I was thinking of getting a real appraisel. That way I could e-mail it to them so then can see exactly what the deal is. This can be costly though.
How do you do it?
I’m always more comfortable looking at comps than appraisals. Unfortunately there has been too many instances where people have inflated appraisals. It’s hard to trust them completely. Not to mention the cost of having one done.
Instead, if you can get at least 3 comps on similar properties that have sold within the last 6 months, it will go a long way in getting an investor to look at your deal. Investors always do their own analysis, but giving them something to make them interested will help.
Do you prepare a spread sheet? Or do you call and just tell them the address and they do all the leg work. I want to show them that it is a deal to get them interested.
I put some basic info in an e-mail with a link to more detailed pictures and comp information on a web page. That way I can have multiple investors looking at it all at once and anyone that’s interested can follow-up to get access or more info.
The more “relevant” information you can provide to the investor the better.
A spread sheet may be overkill, but the information we like to see falls into 3 catagories.
1.) any physical property information > >
basic stuff like type of house (ranch, colonial etc) approx age, #bedrooms, #baths, squarefootage, what are physical problems with property (if you can approximate repair costs go ahead and do it, otherwise, just list the issues the investor should know repair costs)
2.) comps what have “comparable” properties sold for recently? How did they compare (and not compare) to the subject property. What is the ARV After Repaired Value of the house
3.) seller info >> What is the sellers psychology? What is their motivation for selling? How long have they been trying to sell? Why hasn’t it sold?
If you talk to the investors you’ll be birddogging for, most are happy to provide you with an outline of what they want and how they’d like to see it.
Good luck!
TC, every now and then, you see something that is just so simple you smack yourself in the head and call yourself ugly names. I just had a problem sending out a marketing package tonight because the file was too big (several pics of the house and two aerials of the property). A bunch of my contacts’ emails bounced back to me because their freebie email addys couldn’t handle the size. For some reason, it never occured to me to put a link to my web site and put pics of the property there. DUH!!! ??? Thanks for the idea.