New to wholesaling:
Found a property to work on my first deal.
Business entity has been filed.
Marketing is under control
Appraiser should be delivering the amount soon.
How to I evaluate the market value around the property mean while.
Atlanta area (30328)
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.
You need to have a relationship with a real estate agent. They can run a CMA (competitive market analysis) for any properties which will compare your subject property to known comparable properties that recently sold or are for sale currently. This is critical. It is from these comps that you determine the ARV price per square foot (from the comps) that you can apply to your subject property. So if the average price per sq ft of the sold comps is $95 and you have a 1,600 sq/ft house, the ARV is $152,000.
The way you get an agent on your side is you offer to give them all the leads you find of people that want to sell but are unwilling to accept your cash offer. You can refer those people to your agent friend. It's a win-win situation.
P.S. I have a wholesaling course (the Wholesale Accelerator), 3-videos plus sample contracts, that I'd be happy to give you at no cost. Just send me a colleague request and include your email address. No sales pitch, just free training I offer to BP colleagues.
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