Im considering my first MFH and as I'm evaluating the deal, I realize I'm not sure how to get a comp or an ARV. Can anyone help or recommemd an investor friendly agent?
You can utilize a service such as IMAPP to pull comps, but if you don't have a subscription it could be costly.. Public records but that can be cumbersome.
When I helped a client purchase a MFH, I used similar comps with the same number of doors and similar sqft. You may have to include sold outside of 6 months and you will judge the deal by what simliar mfh are doing that are active. Some deals are bad and you have to be able to only offer what number makes sense.
If youd like to use me to make sure you get the best deal possible, send me a pm.
@Ayne C. Your broker should be able to get you reports from CoStar, REIS, Yardi etc. You can also look up nearby buildings (Google Maps) and use Craigslist, apartments.com, zillow/trulia etc to get comps.
Best bet: Call each property and inquire about the rents.
Im getting an error when I try to respond to some of you who have sent me a private message. I can accept requests and I was able to send my phone number once. Sorry, trying to fix the inbox and will respond.
@Ayne C. you may have violated some sort of rules for bigger pockets. How long are you intending to hold the property and is it a value add opportunity or already fixed up? The return needs to make sense but depending on the area you might settle for a smaller ROI but more of a potential appreciation play. You should be looking at comps of sales but also rental comps that help determine values.
I intend to buy, rehab, rent and hold for cashflow. I'm budgeting to add value!
Thanks for your responses!
Jeremy, I am going to message you privately. So far Ive been trying to work wit my realtor friend but Im having a hard time getting into the flow. Maybe its time to work with a agent/investor.