Figuring the ARV?

I'm just curious as to what other Investors use to calculate the ARV or FMV when you have trouble finding COMPS (this is assuming that your NOT using a Realtor), See I normally will use websites like Zillow and RealEstate ABC.com to pull COMPS, But their are times when they are No HELP, Because of lack of Information and I'm NOT currently working with a Realtor, So that option is out of the Picture and YES I know that you can go check the Counties web site (Assessed Value) But, That too is usless a lot of times, Due to lack of proper Updating.

So, What are some of the ways that you guys use in this Determination, When COMPS aren't readily available from one of these sites? Thanks, SULLY

Any Different Idea's? :roll: :roll:

Edited: 06/26/2010 at 07:41AM by Joseph Sullivan

Nick J.

SFR Investor · Scottsdale, Arizona

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Mar 24 '09, 07:38 AM

all I care about are 'Solds'

what are or have been selling at what price.

Obviously the MLS is one of the easiest ways to find this out quickly.

I do use a separate service that only operates for my particular county and they access all the records and compile the list for me. I'm able to narrow it down to just the sub-division and as shortly back as I want and matching features of the property/building. So it's as accurate as I want to make.

if your not able to get the 'solds' from the MLS find out another way of accessing the 'solds'

Edited: 06/26/2010 at 07:41AM

Will Barnard

Rehabber · Santa Clarita, California

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Mar 24 '09, 07:46 AM

As Nick stated, it is imperative you have MLS access for sold comps as well as rental comps. Get someone on your team who can get you access.

You are wasting time using Zillow and other sites. Their opinion based values are usless in my book.

Edited: 06/26/2010 at 07:41AM

Will Barnard, Barnard Enterprises, Inc.
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Website: http://www.barnardenterprises.com
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Joseph Sullivan

Real Estate Investor · pottstown, Pennsylvania

22 posts
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Mar 24 '09, 10:57 PM

Nationwidepi,
I already know that Zillow and other sites are NOT very Accurate, But they STILL have SOLD COMPS that you can pull up on the site, Do you understand what i'm talking about?
Also, I agree that having MLS Access is imperative, However as I stated, I DO NOT have a Realtor that i'm currently working with, So how can I gain access to the MLS without working with a Realtor? SULLY

Edited: 06/26/2010 at 07:42AM

Robert Mack

Real Estate Investor · Bergen County, New Jersey

390 posts
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Mar 24 '09, 11:19 PM

Trulia reports Median sales prices, and in certain towns they'll report the median sales price by # of bedrooms. It is not as detailed as the MLS but might be worth looking at.

Does anyone know if their stats are accurate regarding sales and listing prices, PPSF etc?

Edited: 06/26/2010 at 07:42AM

Curt Davis

Wholesaler · Memphis, Tennessee

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Mar 24 '09, 11:48 PM

Sully,

The only real way to know what the ARV for property is would be for you to form a relationship with a local appraiser and let them know that any home you purchase they will get the appraisal. You can waste your time with zillow, and other ways but why not get comps from an actual appraiser? This is what I do and after hundreds of transactions it has never let me down.

Edited: 06/26/2010 at 07:42AM

Curt Davis, buyMemphisnow.com
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Full Service Real Estate Investing in Memphis TN

Michael Rossi

Real Estate Investor · Ohio

4,587 posts
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Mar 25 '09, 12:00 AM

The best way to calculate the ARV is to actually become an expert in your local market. Get out of the house and look at 100 or more properties (inside and out) in your target area. Keep looking until you KNOW what a house is worth just by looking.

If you're serious about being in this business, you can't depend on someone else to calculate the ARV for you. While you're contacting your realtor/appraiser/team member, someone that actually KNOWS the market will walk in there and take the deal.

Good Luck,

Mike

Edited: 06/26/2010 at 07:42AM

Will Barnard

Rehabber · Santa Clarita, California

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Mar 25 '09, 02:07 AM

Nationwidepi,
I already know that Zillow and other sites are NOT very Accurate, But they STILL have SOLD COMPS that you can pull up on the site, Do you understand what i'm talking about?
Also, I agree that having MLS Access is imperative, However as I stated, I DO NOT have a Realtor that i'm currently working with, So how can I gain access to the MLS without working with a Realtor? SULLY

I understand completely. My point was, get an agent on your team so you DO have access to MLS.

Originally posted by MikeOH

While you're contacting your realtor/appraiser/team member, someone that actually KNOWS the market will walk in there and take the deal.

This is also a valid point, but there are so many properties and deals out there, what you miss out on today, will come about again tomorrow.

Buyers market = lots of motivated sellers. :lol:

Edited: 06/26/2010 at 07:42AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Matt Mathews

Real Estate Consultant · yucaipa, California

239 posts
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Mar 25 '09, 04:22 AM

I agree with Will totally! Too many Investors have been told that Realtors are taboo. Everybody wants to take us out of the equation when in fact I have every valuable piece of information you need sitting right here on my desk. Not to mention access to properties that never get on the MLS. My Investors get them first. So go find an Agent/Investor to team up with. We're not easy to find but we're out there. Good Luck.
Matt Mathews
Mathews Associates LLC
Buyer Agent/Investor Specialist

Edited: 06/26/2010 at 07:42AM