ok i now have a nice buyers list, ok just 5 buyers but im anxious and a list of properties to wholesale im ready to get into action all i need to know is do i have to pay outof pocket for realtor to assist me with comps? or can i relay on internet sources as adequate numbers if i dont have an investor friendly realtor on hand. also has anyone used propertyshark.com for arv :help im lookin to get started ASAP since ive only spent 1 1/2 years learning paying for courses and getting overwhelmed with info i need to get going before my if ands an butts come up again. NWI any advice appreciated
Hi,
You need to find a realtor to work with and you have to have real MLS comps available as any other online program's value estimates are off because there data is incorrect, old, not updating regularly or incomplete so you have to have a realtor.
Do you clearly know what each of your 5 buyers are looking for? You should build a questionaire list and go through and ask the right questions to understand what each buyer needs!
Make sure you have adiquate contingencies in your contracts to protect yourself!
This does not mean your actually writing all your contracts through your team realtor.
GR
thanx for responding and yes i do know what my buyers are seeking i actually have more buyers available but i have narrowed it down to 5 specific for the proterties im workin on due to their prefrences and im looking to find an investor freindly realtor in NWI to work with me but it seems like theyre not confenced of “non traditonal” methods of wholesaling i know there has to be more options available going to my local rei club meeting this week and im optimistic. i do however have an real estate attorny on board to assist with contracts but no luck finding title companies or realtors can i use the help of an out of state team like illinois since im really close??? thanx so much all advice accepted and appreciated
I always recommend that you do everything you can to get access to MLS. It’s the absolute best source for comps and determining ARV. If you know a realtor well, he or she will probably allow you to piggyback on their login. If not, you will have to offer an incentive… like a flat monthly fee or part of your deals.
If you can’t get access, you can use the free sites to help determine the value. An exact science… this ain’t. But, with practice you should be able to figure it out. Here is what I determine ARV without the MLS:
- Ask the seller what other similar houses in the neighborhood are selling for
- Pull the free value given on these sites: zillow, trulia, homes, realtor, eppraisal.
- Check the TAV as this could be a good indicator
- Go with your gut feeling
If you pull five free values and 4 are within a few grand of the eachother, that’s a pretty good indicator. With the free sites, it’s not good enough to just use one. You need to pretty much use them all. And, if the TAV is $100k and you think the ARV is $35k… something’s wrong. And, if you ask the seller about similar houses and he says $45k, but you think it’s worth $100k… something’s wrong.
See what I’m getting at? Take all of these indicators into account.
Of course, if you have access to MLS, none of this would be necessary.
Also, all MLS are not created the same. Mine here in Central FL is excellent. I’ve seen others where it’s not nearly as helpful and you damn near need a PhD to figure it out.
maestro thanx so much for the advice. local rei meeting tonight and im amped up… :biggrin hopefully ill find a realtor though id feel more comfortable using ther help ill follow up with the latest
For markets where I don’t have access to MLS, I make use of websites like Zillow, Trulia and Redfin. I know that most people will say that you can’t rely on them but what I do is I use it along the public records site. I verify my information with the city’s real estate assessor’s office site. With practice, you’ll get better at it. Then I make use of rehabvaluator to determine MAO.
I know that this question has been posted a few months ago but for the sake of those who are just reading this now, I actually wrote how I do my simple trick to answer a fellow wholesaler’s question on another thread… http://www.reiclub.com/forums/index.php/topic,53589.0.html started by JFromKatyTx.