OfflineHi Matt!
I've read your story in Dean's PFRERN book and am really interested in following your 25:1 strategy. One thing I was unsure about though. In some of your examples in Dean's book, you mention the values and going rates of other houses around the "killer" house. Do you get those numbers from Starr based on comparable houses that have sold, or is that just from looking at what unsold houses around it are actively listed for? Any response would be appreciated. Thanks!
Vincent
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"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
I would also like to know how you arrive at those market values??
Randy
FMV is determined from recent sales, not list prices. Get a list of of recent sales from your Realtor.
Hope this helps, Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I recently "practiced " FMV and was way off. The main problem I have is there has only been one sale to work with in 2009 and the 2008 sales are now irrelevant. I live in a small town in Colorado where prices were/are inflated and the market (selling) has stalled. Any advise on how to figure FMV with these challenges? I am estimating a 27% drop but not sure.
Theresa
A Realtor, that is familiar with the area, should have a good idea of property values. Talk to other investors in the area to get their input. Some appraisers will give an estimate of value, for a reduced price, if the appraisal is not being used for a mortgage.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I would look at Deans Total View tool, zillow.com, cyberhomes.com and eppraisal.com. They all give estimates. I also tend to go with the lowest estimate given the current market. They also provide comps, but as mentioned earlier, if there are no sold homes in the area for 2009, the comps may not help. However, I would go with the lower estimates. If you have a good realtor, they may have a good idea of what homes are going for in your particular area of interest.
"You were born as an Answer to a Problem"
Thanks dukeofsc and alchristmann for the feedback!
Theresa
In my area Zillow.com is spot on. I also use realquest.com. Those web sites are used for quick values. If you want the most accurate numbers then pull recent comparables within the last couples months. They need to be SOLD comparables.
I actually have a very in depth system that I have created but, I really can't explain it in this forum due to the length.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thanks for mentioning the other site. I'm so going to order it tomorrow, after viewing the demo Alicia given me today. It will definitely help me with being able to lock up deals. After seeing the demo done with a property I'm looking at currently, I know I am on to a very lucrative deal.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hello, I went online and found out that finders fees are illegal in NC. what's the difference between a finders fee and setting up a contract? When setting up a contract, you inform the seller and buyer about your intentions for a profit. You were the one that found the property and introduced it to the buyer, in other words you found the property and with a contract will be paid for finding the property. What's the difference between being paid a finders fee and a contract? In both cases you can set up a contract because you found property for sale and introduced it to a buyer.
I don't have the money or credit to buy property myself, so i am choosing this route for now. Any good serious advice?
Take note that zillow is not accurate for all areas. I'm in CA and they have been way off on values. So, be careful and use a few sites to get a feel for the numbers.
KimmyJ
Press on...
Who is to say the worth of a property without a COMP!I guess the question is:How low do you go with nothing to base the worth?
Invest in yourself!
Zillow's zestimates are the same for my area. The other site that Matt mentioned you got to check them. Ask a rep to give you a demo for your county. It's all transactional data at your finger tips. The price is base off of which County you want to search using RealQuest Pro platform. It's awesome!
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Glad I could help!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!