Comp question
When figuring the ARV of a property that I would like to fix and flip, do the comps have to be sold homes that have been fixed up? How would I be able to discover if they had been rehabbed or not?
I have been in contact with a real estate agent for looking at homes I’d like to rehab, and when I asked him to pull comps for me, he said it was not a problem. I asked him for as many as he could get on each of the five properties that I am considering. He has sent me only one or two for each property. One of the properties, he only sent one and said that it was the only one he could find in the past year that was fixed up. This is where my question above comes in. Do I really need to find comparables that have been fully remodeled as the subject property or is that necessary?
I’m now trying to come up with my own way of finding comps. Redfin isn’t in my area, so I’ve signed up for an account with realquest for comps. Does anyone know if this is a good place to find accurate sold comps?
Any help or advice would be greatly appreciated!