Ok, i’ve now got a list of about 20 homes that i’ve located arround dallas and i’m anxious to get the ball rolling on making offers. Before i can make an offer thought, i need to know how much the ARV is so i can use it to help me make my decion as what to offer. I am not a realtor and do not have access to the MLS.
What is the best way for me to get comps on a home if i am not a realtor with MLS access?
Besides comps, is there any other way to get a ARV on a home without paying to have an appraisil done?
I hate relying on people for comps. Realtors often won’t continue giving you comps if you are not doing business with them. I’ve been using RealQuest.com for comps and they seem to be pretty accurate.
It is going to cost me around $60/month but I talked to a representative to give me a 14 day trial offer. You should do that since you already have 20 properties.
Also try http://www.netronline.com/. I think they offer $5/per comp on that site. I am in the Houston area BTW. Good luck.
I hate relying on people for comps also. I do have a person who has access to the MLS who offered to get comps for me,…but come on now… i’ve got a list of houses and i just keep adding… she’s not going to do AAAAAAALLLLLL those houses for nothing for the rest of my REI career! So,… do you know how much it would cost to have access to the MLS? I figure that at $5 a comp X how ever many houses i need comps for in a year, would it save me money to just get a realtors license and subscribe to the MLS, or is $5 a comp better?
I don’t know how much it is to access the MLS. I would just use RealQuest for the free 14 day trial. Then run all 20 comps. I also heard that the price that they give you is negotiable. I still don’t know if I will take them up on the offer as I am not running many comps at this time.
I’m pretty sure you have to be an Agent to obtain access to MLS - there are a lot of things you have access to in MLS and not just anyone get it - realquest.com is awesome - and worth the money - also you should use someone like realtor.com or ziprealty.com for a pending comp - don’t just use sold comps - also what i do is i have an appraiser i work with - i give him business as far as ordering the appraisal and he gives me value checks for the properites i am iffy about - it’s a win win - realtors are stingy - i never “rely” on them - hope this helps
I dont understand comps. To me, I just go to the county tax assesor’s website, type in the address and see what the market value is online. Then there is usually a place where you can hit for comps in the area. I read somewhere to look within 2 miles. Then I compare the price, size/condition of the home to the other homes. If there are similar homes, then that is about the price. Thats what I figured, but I dont know if that is how you do it…
Anthony, how many props have you actually went to look at (and in)? Before you start doing anything, you need to visit at least 100 homes in your target area that are for sale and see what is out there and what their prices are in given conditions. Also, since you have someone that will pull info off of your local MLS, ask them to give you a printout of homes sold in your target area within the last year and review it thoroughly.
Once you’ve done these things, then you’ll have a pretty good idea what a property value is simply by looking at it’s condition and knowing it’s location.
Agents stop pulling comps for newbies because they want comps pulled for EVERYTHING that they are considering. It doesn’t work that way. You, as an investor, need to know the basic values for your area, so that you can make a reasonable estimation for value on potential deals. COMPS should only be pulled on deals that have the potential to go to contract.
Also, if you ‘hate’ relying on people to do things, then REI may not be the best business to get in, as you will be relying on alot of people for alot of things.
Market value is NOT tax value. IF you’re using tax value to determine true value, then you could be WAY off base. Tax value is used strickly to determine what you pay in taxes. Depending on your area, tax value could be alot more, alot less, or somewhere close, to actual value. Also, tax value rarely takes into consideration condition, especially interior, so values are flawed. And like all the values websites (like ziprealty.com), tax values are determined by a computerized list, not a true appraisal, so even the best ones have properties that are given values that are way off the mark.
Roger’s got it right on the nose. Here is AZ. Tax value is way way below the actualy value. I’d be in trouble if I used that. And the best point is get to know your market. Do your research. Maybe start in one small radius and familarize yourself with the neighborhood then as you understand it move on to the next. You should learn pretty quickly. I started out by zip codes. Reviewed a map to that zip code and drove the neighborhoods. Then researched the properties on line through MLS, talked to agents, apparaisers etc - You definatley have to rely on dozens of people so the more contacts you make in the industry the better. Network, network, network.
By the way, here is a good site that provides zip code maps plus a whole lot more. This is what I use www.melissadata.com
Also, another thing I did was research and kept an eye on other wholesalers and what they were selling and where and kept track of it all. Very helpful!
