I've been hearing a lot about Redfin as the best free way to get pretty good comps. I'm wondering how you guys do your comps on Redfin? It asks me to pick and choose properties to compare with, but it doesn't allow me to set certain limits (such as sqft within 20%, within 0.5 miles, etc). Do you guys just pick the top 3-5 properties according to "Redfin's special blend", or do you do things a little bit differently?
I currently have a software called PropStream (that I paid for through a guru seminar) which allows me to define certain limits, but I'm just not sure how accurate its listings are (and if it's missing any).
@Nghi Le : I do it manually with Redfin. Usually when Redfin gives me suggestion about houses sold in the area, I only pick +/-10% of sqft, and 0.25> distance from subject property. Then I branch out from there.
Sometime I will combine data from zillow and trulia with Redfin as well to come up with ARV. Since they all have different algorithm, I get addresses of houses sold that I can find on Zillow and Trulia but not on Redfin, then manually typed the address in to compare them.
PropStream is a waste of money to me. I bought it and never use it. Going to different free sites, repeating the process over and over usually get me to +/- $5K to $10K of appraise value.
Quick question: So I'm not sure if I'm still a newbie investor as I have 13 SFH in TX valuing over 2.5 MM. I'm looking at all these software options to find deals, however, I'm curious. Does these sites only find homes that are trashed and in serious need of repairs? Are they from the 1950's & 60's?. Does anyone have experience with these software options as I like to buy and hold properties that are much newer and nicer finish.
Hardly. I have heard their guesstimate are too low. Order through valuation companies are full report involving inside inspection and adjustment or an appraisal is the most reliable method.
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