OfflineI called a for sale sign on a property, I've been viewing for some time, but recently went up for sale last week. I spoke with the listing agent. He told me mostly what I already knew. That it's a fixer upper. It's a 3 story brick home. He said it's 6 units but the 1st floor is a huge apt. He said it's only been on the market for a few weeks and the asking price was $749,000.
I couldn't believe it because this area is about .25 of a mile up from me and I know that it's not an $800,000 area.
So, he gave me the address which wasn't accurate. But b/c I knew the addresses of both the properties to the left and right of it, I had an idea of what to put in zillow, cyberhomes and homegain.
Zillow - $258,000
Cyberhomes - $439,000
Homegain - $390,000
What's wrong with this picture?
I went to the website in which it should be listed and guess what, it's not listed.
I don't want to be intimidated by this guy as it seems he's either lying to me on or he's inflating the price for greed. Maybe both.
I don't have a realtor just yet, but I think I'm going to google title companies in the area. Granted I find a title company and pull the comps, what should be my next step if in fact it's priced way below that?
Oh, I also checked out other homes across the street, next door. They're all in the 300-400 thousand range as well.
The race isn't given to the swift, but to those who'll endure to the end.
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my first thought is to investigate, investigate, investigate. due diligience in other words. just use this as a training exercise. however you gotta compare apples to apples. an apartment complex may appraise for more. sounds like on your comps you compared houses. so this is many houses (a multi family) it may be worth more. i'm looking forward to hearing how this turns out.
GOOD LUCK AND HAPPY INVESTING
sugab go to the county courthouse with the proper address and ask for a copy of the tax records on it. see what the taxes are and what they say its tax value is. also how much did it sell for last time it sold and when did it last sell.
GOOD LUCK AND HAPPY INVESTING
HOPE THIS HELPS
Hi Takeya,
I would knock on the door. Maybe it's not listed at all. Sometimes agents operate of of an open listing. Or try another agency or agent in the office to pull the listing if its listed. If your getting nowhere. Try the tax assessors office for the homeowners info if it is vacant or try by speaking to the neighbors. And research from that stand point. Did you try Deans totalviewrealestate.com to get a comp? Keep the faith and be persistent! Agents can be tough. But your armoured now! Just some suggestions. Continued success......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
That thought did cross my mind : being a multi-family but most of the homes are. Most of them are 2-3 family homes so there is some common ground. Would it really be worth that much more b/c it may take 2 families more? When I look at the bldg itself, it's not any bigger than the other properties although it has a lot of 50x100.
my first thought is to investigate, investigate, investigate. due diligience in other words. just use this as a training exercise. however you gotta compare apples to apples. an apartment complex may appraise for more. sounds like on your comps you compared houses. so this is many houses (a multi family) it may be worth more. i'm looking forward to hearing how this turns out.
GOOD LUCK AND HAPPY INVESTING
The race isn't given to the swift, but to those who'll endure to the end.
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that that's what I'll need to do Walt. Thanks.
sugab go to the county courthouse with the proper address and ask for a copy of the tax records on it. see what the taxes are and what they say its tax value is. also how much did it sell for last time it sold and when did it last sell.
GOOD LUCK AND HAPPY INVESTING
HOPE THIS HELPS
The race isn't given to the swift, but to those who'll endure to the end.
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I would've loved to knock on the door, if it wasn't fenced in and vacant, lol. It's been that way for many months.
If I have no agent yet to assist, what do you suggest? Will an agent I have no business relationship with simply provide me with this info knowing there may be nothing in return for them? I don't know. I will surely give it a shot though
Great suggestions. I'll even go to DGs totalviewrealestate.com
Thank you!
I would knock on the door. Maybe it's not listed at all. Sometimes agents operate of of an open listing. Or try another agency or agent in the office to pull the listing if its listed. If your getting nowhere. Try the tax assessors office for the homeowners info if it is vacant or try by speaking to the neighbors. And research from that stand point. Did you try Deans totalviewrealestate.com to get a comp? Keep the faith and be persistent! Agents can be tough. But your armoured now! Just some suggestions. Continued success......Lubertha
The race isn't given to the swift, but to those who'll endure to the end.
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Ok. Well, it looks as if it was built in 1920. So that's a negative. Through Dg's total view site, the average from the 3 comps pulled is $369,000. And remember this is a rehab project. It says that the tax assessment is $511,000. Hmm, I don't think this is the property for me.
The race isn't given to the swift, but to those who'll endure to the end.
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As was mentioned "Apples to Apples. Multi units are valued by the revenue generated, not just the property as a structure. Here is a formula that I previously used to determine value. I am calling a property manager today for disclosure on a multi-unit rent/maintenance history. You would be surprised at how much greater value a multi unit is compared to others. Revenue generation......Here is an example of Gross income multiplier:
Method to compute the price of an income-producing property by dividing the asking price of the property by current gross rental income. A property in a comparable neighborhood may be valued at "12 times annual gross". If its annual gross rental income amounts to $40,000, the value would be taken as $480,000.
Sounds like a total rehab, you will need to look inside with a contractor to get an idea on the rehab cost. Then make a low offer. If its turned down so what, you move on. If its accepted then you will have a great deal and a nice rental income once its done.
If the comps are 369k and it needs around 100k in rehab I would offer 200k.
Once rehabbed it will be worth alot more.
good luck!!
JMO
Richie.
Don't let the numbers scare you this could be a great deal. I would find out who owns it thru the tax office and approach them directley. If no agent can pull the listing. Means it's not listed. Be careful not to give an agent too much to go on. If it is not on the market then this s a potential listing for them. They can search by street. 1920 doesn't mean it hasn't been updated. So until you look into it, hopefully with a contractor. Then don't be afraid of rehab. It can easily become a negotiating tool. This can be a potential assignment deal. You can sell as is. So don't rule this out just yet. Find the owner. Maybe he or she is very motivated. Keep the faith..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Lubertha is correct, you can also wholesale it if you can lock up a great price.
stay after it, you can do it!
you all are awesome! Okay then, back to work for me
It's been on my mind but I was pondering letting it go, so to speak.
I see that I have to go to the tax assessors office on this one. Thanks a lot for embedding that resource into my head.
I'm going to find the owner and search for a contractor tonight, call the listing agent once the contractor is chosen and request a viewing.
Thank you!
The race isn't given to the swift, but to those who'll endure to the end.
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can be done online I learned, but I definitely need the parcel/lot #. Is there a way to get this online as well, or is it a must to go to the county office?
The race isn't given to the swift, but to those who'll endure to the end.
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I don't know if it works where you are , but in NY i use ACRIS.COM There i can see who owns the home by looking at the mortgage agreements.
Hi Takeya,
I am not sure if you found the answer to your question but, if your county or the county you are looking for property has a site it would be under your county's assessors office website or you could just go to the office. If it has a site it would be for example, like my county assessors office website for Chicago's Cook County site is: www.cookcountyassessor.com. So, it is usually your county's name with county assessor attached. You can then go on the site and look under search and you can search by address to find the parcel number or even a range of address to find the property (if you are not sure of the exact address.
Sincerely,
Tjay
TJay