I found an investment in Florida. Since, I am really new at this, I was wondering if anyone can advise how I can value the property. If the property is not coming up when I type it into Zillow.com is there another way to assess the property.
Call your local realtor and have them generate a comp for that property. Zillow can be pretty close or pretty far off, not always a good reference.
Thanks for your quick reply. Local, you mean a realtor located near the property.
Yes, someone that knows the market around the area. If you are investing somewhere that is not local to you its definitely advisable to find someone that is on the ground in the intended investment market that can evaluate local conditions and prices for you. The realtor spends 40+ hrs a week looking at listing prices and recent home sales prices for that specific area, they know what a property is worth in that market. Also, finding one that works with investors is best as many only know retail prices and have no clue what cashflow is.
What type of investment is it?
It is a two story townhouse, 1800 square feet. Two bedrooms, two and half baths and garage. Still undergoing construction. Only half the units are ready.
Are you planning on renting or selling it?