Hello everyone! Happy Holidays 馃槉. My name is Precious Goje. I am a rookie and new to all things investment. I ran some numbers on a potential deal using the tools provided on bigger pockets however I was wondering how to find out if the numbers are legitimate and the process I need to use to get an accurate evaluation. What things I need to look for. Thanks 馃檪
Property Manager 路 Member since 2022 路 196 posts 路 125 votes
2y
You need an investor friendly agent or a local investor who can mentor you. I can help you out and take a look. I'm just not versed in your market.
You can use the "find an agent" tool on BP to find someone. You can go onto facebook and look into your local REIA's. Attend the meetings and start building the relationships you need.
Also, you can go onto where ever you look for properties (zillow, MLS, realtor.com, etc...) then filter for larger multi-families and/or commercial properties. Make a note of the agents with the most listings in your area and call them.
Property Manager 路 Member since 2022 路 196 posts 路 125 votes
2y
You need an investor friendly agent or a local investor who can mentor you. I can help you out and take a look. I'm just not versed in your market.
You can use the "find an agent" tool on BP to find someone. You can go onto facebook and look into your local REIA's. Attend the meetings and start building the relationships you need.
Also, you can go onto where ever you look for properties (zillow, MLS, realtor.com, etc...) then filter for larger multi-families and/or commercial properties. Make a note of the agents with the most listings in your area and call them.
Real Estate Agent 路 Fort Worth, TX 路 Member since 2022 路 25 posts 路 16 votes
2y
You said it is a commercial deal? What kind of property is it and what part of Dallas is it located in? I'll message you directly since I'm located in Fort Worth.
Real Estate Agent 路 Columbus OH 路 Member since 2018 路 1k+ posts 路 1k+ votes
2y
Hey @Precious Goje, welcome, if you are looking into a commercial deal you're going to want to use a commercial deal calculator or build our your own spread sheet calculator. Commercial loans, and valuations work somewhat differently than residential which is what the BP calculators are built for. You could potentially use them to get a good idea of the basic returns of a property but they won't be able to help work in the debt service, its beyond their scope.
As far as if the data is real or accurate, you generally don't get a real look at financials especially from small time or older land lords, they just generally don't keep great records, so its up to you to use your knowlege of the market and publicly available information to verify that their numbers make sense for how you believe the building will perform. past that you can pay for data really as much as you want to get into.