do with it so that's i just wanted to add that with regard to how adjustments are made on the grid but the the adjustments for square footage and unit would be primarily um what's looked at for for such a situation like that and so just to confirm you would not factor the the fact that a three unit would generate more income versus the two units it's just strictly on the square footage but but that's not always the case well right you're right but but if it were a situation so we would i would develop an income approach but i would not emphasize it okay so larry i would make an adjustment for units so that would that would you know i hope that answers your question cause um just for the sake of moving on because of times constraint i'm an investor i go to the bank and i say i need a loan for property 123 abc street you pray the bank now calls larry samson says um we need an appraisal done on this property who are you working for the bank or the person that's applying for the mortgage okay so that's another important um question that people get confused with the client is determined to be the person that orders the appraisal not the person that pays for it not the person that meets you on the inspection not the person that owns the property the client is the person that orders the appraisal and it may be one in the same but that's does that yep my next question would be actually a question from ed um you had mentioned this earlier i guess this is why he's asking how do you find zoning online for a particular property so now years ago that used to be extremely difficult and you would have to subscribe to a paid service for the most part now you can google [Music] zoning for whatever town or city you're in or borrow and that's all all that is available online now if you're not familiar with going looking at index maps and zoning maps and zoning ordinances it could be pretty confusing and overwhelming but it's available most of it's available online another question i have for you i mean does anyone else have any questions before i go on is there a specific website that you would use to go to zone to find that zoning online there's no one website that i know of you'd have to go into each municipality like you can go to new york city new york city zoning and they'll have index maps of all the boroughs and then you can zero in and look at what the what the zoning is for that particular if you're looking at a town in new jersey or a town in westchester you look up you google that town and they'll have municipal files or they'll have the zoning for that particular town and you can you know get into it and start looking at it okay makes sense so larry what approach uh to value is most applicable to a residential prop to residential properties versus commercial properties okay so um we kind of touched on that um one to four family we would emphasize the sales comparison approach and that's what most people are familiar with so for residential it's on a whole basis in a commercial our unit of comparison is typically price per square foot of gross building area um in addition to that on the commercial properties office buildings industrial buildings [Music] and rental apartment buildings we would develop an income approach and possibly emphasize the value derived via the income approach on some of those properties because that's more indicative because investors for those kind of properties are buying a cash flow they're interested in what the property generates from an income standpoint so that's why that approach is is more emphasized for those kinds of properties so i'm gonna i'm gonna give you a scenario that my brother david and i were just in about a month and a half ago so uh david and i purchased a property um in howell new jersey and david what was the number on that 250 or 260. uh 260. so we're in it at 260. um we did a renovation job we put in i don't know maybe 50 000 um and the property you know we put it the way we did it because of covered we put it into uh well i'll let my brother explain what did you do david because he was the one handling that sale to to get it into to to bring up the hype um what do you mean to bring up the hype as far as the resale i don't understand yeah exactly so you brought up the hype with your marketing and what he did was he got what we got 435 for it so how do you then but in the area there was nothing really comp at that price for that square footage is that correct david yeah so the highest the highest comp um it was only 1700 square feet so the highest comp was like 395. um yes so we listed it we listed it at 400 knowing th t we would get more based on market conditions and i believe that what they used to really comp it was condition credits um so is that where you're going then as far as conditions so although there wasn't really no comps out there how we they comped it out at 435 my brother and i were actually a little bit surprised how how would that happen is what i'm asking so the appraiser is the eyes and ears of the bank okay the bank has their own requirements and and their guidelines with regard to how far out of the unadjusted range so in other words if you're in a neighborhood where the sales are 275 to 375 and you come in at 425 um they they may want you to go to another neighborhood and pull a comp out of that others may say we're sorry we're not this is you need to find a high sale in that neighborhood to substantiate 425 otherwise you know we're not we can't honor this number so i don't know what the particulars were on that um but again another note with regard so you didn't add square footage to that house we didn't expect footage but we dressed it up would you say so what what what the way they adjusted it was um i believe it was a 30 000 credit adjustment so because it had new windows and new kitchens and new bathrooms flooring lighting paint um molding and all of you know the landscaping and everything else um they gave us an adjustment of i believe thirty thousand dollars they called it they called it a condition credit what i'm not sure i understand what that did they is that an adjustment that they made on the grid to each sale or the bank said we're gonna bump it up and call it because i'm not familiar with that term well they that's they basically just that's what they called it a condition credit there was condition credit on the actual appraisal well i guess i guess they because we put in you know three new bathrooms your kitchen your windows right but i know i yeah but the thing is um you need to be careful about having the most expensive house in the neighborhood that's right because your value is going to bring everything else up and i i don't know i'm not sure um what they're talking about with with how their you know underwriting guidelines allowed that because i guess the i guess the actual question should be based more on is there is there an adjustment to a home that has all brand new items in it as opposed to a home that although it's the same model built in the same year has hasn't had anything done to it is there some type of adjustment for that and what if there is what is that called so in the sales comparison analysis grid there's a line item that's designated as condition and then there are also line items that are designated for kitchens and bathrooms those are where you would make your adjustments in the grid to bring up your comparables to the quality that the subject is all your adjustments are made to the comparables so after you've done all and again it's not a as i mentioned earlier it's cost does not equal value so if you put in a hundred hundred thousand dollar kitchen that doesn't necessarily mean it's going to bring the value up by a hundred thousand so after you make all your adjustments across and you drop down and you look at your adjusted values your range is going to be between 375 and 410 let's say so for the bank to come back and say we're going to lend based on something other than 410 um that's not i i've never heard of that before because that's the whole purpose of the appraisal well i guess i guess the condition was i guess the conditioned credits or what have you were put on the other homes and adjusted accordingly nevertheless we didn't look at it too deeply because our property appraised which is right what our goal was right so but it was the the term was used as condition right okay so yeah i mean that was right the other question i have larry is a lot of times you know my brother and i were selling a property we we usually bump up the numbers in the community 99 percent of the time um and let's say the highest comp was 100 000 for a condo in in in oklahoma springs florida and we we're selling we get 110. but yet the appraised value comes in at 110. um if it was worth more would they have appraised it more or do they normally keep it at 110 at the contracted price let's say you would say this property's worth 120 but the contractor price is 110. so i'm just going to praise it at 110 is that is that something that appraises do because i see that happening often with our contracts okay so when you're talking about a slight difference five ten thousand um they're probably going to gravitate towards the contract price okay but there have been occasion where the value the the contract is you know 800 and i come in higher than that um and there are you know reasons for that as well but you you the appraiser is supposed to be appraising fair market value not what you think it's worth because you just feel it's worth that not because that's what you need to retire on that's not because that's what you're what the the amount of money you need to load the value to borrow with it's based on fair market value so it can go both ways so if i put in the kitchen i just put it in brand new kitchen i spend fifty thousand dollars on it okay what kind of a return does that give me on the appraised value that's a specific question to the market so is it in a market where kitchens are 250 000 or is it a market where kitchens are 20 15 000 home depot kitchens and you put in a fifty thousand dollar kitchen so it's not it's not dollar for dollar okay yeah well how many what's that that never is i mean like you said before the amount you pay doesn't mean that that's right it's not a call right but the the the items that will give you the most bang for your buck so to speak would be kitchens bathrooms adding square footage um electric upgrades plumbing upgrades windows roof those are the types of major capital improvements that will reflect this is people you know people say well i i did some land you know i did landscaping i put in some this i put it's not a big deal as far as value goes same thing people get carried away with basements finished basements doesn't add to square footage and your investment from a from a you know a finished basement standpoint is minimal let me ask you a question how much how much does the market itself play into the value of an appraiser's mind like in a market like today a strong market as we have today how much of that plays into the value of the home okay well first of all uh the strong markets are in the suburbs right now right well it's irrelevant to where the home is right so you're let's say you're evaluating a home in the suburbs where the strong market is how much of how much value or if there is value in that there's absolutely value in that so in other words if we're in if we are um recognizing a one percent two percent increase per month that will be reflected that's what your market condition adjustment would be if they're if it's necessary that's why when we look for comparable sales we try to look for sales that are as recent as possible so when you're in a market where there aren't a lot of sales or something's going on like covid and you don't have anything to work with you have to be really careful about what your adjustments are because they can go up or down so yeah it has a lot to do with it so there's a market condition um adjustment adjustment as well your time yeah time adjustment larry my next i i have a few had a lot of questions for you um but um what is the difference what's the effective valuation date and why is that why is that important okay so again just can you explain and can you explain that in layman's terms right so most of what the average person understands is the current valuation date which would be the day you do the ins the day the inspections done why that's important is because that sets the wheels in motion for your sales search and what david was asking about your time adjustments and how that affects that snap because we're doing a snapshot in time so that's different from i get called to retrospective appraisals which would be the date of death for an estate so somebody might say listen i need an appraisal of this property my uncle died three years ago so my research is based on the sales that occurred within a year's time of that date three years ago so that's why that's very important to establish which ties into what the purpose of the appraisal is which we discussed earlier um there's a question here i'm i'm hoping that answered everyone's question uh if you had that question but um candy is asking can you dispute if the appraisal comes in significantly lower and and i'm going to add to that and if you do dispute it what documentation should you be providing to dispute it and hold on let me add let me add deeper than that how often because it's funny i just wrote that question down how often will you be willing to make that change okay it's not i'm always willing to do it here's here's the way i handle it if there's a broker involved with an appraisal that i'm working on i always give the broker the opportunity to provide me with comparable sales that he would like me to look at in addition to my own i'm sorry larry when you say broke is it the mortgage broker or is it the real estate broker real estate yeah real estate broker okay and and and by the way um just so everybody knows i'm i'm also a licensed real estate broker in new york state so i know how to wear different hats and i can approach each assignment with that round about knowledge so i would give the broker the opportunity and even if you're not a broker if you if you're having questioning my value or the appraisal i would ask you to provide me with other sales maybe i missed some or there's some that were put in there that the information was wrong whatever whatever you think your issue is and i would i will always any appraiser will always examine those sales look at what his comments are based on the sales that you use now i will tell you that nine times out of nine and a half times out of ten um if you do if you do a thorough job researching you didn't miss any sales the sales that they provide or the sales that you didn't use on purpose by that i mean if you're appraising a 50 year old house i'm not going to use brand new construction if my house is eighteen hundred square feet don't provide sales that are thirty six hundred square feet that's typically what happens when there's an issue but sometimes there's another sale that maybe i'm not aware of and that but that does not necessarily mean it's going to change the value but yes i would absolutely look at any extra information and i would preempt that by asking the broker to provide me with whatever he wants me to look at i mean you know you see there's a difference between brokers and appraisers brokers are on the sales end and i get that and appraisers have to document to the bank what the value is and yeah so let let's leave it at that let me let me let me have a question uh let me ask you a question rather yeah um how often would an appraiser go into the tax records and utilize sales that weren't shown on the mls to find value what there are numerous i subscribe to sales services that provide sales so whatever your whatever your sources for comparables um they should it should be complete i typically use more than one source when i do my searches so i would hope to find whatever whatever so is that is that mandated for appraisers to do that or is it just you that you you're doing a thorough more thorough job than the average appraiser yes no it's not mandated no so so it is fair to say that an appraiser might not see what's on the tax records well when you say on the tax records i'm not would mean in other words so for instance my brother and i we do a lot of sales that are not we don't go through the mls and so that would just be that would reflect in the tax records uh when those deeds get recorded for to change tax uh responsibilities as far as rights do you look at that is what he's asking my sales service gets their information from like new york so your service is pulling from all different sources right irrelevant to whether it be the mls or not however yeah actually it doesn't it doesn't come from mls right that's what i mean so it's pulling the source from all sources what whether it comes from mls or not it might the service that i subscribe to gets its information from deeds from the deal okay right which is what which is what you're talking about right exactly okay right and then i would back that up with mls so i'm gonna i'm gonna ask you two more questions larry because it's getting close to that time um how does the appraisal how does the appraiser determine what adjustments to apply in the sales comparison analysis grid which you touched on earlier but so i might i'm going to be more specific you have a property that's uh 50 years old literally on the same block one is fully renovated uh you know the other one sold for fifty thousand dollars less uh four months ago versus the one that is in contract now for fifty thousand dollars more how do you adjust for that okay so when i do when an appraiser does this research in the report the minimum number of sales is three you can include any amount more than three that you think you need to support your value so having said that let's say i've researched 12 sales i've i've looked at 50 i've really examined 12 and i use four or five in my report through that research process i've seen the houses that are selling at the low end because they're unrenovated versus the houses that are selling at the high end because those are renovated and that's how that was that's what will help me develop my adjustment for a whole all thing other things being equal of course that's renovated and the extent of the renovation versus one that's not that's that's the basis for my adjustment so guys um is there anybody with any other questions i know ed has a question if you order an appraisal how good is the report good for and how long is it good for how long is it good for yeah and i'm gonna i'll uh maybe you can answer that larry but my understanding is that if you're gonna go refinance the bank's gonna want their own appraisal right they're not gonna use someone else but that's for a different reason so the answer to the first question is the appraisals get stale if you will typically in three months but the other part of what your your your comment is that the banks will want to use their list of approved appraisers to prepare the appraisal for them they've vetted them they have experience with them they trust them whatever the case is so that's something different it may not have anything to do with how old the appraisal is it it won't have anything to do with how the appraisal yeah because he's also adding in if he's asking that question because it seems as if he may be shopping rates which is quite normal for a buyer to do and jump ship on a mortgage court or mortgage or a bank that's true yes most banks are going to ask you to pull another appraisal right but and from an appraisal see the appraisers we have to we we have guidelines and we have codes of ethics we have the uniform standards of professional appraisal practice and all those requirements um limit us or or or require us to um to adhere to certain guidelines and to this point i could not if i did an appraisal for bank a i could not submit that appraisal to bank b without bank a's permission number one and number two bank b would have to be in agreement to accept an appraisal from an appraiser who's not on their list so that's why let me let me get another question in danny go ahead go see so this may be a myth or maybe it's not so i'll ask you a question i our is on an fha loan if we're selling if we're choosing because a lot of times when we're flipping homes we like to work with conservative uh rather um conventional loans right is it true that fha loans are more conservative from the um the loan to value ratios you mean as far as the value of the home across the board are they do they put more restrictions on appraisal on the appraiser that we know they put more restrictions we know that the question is are they do they demand you to be much more conservative on the value no no nobody makes any intimation at all about where the value is going to be that's we're independent as far as that goes with fha maybe like an unsaid rule somewhere no absolutely not the the issues arise with fha because they have tons of guidelines and requirements for for situations in the houses that have to be you know this whether it's a smoke detector or a railing or a stairway or whatever it is those are the issues that they bring up but that doesn't have anything to do with balance that's based on condition though that's not based on value well well it's based on their requirement to do the loan right safety conditions safety condition right right but no they're not there's no um finance company mortgage company bank anybody that is influencing an appraiser now like anything else it doesn't happen yeah it happens but it's not it's not you're not going to be you're not so basically we're never going to get an appraiser to a pre to to actually say yes to that right because it's really not true however there are there are appraisers because appraisal and appraisal is based on someone's opinion right well but you have to support that opinion right so just like any other industry if there's you know unscrupulous or people that want to do fraudulent stuff is it going to happen yeah it's going to happen it but you know it's going to catch up with you i'm not doing this for 35 years because no i know that well that's that's why you're here my friend but i'm asking a lot of questions that i think a lot of people might fair enough they don't i heard all of these myths right so and us knowing who you are we want to hear the truth that's why listen i watched the sopranos too [Laughter] so guys i'd be you know i did i have a couple more questions for larry but before i go there i want to give a shout out to a couple individuals that that actually tuned in um uh that i've actually david and i have actually worked with um but let's give a shout out to first carl moose carl if you don't mind on on on mute your mic so carl moose was on one of our uh mentorships where he gave uh information as far as how the banker looks at a loan application carl you are you unmuted are you still there okay yeah i know i'm here daddy okay but i want to also disclose that call moose larry sansky and i were all roommates in college as well that's when they all had hair that's exactly what we all had here yeah and you and you were about four feet tall david yeah i was still taller than you though good that was good so carl was kind enough he's gonna we're gonna be posting his uh uh session mentorship session that we that would call next week on our youtube channel so if any of you guys that want to view that uh he he was dropping some serious golden nuggets there and then i also have chris birch that came on tonight i assume because larry samski was on because i'm sure he chris burch is a is a real estate investor out of dc and chris was kind enough also to participate on uh session three of us of our um mentorship classes that we do for free and i just actually posted that on our youtube channel and chris was talking about how he was able to use his ira and retirement money um and funnel it into the real estate side of the business and how much money he's made chris say something please introduce yourself yeah hey guys i'm glad to be joining you tonight i mean obviously some great information is always dan um i look forward to seeing the video that we're gonna post but i mean there to me and i'll share this for for everyone there's so many different ways to do real estate there's not one specific way and i've gone through the appraisal process and hearing the information today is great because it's coming from the perspective of the person that is looking at the the true data and what what formulation they use to get that because i'm sure i'm a victim as you and your brother brother dave are there's like there's no way that a praise for for that little bit of you know that little bit of money you know we put all this into it what's he basing that on you know i've had it where i had one of the comps that the appraiser used was like an abandoned foreclosure around the corner from the property and i could not figure out like how are they using this data but i mean hearing the information today it does make sense and you know to understand how that how those calculations are formulated is great information and and just as a footnote uh chris and i and chris haskins uh we just did these two videos when we were out in baltimore with it two weeks ago now chris or three weeks almost two well yeah almost three weeks ago three weeks ago so chris brought our attention uh ten properties that were on uh the one auction uh we actually bit up to about 350 we lost it but uh we we were lucky enough to have had met the actual buyer when we were doing checking out the properties that we became friendly with and he came on and so chris burch chris haskins and i were looking when we were watching this this this this uh auction we were like is this guy insane going up to 392 and then with the auction fees he was going to be at 3 15 and it didn't make sense to either one of us but you know what was great about it he was he you know he was willing to come on to to chris haskins uh youtube channel and between the four of us we were discussing how he came up with his numbers and how it made sense to him but didn't make sense to us and it was we all learned something but you guys got to go on to that but chris haskins please introduce yourself man uh hey good seeing y'all larry i see larry's just dropping gems on here earlier yes he is yes he is burst david how you guys doing it's an honor to be amongst some giants i tell you my friend i'm telling y'all just be hanging out with giants and they'll pull you up i appreciate y'all oh man we appreciate you so chris haskins has what are you 68 000 followers now congratulations chris i said you just hit this month you went crazy this month chris i got it and i got to give a shout out to that video that we all did together chris what are you up to 38 000 views on that on that video that we did together in baltimore i think it's like 50 i don't even know man i guess i checked it like two days ago it was like 38 000. yeah it's crazy man yeah that's a great job on that i'm just a street reporter good to hang out with i'm telling you dad i told danny he was like like a hip-hop uh emcee walking down the streets of brooklyn just breaking it down yeah so guys i'm sorry i missed that one yeah we missed you too i had i had uh on the predicted you pretended to be sick i know it was actually my son if it was me i'd have been there i don't care okay but yeah guys if you haven't seen that it's actually i copied it and put it onto my youtube channel as well and you can find it on chris haskins youtube channel it's chris hastings.com um you know it was and i and i got to thank chris birch for putting all this together because it was his idea to do this and thank you chris yeah yeah definitely it was just teamwork that's all it'll do you know this is teamwork yeah and and looking over the video i can't get over how much information we did provide without even realizing it because to us it's just normal everyday stuff right uh if you don't do it every day it's not so normal for the second time we're going to go to the last question and this is a really good question i thought and that's coming from brian so if you don't mind brian can you ask the question out loud i sure would uh this for larry uh what's your number one tip for newbie investors to get their favorable appraiser appraisal let's say for a single family or a duplex i would do my own research and give him sales that are comparable so square footage location condition that and so that he's got the data to work with so that's why i'm saying if you've got 10 sales and they range from 200 to 250 your your value is going to be somewhere in there if you're in if you're you know renovated it's going to be towards the 250 number if you got closures in there and they're less than that that's going to skew the number also so brian i've i i can tell you what i've prepared for appraisers when they come to my properties um i will give them an entire list a litany of the list an extremely detailed list contractor um and although i don't really think they do they really care about the contractor or the amount spent with including the copy of the invoice the model um the type of material as well as the job right so if it's a boiler it's going to be the ream this model this many btus and this is the contractor who did it right uh if i put in the roof this is the contract who did it all you know just with it with his certificate number as well as with his uh uh license number so larry we're gonna call it a night larry can you give uh you know put into the chat box your your email as well as your website if in case anyone wants to get a hold of you yeah absolutely yeah anybody has any questions feel free to contact me um so um all right i'll put that in let me do that now yeah if you don't mind and if you say it out loud too for the for the version so my email is going to be skyline l-e-s at [Music] aol and my cell phone is nine one four six four five six five two five and provide your website address if you don't mind yep and the website is www dot skyline appraisals good night great thank you very much great job welcome everybody again larry thanks for having me