Comps question

As a former Realtor, when I came across a difficult comp like this first I would expand the area to possibly the state. But, better yet .. I would do it as I could sell it ... Break it up. Like this; first the house. Find similar houses in similar areas and if none have pools find the value of similar pools built in the area and add that on (taking into account the size and age of the pool, its condition and amenities such as decks and heating or even salt water or slides) Then look under land sales for improved land or equal condition possibly from rural listings. Take these and with your best Guesstimate try and combine the land,the pool and the house. Be sure and balance the combination by adding or subtracting due to the condition of the parts and the location. This should give you a better and more justifiable estimate. Remember above all it is an ESTIMATE based on previous sales. What did similar properties sell for previously ? I hope this will help you and Remember start at the low end to attract good buyers. Wholesale it.

Ask your agent to get you comps, the MLS has the most accurate comps. Zillow has some good comps sometimes, but the best comps comes from your realtor. Also having a realtor from the area where the your investing in can get your a estimate on the ARV if there isn't too many comps to show but the agent might be familiar with the area.

Frederick and Reynold, thanks to both of you for your time.

I understand both answers.

30 Days to Real Estate Cash talks about checking the comps that your agent gives you. I can't begin to check them if I can't figure out how to do them on my own.

Because my husband subcontracts new construction, we know most of the realtors in town. With this being a small rural community, they don't see many deals like the ones the book talks about. They don't have experience or understanding of wholesaling. Not to take away from them at all. They are all wonderful people, good at what they do. Just not wholesaling....yet!

Thanks again, guys. You have be very helpful.

Pauline

When you get a real estate agent on your "team," there is no reason you should tell them that you are wholesaling. This will only cloud the issue. What you do with a property 30 seconds after your "own" it is, frankly, none of their business or concern. Just work with them as an investor who is looking for properties meeting your investment criteria.

to what all have said, yes dont even mention the word wholesaling anymore except here & your RE investment club meeting & to your buyers Also yes get an agent & always have them send you comps(it will be difficult to comp props out sometimes with just online comps like totalviewrealestate.com)

So use an agent, find a rock star agent to work with & get them to send you comps & tell you what they think in their expert opinion what the prop is worth and if it is an off market prop that if you get it then you will give them $300 for just sending you comps(unless they are going to be your buyers agent making offers off of the MLS)

Then they will get commission anyways if it the prop is llisted, does that make sense I hope?

really want to go with Realtor comps!

I understand. Thank you.

Both Trulia and Zillow claim to create values, offer comps etc. The problem here is that their valuation is off and off bad. Their comps are missing about 25% of recent sales and thus any valuation formulated off their data is going to be skewed. In a market where a few thousand dollars can make or break a deal - it is not worth the risk.

Question I tried to go through an agent to get a comps on a property they asked were I the owner and etc..... Then I find-out they pulled it up and found the real buyer and asked if their trying to sell... SMH! I'm lost an agent pulled a slick one!

Bet that agent isn't on your friend list any longer or on your real estate team either. In this business, people are on a need to know basis. The agent did not need to know that you were comp-ing an unlisted property. You could have been using it to compare other listings that they printed for you.