More Newbie ?'s !

Hi,yes I’ve started my road to wholesaling w/ a future goal of flipping.
Found about 15 possibilities this week.
The proper papers and how to figure out comp’s is my stumbling block at the moment.
I do have the form w/ the optionee may transfer agreement on it.
I’ve read alot of books and been to way to many seminar’s that basically all say the same thing.
They,however leave a few tidbits out though…

How is it that a house can be appraised for 65 grand and put on the market to sell for 95 grand?
I know there are numerous formula’s.
This is what is on my agenda.

You can list house for whatever you want…doesn’t mean it’ll always sell at that price. If a house is worth 65 and goes on the market for 95 then 1) there’s probably room for negotiating which is why they set the price that hi (to make sure they get their numbers) and 2) somebody’s probably still delusional thinking this is a seller’s market.

But like I said before…a house can be listed at whatever price. You can also offer whatever price you want. Those numbers have nothign to do with what the actual sales price will end up being.

Thnx! I’m also doing comps on the houses on the same street.
I assume this another good way to figure out price comparisons…
I’m in Tx by the way…

Are you, by any chance, trying to use the tax assessor’s appraisal?

That number is totally worthless. What you need to be using to determine value is current sales comps.

so ur saying that the county tax appraisal for a house is not a
good thing to go by?
how do u find current sales comp’s on houses if it’s on boarded up

The county tax appraisals cannot be trusted. Some counties do a good job with them, many do an abyssmal job with them. The parish that I where I invested in Louisiana was often off by as much as 40-60%!


Add a Realtor to your team and ask them to run comps for you.