how do i calculate market value ?

General Real Estate Investing
1

hi all,
i found a 2600SF house in huston area for $102,000. +3000 in repairs

i am thinking about buying the house and renting it.
i was wondering how much this house will rent for ?
and will it even rent??

i think this is pretty good deal but how co i calculate market value?

thanks a lot

2
  1. You can look in the newspapaer to see what homes in your area are renting for.
  2. Drive the area and call for lease signs.
  3. Ask an agent in the area.
  4. Call a management co and ask them what they think.
  5. Put a dummy ad online or in the newspaper (FOR RENT) and see how many people respond.

I hope this helps!
Mark
www.reinvestorsolutions.com/marksaenz

3

thanks Mark, great ideas
Oh so what do you think of the deal?

i am from CA, i was planning to get a house in AZ but i cannot afford it

Here is my situation.

I have about $10k in stock broker account which can be cashed.

I own about $3500 on my credit card out of $10k credit limit.

My current fico is 601 but will up soon.

I make about $1360 a month working parttime.

4

Well, I have made a lot of money with CA Real Estate.
What do I think of the deal? The Houston deal? I don’t have enough info and I need to know your strategy!!! That is key!!! If you can make it an asset then its always a good thing but be sure you know what you are getting into. For example, I own prop in TX. too. Prop Taxes are bonkers!!! Not like AZ or CA. Have a good exit strategy in place and make sure you can handle the worst case situation. Remember, make your money when you buy!!!

And EDUCATION EDUCATION EDUCATION!!! That is the key. Learn and network and that will accelerate your REI career. Keep in touch and let me know how I can help you.

Successful investing,
Mark

5

P.S. Remeber…train your mind to think in terms of HOW CAN I AFFORD IT rather than I cannot afford it. It will open your eyes to ways you never thought of. Good luck!!!

Mark

6

sorry, what do you mean by Bonkers?

Do you think there are still money to be made in CA?

but then i cant afford it anyway…

Thanks

7

Denny,
I personally know a lot of people in CA making money. They main thing is to know how. You can still do it with no money down and without using your credit. Like Dolf DeRoos says, “The chance of a lifetime comes around once a week.” You can wholesale, assign, bird dog. Its been my experience lease optioning is a little tougher to do in SOCAL, but its not impossible. I know people have done it just not as common as some of the others I mentioned. Also, the goal here is little to no money of yours as possible. So you have more money that you think…OPM other people’s money. It all starts to make sense one day at a time.

Cheers,
Mark

P.S. I did a no money down deal in N. SD county. It was at a time when evryone said RE was too expensive too and it couldn’t be done. Listen to the people on these forums not the peole that aren’t investors! ;D Oh and remember, not all agents are investors so take what they tell you with a grain of salt. I love agents that are investors. They understand my NEEDS better.

8

GREAT ADVICE Mark I agree 100% That is always my advice! Do you wanna get paid now or later or Both? I think 100% of people will answer the same way!!!

9

So how do you find an agent thats also an investor? I live in the South Jersey area here

10

There are a couple of things I recommend:

  1. When you call an agent off a sign simply ask them if they have any investment props. Remember, there are a lot of agents out there so interview them and see if they are going to work for you. Ask them how long they’ve been investing, their opinions on the market, etc.

  2. Hit up your local REI club. There are bound to be agents there. You still want to interview them and even ask for refrences.

Hope this helps.

Mark

11

Makes sense to me!

Thanx Mark ;D

12

Hey, it really is my pleasure. Also, here is another method I just thought of but it can help tremendously as well. Go to your local library and ask for a Book of Lists. This should have all of the top RE producers in your area. Contact them and let them know you are an investor looking for _________(fill in the blank). Ask them what you have to do to be the first person they call when they come across a deal and listen to what they have to say. If you like their terms…PUT THEM ON YOUR TEAM OF ALL-STARZ. ;D Good luck!!!

Mark

13

Wow I didn’t know librarys had such lists! :o
Thanx for the information!

By the way, LOVE your webpage :wink:

NOUVEAU RICHE out with the old, in with the new ;D

14

Hey Thanks! :slight_smile: Let me knowif there is anything else I can do to serve you better.

Mark

15

Thanx so much, I’m sure I’ll think of something :stuck_out_tongue: