OfflineWell I am going to look at my first house tomorrow. One off of the MLS sheet that my Realtor found for me.
I feel like everything I ever learned just left my head. I know I need to take my property evaluation sheet with me. What else do I need to do?
Any tips from anyone would really help!!
Thanks!
Jack
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I'm in the same boat, just starting to look at properties in MI. What i'm doing is making sure that I do a rental market analysis to find out what rents are renting for in the area, as that is my exit strategy as the rental market is good now since many people were forclosed on. I also want to have an idea of what the fair market value of the house is...in comparison to what it's on the market for, so I know how under value it is. I'm shopping for a sales price that will be 35-60% under FMV, and with a sales price that I can get where my principal, interest, taxes and insurance can be supported and exceeded by the going rate rental income in the area. I'm using zilpy.com for the rental market analysis and zillow.com to get an idea of what the value of the house is, along with mls recent sales records. Zillow can be off by as much as $50k, but the banks use it I hear, so I take a look. Hope that helps. Good Luck!!