Investor · Clarendon Hills, IL · Member since 2014 · 86 posts · 12 votes
As the title states my question I'm curious to hear people's opinions on this. Do successful investors use zillow as a resource. I'm a newbie looking at properties and would like your input.
You can certainly use it effectively for some general research. Don't trust the "zestimates" though. If I'm remembering right, they allow you to do a "recent sold" search which gives the actual sale prices, and they seem to usually have the property tax info available which is nice (don't have to look it up on the county site). Basically, I think it's good enough to gather info on a neighborhood and a property, but don't go making any offers just based on what you've read there. Find a broker who can get you a solid CMA.
I used Zillow as a tool for research. I also bought my first FSBO from Zillow. The more tools you have the better you will understand what you are looking for.
You can certainly use it effectively for some general research. Don't trust the "zestimates" though. If I'm remembering right, they allow you to do a "recent sold" search which gives the actual sale prices, and they seem to usually have the property tax info available which is nice (don't have to look it up on the county site). Basically, I think it's good enough to gather info on a neighborhood and a property, but don't go making any offers just based on what you've read there. Find a broker who can get you a solid CMA.
As noted above, it's often inaccurate on estimates, but is typically fed from local MLS's. Depending on what the market looks like in your area, you could probably find a good list of foreclosures or other distressed properties that are listed with agents or FSBO. It's a good low-barrier-to-entry way to start looking. I would use it to find a local agent that is investor-friendly and build a relationship. A lot of times they can share insight on properties that are listed and could keep you posted with "pocket" deals that aren't publicly listed or haven't been listed yet. All around, it's a great place to start.