I have been doing some research in the Harrisburg PA area because it is all I can really afford right now to start. I am not from PA, but have been doing some research and have some questions...Please Help:
1-In conducting comparables and so on, how accurate are zillow, truilla, epraisal, etc..in their estimates of the property value and so on? I guess I want know is what is best way to do resarch on a property when you don't have MLS and don't want to deal with an agent just yet.
2- What are the fees to expect in closing in PA, and how do I calculate my closing cost?
3-Anybody have experience in the market in harrisburg area, or should i look elsewhere?
Also if anybody knows of any real estate agents, title companies or attorneys that work in the area that are investor friendly please advise.
Im sure I will have anothe hundred questions to follow and would like to thank all in advance..
I think zillow is a great source. There are also many agents on there that would be happy to offer a BPO free.
Closing costs usually range from $1,000-$3,000 depending on area.
Hope that helps. :)
I am an active investor in the Harrisburg, PA market. The biggest difference in PA is the transfer tax: 2% normally split between buyer and seller. However, with some HUD homes and REO's, you would pay the full 2% when purchasing.
Hope this helps!
hey thanks guys for info..Kim can you explain more on the transfer tax, also do you know of any good title co and atty I can call to ask more questions
Hi @Chris Delacruz , I don't know the Harrisburg market but from my experience, I found comps from zillow and trulia to be very inaccurate. It would be very risky to gauge your ARVs from those sites. Also, its pretty challenging to fix and flip in your local area but to do that on an out of state property? I know its been done before by but very experienced and seasoned investors. Have you thought about how you were going to rehab a property in Harrisburg? Do you already know a general contractor? Do you know how you were planning on managing that general contractor?
Just some things to think about when flipping out of state.
what other ways are there then to get a good comp of area. Without use of an agent
From my experience I would never buy property from an area that you know nothing about. For example, when you don't know the town well, there are always certain pockets in every neighborhood that can change within one or two blocks, so I strongly believe that knowing your location is key.
As for Zillow.com. About the only useful information on that site is to see how the market trend has effected it's property value throughout the years. As for assessing values, it's totally unreliable.
I would choose a home to flip in a location you live close to and are familiar with. Those are my two cents.
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