Using Totalviewrealstate.com

Mike, I use this website all the time when looking at properties. It just gives you a rough estimate (not exact) of the FMV. You can also go on zillow.com. Usually these 2 are pretty close in estimates of a particular property. There are lots of other sites you can use too... like cyberhomes.com for instance. Of course you need to do due diligence and get comps from your real estate agent if you are writing a contract or locking up a property.
Good luck!
Shirley

Welcome, Mike!

I am also in the "beginning phases" of this incredible world and I've been doing quite a bit of research. I'm using several different sites together, to get a good feel for a property as well as good ball-park numbers to analyze.

I usually start with cyberhomes.com to simply get a starting point (you can enter general search criteria to develop a list of 100's of homes for sale). I'll simply pick one (sometimes at random!) as a starting point. From there, I enter the address into totalview, zillow, and eppraisal.com (there are handy links on all these pages that point to the other pages). You'll start seeing several different "opinions" on the FMV, but these will give you a range to base your research on. (Dean and others say to use the low-end of the range in down markets and the upper end of the range in hot markets).

I also look carefully at some other indicators. One of the biggies is how many days the property has been on the market (some pages show it, others do not). Look for homes that are 90+ days. I also look for key words in the descriptions, such as "must sell" "needs work" "bring all offers", etc. This indicates a motivated seller.

Using all of the websites, you can also see graphs that compare the estimated values to other properties in the same area, comparable sales data for the area, estimated rental values, etc.

The last indicator I look at is on zillow (I believe! I'm always bouncing between the open browser windows...lol). It gives an overhead map that lists estimated values right on top of each property, as well as indicating if the property is currently listed for sale (on the MLS), recently sold, is "distressed", or for rent. This is great to be able to see if a property is being listed above or below homes right in the same neighborhood.

Regardless of what sites you use or what specific information you're looking at, good research is the key. Get a good feel of what's going on in your area and use any of the many sites available on the internet to find the deals.

Right now, I'm looking at a property in my area that has been on the market for 357 days. It's a 3/2 with 2,723 sq feet. They're asking 187,000 but the homes in that neighborhood are only valued between 130-170, and a combined average for the FMV on all these sites is $153k. I haven't looked at the property yet, but I have my starting point: 187k - 35% = 121,550. 121,550 - 10,000 (my profit) = 111,550 (my starting point for an assignment deal. I'd offer 111,550 to the seller and price it around $120k for a buyer - 35% below market - which gives me a little headroom if repairs need to be factored in (which I'll learn when I inspect the property) or if I want to raise my offer to help the seller in some way).

One of the other "neat" little features on one of these sites, is that it shows you "listing activity" - you can see what agent is representing the property, and if the listing price has changed. You can also see previous sales history. In the property I just mentioned, they changed agents numerous times in the past year, and each time they re-list, the asking price is lowered (this tells me they are not happy with their agents and are lowering the price in hopes of finally selling).

These all then become bargaining points with the seller: "I see you've changed realtors" "I noticed that you've been lowering your asking price" "Your asking price is above the current market for your neighborhood - your neighbors house sold a few months ago for $xxx dollars"... etc.

It's important to take notes on each property as well, so you are armed with solid information you can objectively present to the seller (most agents wouldn't dare try to convince a seller to lower the asking price (at least not by much) - that's where they get their commission from, and most agents don't even bother using these simple tools! That's why we find these deals when others cant!). If the seller feels you are being honest and objective with your evaluation - backed up with solid information, you will gain their confidence as someone who actually knows what they are doing and they'll be more likely to "deal" with you, rather than their bone-headed agent who told them to over-price their home so the agent could afford another cruise vacation off their commission.

It might sound overwhelming, but it only takes about 5 mins or so per property. You might have to look at 10 or 20 before you find 1 or 2 that are worthy of your list, but soon enough you'll have a list of 20 or 30 properties to move forward on (the actual preview/walk thru, where you learn the other factors that determine the price - condition, seller motivation, etc.). I have over a dozen on my list which I will continue to build, and take some time this weekend to look at the best candidates.

My suggestion - take some time and "practice" on a few properties. Don't worry about making a deal - just go through the steps and even just drive by the house to take a quick look. "Pretend" you are making a deal, rehearsing what you would say to the seller about how you determined the value (showing that you are, in fact, an "informed" and "educated" buyer/investor), and fill out a contract....just for the practice.

Within a week, you should become pretty comfortable with the tools and start to see how all of Dean's tips/techniques/strategies come in to play.

This is just my own insight into the online resources - I'm sure that many others will have different techniques (I'm interested to learn them as well!). Dig in, and you'll soon develop a technique (and specific websites) that work best for you.

Keep us updated with your progress and share what you learn! It's also okay to post some numbers on a deal you are thinking about, and ask for help/advice on how to structure a deal on the property. You'd be AMAZED at all the folks on here who will shed some INCREDIBLE insight/guidance!

Best wishes!!

Chris

....There is a wealth of information on Totalview. Not only can you run comps but click on the 1-2-3 buttons on the left of the screen. Each button number has videos, links and information that can help you get on the fast track. Good luck with real estate investing. Believe and Achieve! - Joe