I come across many deals on a daily basis and am just amazed at how off the numbers are. Many of the wholesalers out there are just trying to take advantage of someone that does not know any better.
As a real estate wholesaler you have the obligation to give accurate information about the properties that you are selling, especially if you are working with people that are new in the business. One bad deal for them could mean the end of their real estate investing career.
As a real estate investor, shame on you if you are relying on other people to provide you comps and dictate the value of a property. If you lose your shirt then you have no one to blame except for yourself.
So to try and help you I created a video that shows our analysis for a deal that we recently sold on www.jaxrehabdeals.com
Let me know what you think.
{ 5 comments… read them below or add one }
Hi Cris,
This was a great video on how to use RealQuest to pull comps. Sorry, I didn’t know you got $50.00 off your monthly fee if I used your name when I signed up(which I just did last week).
I live in Texas (a non-disclosure state) where it’s a little bit harder to pull accurate comps, but I guess I have to go about it a different way. This video was still very helpful though! Thanks, Marianne
Marianne,
I have a video that I can post on running comps in Texas and other non-disclosure states.
I will do so in the next few days .. come back and check and I should have it up
Hi cris this john w reynolds how do pull comps when you dont know area or state or the city you don’t live in here and the market the only way that i can is from Real Estate Broker that MSL listing here so how do you get it here when you got to pay for it here in Hendersonville NC 28739 or you want get they got the market sowed up about this i have to pay about $50.00 pop for it here for the info thank you i would like to know how you do it . email me back at greasytire@yahoo.com and it to be ture info
Very good information. I was wondering what to do for comps - I live in Albuquerque, NM - which is one of the worst nondisclosure states.
Chris,
Some really good information.
I agree that the investor needs to take total responsibility for the investment.
I once relied on a realtor’s square footage information on a property I ended up purchasing.
I only found out later that a back shed was included in the square footage measurement.
I thought the property measured 2,300 and was only 1,900.
This was a $40,000 mistake.
Now I measure each property myself.