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I do train my chatbot with some of the chat room logs, i programed itto be able to read chat logs and identify users, thats if i did it correctly; I am not uses since it uses reinforcement learning; here is a partial chat log;
Subject: "Cost Approach" for Appraiser...
Author: Online Conference, May 11, 1995
Uploaded By: OURBROKER
Date: 5/26/1995
File: APPRAISE.TXT (20177 bytes)
Estimated Download Time (36696 baud): < 1 minute
Download Count: 395
Equipment: Any text reader
Needs: n.a.
Milton Fontenot (MAFontenot)----> տլ was the expert guest and discussed the Marshall & Swift Cost Approach for residential properties. The Marshall and Swift residential program covers the process and proceedures to prepare a cost approach to value for residential
properties. Real estate salespeople can benefit from this data when listing a property where no comparable sales exists. Furthermore, the data includes separate component figures so that the salesperson can know how much it would cost to replace a roof, purchase carpeting or add a garage, etc.
Besides holding a broker's license and being a state certified general appraiser in Waco, TX, Mr.Fontenot has taught several real estate courses, produced and presented real estate investment seminars, and developed land for residential subdivision. He is also been doing aerial photography on a professional basis for 10 years and has published photographs by news and magazine media.
The session was hosted by Eve Becker (EBeck213).
OnlineHost:
OnlineHost: *** You are in "Real Estate Online". ***
OnlineHost:
EBECK 213: Hi everyone...
EBECK 213: Maf, you'll all be happy to know where going to open a library and
everyone will be able to
EBECK 213: get a log of the conferences
MAFontenot: Very good!
R1real: Great!
EBECK 213: Milton, everyone is loking forward to tonite with you
BF921: Milt: I own a few rental properties. Will I benifit from tonight?
EBECK 213: ohhh
MAFontenot: BF: more than likely you will hear something that can help you
make a deal or save money.
MAFontenot: BF: I have been in the rental bus about 25 years
R1real: BF: I've been in it for 8 years
BF921: As a landlord, prop manager or both?
R1real: You'll probably get good info tonight
R1real: Landlord...
EBECK 213: you should see MAF full bio...it's pages long
R1real: Milton's one of the first people in this room I made contact with
when I was new to aol
R1real: ...Thanks, MAF
MAFontenot: BF: I was investing in RE before became a broker
EBECK 213: Okay Maf, lets get started..what made you decide to do a class on
cost approach?
Mr LTG: I always hekp my appraiser but usually with a survey and comps
MAFontenot: Ebeck: I like to teach, and have been appraising, and saw need
for the M&S programs
EBECK 213: When when you use this approach?
MAFontenot: Ebeck: the cost approach is one of the three approaches to value,
market data and income
RealtorJG: When is it best to do a cost approach. What situation?
MAFontenot: In residential appraising, the market data approach is usually
given the greatest empasis,
MAFontenot: provided there is adequate information, the cost approach can be
used in ALL appraisals,
MAFontenot: and would be given the greatest weight if there are few comps or
older sales in area
EBECK 213: it would seem that the appraisals would show a different value in
a home...is that possible
MAFontenot: the three approaches are prepared, and then correlated to give a
good indication of value
Mr LTG: Where do you come up with the values you use?
Homes1960: MAFontenot: Any software you would recommend for doing basic
single fam apprsls?
MAFontenot: in the market data approach, look for sales similar in
construction type, square footage,
MAFontenot: and sold in last 6 months
MAFontenot: I have been using MCS from Dallas
Mr LTG: What is MCS?
EBECK 213: you have to know the cost of the components on a home then...how
do you keep up with the prices
MAFontenot: the program prints the form and the info at the same time on a
laser printer
MAFontenot: MCS is the name of the company: Micro Computer Software
RealtorJG: The cost approach does not seem to take into account the
neighborhood. A three bedroom in a...
Whoa Ted: How applicable is the cost approach when appraising an 80 yr old
barn converted to a
Mr LTG: With cost appraoch do you consider depretiation?
Whoa Ted: residence 30 yrs ago?
RealtorJG: $250,000 neighborhood is not the same as a three bed room in a
$600,000 neighborhood.
MAFontenot: The component info is published by Marshall & Swift, and also
square foot costs, and hve
BF921: RealtorJG: my sentiments exactly.
MAFontenot: adjustment factors for type of construction, area and city
Mr LTG: Where can you get a copy of Marshall & Swift. I have to do some of
this with relocation
MAFontenot: The cost approach applies the depreciation, and adds back the
land value
EBECK 213: Whoa ted had a good question, Milt, I think the M&S plan would be
perfect in that situation?
MAFontenot: The land value is a big factor in the variations of neighborhood
values
MAFontenot: MrLtg. E mail your address, I can send residential cost book:
$95. and you get 4 updates
MAFontenot: Any building can be valued using cost approach, and apply depr to
get good indication
MAFontenot: The similarities of the barn and hous is sq ft of floor plan
EBECK 213: okay, what are the steps in doing a cost approach
MAFontenot: Also the difference in neighborhoods is found in the different
qualities of the construction
MAFontenot: and other amenities
MAFontenot: Steps are, determine what type of building you have to value,
what quality of construction
R1real: We have alot of problems here with comps.....we do have converted
barns here
R1real: and 300,000 houses in the country....
MAFontenot: what type of frame work, such as wood frame or masonry, determine
sq ft of living area,
MAFontenot: start looking up sq ft costs in residential cost manual
RealtorJG: In Cook county IL. RE taxes are up to $3.00 per sf. In DuPage next
door they top out at $1.50. This..
RealtorJG: causes a big difference in home or ind. value of identical
property.
MAFontenot: Real: taxes are not a very significant factor in values
EBECK 213: why would taxes have anything to do with the value?
R1real: well it can affect because it reflects a schools system ususally
MAFontenot: There is usally a more significant factor in the 2 neighborhoods
RealtorJG: It has to do with monthly payments.
Whoa Ted: When doing cost approach, are you estimating the cost of replacing
a converted barn with a
MAFontenot: The school system is a big factor here in texas
EBECK 213: I think it is in most places
Whoa Ted: reasonable facsimile or are you reproducing all the unique
characteristics of an old
Whoa Ted: struture?
MAFontenot: Woa: the structure if converted is compared to a stucture that it
is competing with in marke
R1real: I have a problem with depreciation of such a structure as a timber
frame home
MAFontenot: market: the barn conversion is compared to a regular residential
structure
Author: Online Conference, May 11, 1995
Uploaded By: OURBROKER
Date: 5/26/1995
File: APPRAISE.TXT (20177 bytes)
Estimated Download Time (36696 baud): < 1 minute
Download Count: 395
Equipment: Any text reader
Needs: n.a.
Milton Fontenot (MAFontenot)----> տլ was the expert guest and discussed the Marshall & Swift Cost Approach for residential properties. The Marshall and Swift residential program covers the process and proceedures to prepare a cost approach to value for residential
properties. Real estate salespeople can benefit from this data when listing a property where no comparable sales exists. Furthermore, the data includes separate component figures so that the salesperson can know how much it would cost to replace a roof, purchase carpeting or add a garage, etc.
Besides holding a broker's license and being a state certified general appraiser in Waco, TX, Mr.Fontenot has taught several real estate courses, produced and presented real estate investment seminars, and developed land for residential subdivision. He is also been doing aerial photography on a professional basis for 10 years and has published photographs by news and magazine media.
The session was hosted by Eve Becker (EBeck213).
OnlineHost:
OnlineHost: *** You are in "Real Estate Online". ***
OnlineHost:
EBECK 213: Hi everyone...
EBECK 213: Maf, you'll all be happy to know where going to open a library and
everyone will be able to
EBECK 213: get a log of the conferences
MAFontenot: Very good!
R1real: Great!
EBECK 213: Milton, everyone is loking forward to tonite with you
BF921: Milt: I own a few rental properties. Will I benifit from tonight?
EBECK 213: ohhh
MAFontenot: BF: more than likely you will hear something that can help you
make a deal or save money.
MAFontenot: BF: I have been in the rental bus about 25 years
R1real: BF: I've been in it for 8 years
BF921: As a landlord, prop manager or both?
R1real: You'll probably get good info tonight
R1real: Landlord...
EBECK 213: you should see MAF full bio...it's pages long
R1real: Milton's one of the first people in this room I made contact with
when I was new to aol
R1real: ...Thanks, MAF
MAFontenot: BF: I was investing in RE before became a broker
EBECK 213: Okay Maf, lets get started..what made you decide to do a class on
cost approach?
Mr LTG: I always hekp my appraiser but usually with a survey and comps
MAFontenot: Ebeck: I like to teach, and have been appraising, and saw need
for the M&S programs
EBECK 213: When when you use this approach?
MAFontenot: Ebeck: the cost approach is one of the three approaches to value,
market data and income
RealtorJG: When is it best to do a cost approach. What situation?
MAFontenot: In residential appraising, the market data approach is usually
given the greatest empasis,
MAFontenot: provided there is adequate information, the cost approach can be
used in ALL appraisals,
MAFontenot: and would be given the greatest weight if there are few comps or
older sales in area
EBECK 213: it would seem that the appraisals would show a different value in
a home...is that possible
MAFontenot: the three approaches are prepared, and then correlated to give a
good indication of value
Mr LTG: Where do you come up with the values you use?
Homes1960: MAFontenot: Any software you would recommend for doing basic
single fam apprsls?
MAFontenot: in the market data approach, look for sales similar in
construction type, square footage,
MAFontenot: and sold in last 6 months
MAFontenot: I have been using MCS from Dallas
Mr LTG: What is MCS?
EBECK 213: you have to know the cost of the components on a home then...how
do you keep up with the prices
MAFontenot: the program prints the form and the info at the same time on a
laser printer
MAFontenot: MCS is the name of the company: Micro Computer Software
RealtorJG: The cost approach does not seem to take into account the
neighborhood. A three bedroom in a...
Whoa Ted: How applicable is the cost approach when appraising an 80 yr old
barn converted to a
Mr LTG: With cost appraoch do you consider depretiation?
Whoa Ted: residence 30 yrs ago?
RealtorJG: $250,000 neighborhood is not the same as a three bed room in a
$600,000 neighborhood.
MAFontenot: The component info is published by Marshall & Swift, and also
square foot costs, and hve
BF921: RealtorJG: my sentiments exactly.
MAFontenot: adjustment factors for type of construction, area and city
Mr LTG: Where can you get a copy of Marshall & Swift. I have to do some of
this with relocation
MAFontenot: The cost approach applies the depreciation, and adds back the
land value
EBECK 213: Whoa ted had a good question, Milt, I think the M&S plan would be
perfect in that situation?
MAFontenot: The land value is a big factor in the variations of neighborhood
values
MAFontenot: MrLtg. E mail your address, I can send residential cost book:
$95. and you get 4 updates
MAFontenot: Any building can be valued using cost approach, and apply depr to
get good indication
MAFontenot: The similarities of the barn and hous is sq ft of floor plan
EBECK 213: okay, what are the steps in doing a cost approach
MAFontenot: Also the difference in neighborhoods is found in the different
qualities of the construction
MAFontenot: and other amenities
MAFontenot: Steps are, determine what type of building you have to value,
what quality of construction
R1real: We have alot of problems here with comps.....we do have converted
barns here
R1real: and 300,000 houses in the country....
MAFontenot: what type of frame work, such as wood frame or masonry, determine
sq ft of living area,
MAFontenot: start looking up sq ft costs in residential cost manual
RealtorJG: In Cook county IL. RE taxes are up to $3.00 per sf. In DuPage next
door they top out at $1.50. This..
RealtorJG: causes a big difference in home or ind. value of identical
property.
MAFontenot: Real: taxes are not a very significant factor in values
EBECK 213: why would taxes have anything to do with the value?
R1real: well it can affect because it reflects a schools system ususally
MAFontenot: There is usally a more significant factor in the 2 neighborhoods
RealtorJG: It has to do with monthly payments.
Whoa Ted: When doing cost approach, are you estimating the cost of replacing
a converted barn with a
MAFontenot: The school system is a big factor here in texas
EBECK 213: I think it is in most places
Whoa Ted: reasonable facsimile or are you reproducing all the unique
characteristics of an old
Whoa Ted: struture?
MAFontenot: Woa: the structure if converted is compared to a stucture that it
is competing with in marke
R1real: I have a problem with depreciation of such a structure as a timber
frame home
MAFontenot: market: the barn conversion is compared to a regular residential
structure
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