I am a new wholesaler in San Diego and I was wondering if any of the agents can tell me about finding what property values surrounding a potential investment should be. How can you find accurate, and I mean very accurate, comps in the area? Should I ask neighbors in the area? Talk to local agents? You can probably tell just by my questions that I need guidance. Any of your feedback is greatly appreciated. I focus in finding deals through probate. Thanks!!
First off, posting the same question in four different forums is redundant and spammy. You want good comps, beg, borrow & bribe your way into access to the MLS. You can't get accurate comps without using the MLS. You can guess what it might be worth using zillow and redfin. You might want to look into property radar as well. I've never used it, but I hear it gives lots of data on California properties. End of the day, MLS is still the best and most accurate way to comp houses.
@Gabriel Romero Unless you have access to the MLS yourself, your best bet is going to be working with an agent that does. They will be able to pull any active, pending, and sold properties around your subject property and then you can do the analysis from there.
What area of San Diego are you looking in?
@Gabriel Romero The MLS is the only way to get accurate comps like everyone else stated, it is what appraisers and banks use.
Property radar is a great new to me tool that can be very helpful for a quick insight as to comps, but is not accurate enough for a wholesaler, or for final numbers.
@Garrick Oconnell - what don't you find accurate enough? We are always looking to improve, and I'd appreciate any feedback you may have. If you are just referring to the estimated value - then of course, you should never use those for anything but a rough estimate - there just isn't enough info in public records (or the MLS) to do accurate valuation estimates. Even appraisers get in their car vs. just relying on the MLS or any other data source.
@Gabriel Romero be sure to read my take on determining market value here: http://www.biggerpockets.com/forums/67/topics/1670.... Especially the section on Online vs. In-Person. I really think that is the key to doing it right.
@Sean OToole I love property radar I was just trying to say that he could use property radar until he gains access to the MLS but it does not replace it.
Thank you for your presentation at the SDCIA this month and for creating, maintaining, and constantly improving a valuable tool I use daily in my business Property radar.
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