Determining ARV for Bronx Rehab

7 Replies

I am new to the BP community so apologies if this is not the best place to post my question.

I am a newer investor/developer mainly doing deals with other family members but i have been striking out on my own and doing my own rehab in the Bronx. Unfortunately i am not entirely familiar with the area so i'm having difficultly coming up with an ARV for the property i have under contract. I have spoken to a few other investors i know but they are not too active in the area so the ARVs have fluctuated a bit.

If there are any Bronx RE agents on here that could assist I'd appreciate it

thanks and looking forward to building a some solid relationships!

Eric
I have two bits of advice for you.  first off you really need to find yout ARv before you buy the property.  That can be critical.

We have already passed that exit ramp, so I have a suggestion.  I would drive the neighborhood and find the top 4-5 active agents in your immediate neighborhood.  I would invite each of them to the house and ask them what they could list your property for after it is repaired.  I would further ask them questions about what features would make my property sell fast and for top dollar, and I would give the listing to the agent who I liked the most.  Agents can be a wealth of info, but make sure that you are getting your info from the right agents.  Any dolt can become an agent, you want to deal with the successful agents who have a feel for the local sub-market

I hope that helps

Josh

PS feel free to connect with me on BP

hey Eric, I'm a broker and investor in the Bronx. If you are doing a fix and flip to a retail buyer you'd just have to do comps (don't take anybody's word for it). You can get that data on Property Shark

If the property is intended for investors I could probably give you a good sense of the value without having to do comps. Just PM me and we'll chat.

Hi @Josh Caldwell

Thanks for the suggestion! You're and i do have a conservative ARV that a calculated the deal on but now when speaking to some other investors and mortgage brokers they are coming up with significantly higher numbers so i wanted to get a sense of how conservative i was being. Great idea to drive the neighborhood and call local brokers, will definitely do that!

@Elan Kels Its a fix and flip for retail buyers/investors (single fam 3 bed, 1 bath with a large basement, bath, kitchenette and private entrance.  Also has an attached garage).  The problem is there are few houses like it so when i search for sale comps in the last 6 months or so nothing comes up similar to the property.  However it seems a similar property (not rehabbed) was just listed by another agent but i don't know how accurate that is either. 

I guess the best bet is to get a few brokers in the door.  I wonder if it would make sense to have the agent who's representing the other property near by to give me their opinion or do you think this would be a bad move?  

Hi Eric, good job on going out on your own and doing your own rehabs. I am a newbie investor in Harlem, maybe we can connect. Good luck! 

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