I am new to real estate investing and while there is a lot of advice on running comps on the internet, I wanted to get your tips for running comps on homes. I have heard that some of the important things to consider are # of beds, baths, square feet, and the condition of the property (or amt. of rehabbing to be done). I am wondering what sites or resources you all use to get your information. I do not have access to an MLS at this time, is it worth it to contact a Real Estate agent?
I would really appreciate hearing your techniques for assessing the potential ARV of homes before making an offer so I have a better chance at successfully rehabbing/wholesaling.
@Steve Babiak Thank you, this is a big help, I am convinced there isn't a single corner of BP you don't know about!
When looking for comps I try and find homes with the same or similar school district, # of bedrooms, # of bathrooms, finished sq', total sq', style of home, size of the lot, age of home and neighborhood. I also try to keep my comps as sold homes within the last 6-8 months. Homes listed currently or homes sold years ago do not make for great comps. You want to know what is selling now or recently sold and how long did it take to sell.
I search for comps using my MLS. I always try to find comps with the same school district, similar size and style within a 1.5 mile radius. That will usually bring up a few good comps for me to use. Of course in some rural areas I have to expand the search.
If you don't have access to MLS, try using realtor.com or zillow.com to look for recently sold homes. If your looking in the Mid-Hudson, NY area I can always help you out as I have access there.
Also, I like using Google maps street view feature to "drive" the neighborhood. Google's street view will usually give me a good impression of what the neighborhood feels like. MLS pics rarely show the neighborhood and I like to know if the home I'm looking at is sitting next to a trailer or guy with 10 cars in his lawn.
IMO finding comps is the easy part of finding an accurate ARV. The hard part comes in estimating the reno.
If you have any other questions feel free to message me.
Thanks a lot @Stephen Talaber , I really appreciate your tips and I look forward to talking soon
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