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Author Topic: Finding comps  (Read 2694 times)

Offline kc in tx

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Finding comps
« on: December 09, 2004, 10:02:33 am »
Hi everyone,
I am just getting started in REI. To be more accurate I am just in the learning process. However, I have talked with an invester that would pay me for bird dogging IF I found the right information for him. He said he wants CAD values, (which I understand I can find online or at the court house) comps and rehab amounts.
My question is this,  is it correct that the only way to find comps is through a real estate agent?
I am assuming I would have to get estimates on the rehab amounts from contracters. Correct?
Thanks ahead of time for your input.
kc in tx

Offline Mr.fancypants

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Re:Finding comps
« Reply #1 on: December 10, 2004, 12:31:42 am »
Hi kc in tx,

When I first started in rehabbing, finding comps for the property in question was kind of a mystery to me. But being successful in RE takes networking. The more people you know the better. Also, treat everyone with kindness, because you never know when you'll need a favor. Now, to answer your question. You can get comps and CMA's (comparative market analysis) from your realtor. Either befreind a realtor that will do this for you continually or just tell the listing agent you never make an offer without having comps. When they think they have a possible sale, trust me, they'll give you comps. You can also subscribe to Sitex.com. It's $70 a month which is extremely high, but if you're planning on doing high-volume it will be worth it's weight in gold. I've found it to be very accurate. You can also go to your county tax appraisors office. Mine is online. They will give you the tax appraisal for the house and the property it sits on. Typically, it's below market value (at least where I live). Or you can call agents that have houses listed near the property in question. Just ask them what the list price is.

As far as contractor bids go, yah, if you're bird dogging you might want to get those bids so you can give them to your investor. I always work with the same contractor so he gives me free bids. If  you don't know a contractor you might have to pay $60-100 for a walk-through. It's important to do this before you make an offer. Don't worry so much about the inspection, because you can include that as a contingency in your contract. But you defenitely don't want to lose your earnest money deposit because you  made an offer on a $30k house that needs $85k in repairs. Listen to your contractor!!! Good luck.
Work smarter, not harder!!!

 




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