New, nervous and need help

8 Replies

I'm new to real estate and new to big pockets. My goal is to invest in single family homes. I went house hunting today and saw a house in the town next to mine. It's a 3 bedroom home, fully furnished for $149,000. It's in move in condition.

 I feel it's overpriced. How can I check and where can I look to help me decide what is the right price to pay for this house. 

what is it you are looking to do?

Are you wanting to rent them? Flip? 

hi there

Thanks for responding so quickly. I'm looking to buy the property and rent it.

Originally posted by @Sheltocks M. :

I'm new to real estate and new to big pockets. My goal is to invest in single family homes. I went house hunting today and saw a house in the town next to mine. It's a 3 bedroom home, fully furnished for $149,000. It's in move in condition.

 I feel it's overpriced. How can I check and where can I look to help me decide what is the right price to pay for this house. 

If you're using a realtor they should be able to provide you with a sales & rental comparative Market Analysis (CMA). If you're not working w/ a realtor then check out sites like Redfin to run your own sales comps & Rentometer to run your own rental comparisons.   Never trust your feelings.  Always gather market data.

We are investors in single family homes. We have been very successful by using a realtor who know the areas and can help us "trust" we are getting a good deal. That being said, it is important to "watch" the area. Look at what things are selling for and know the rents. While you will never "know" till you rent the house out. You can get a good idea.

great information...much appreciated 

Sheldene, did you run the numbers through one of the property calculators?

If you provide the address we can look at the numbers and give you a ballpark idea.

Hi there: I'm not aware of the calculators. It's at 180 ward street New Brunswick 

To figure out if a houses is overpriced you need to look at comparable sales. The best way to find comps is on the Mls which realtors have access to but you could also look at zillow. If you are wanting to keep it as a rental what it's worth is not as important as how much money it will make you. How much it will rent for? What your expenses will be? What your cash flow be?

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