hello all. I have 2 questions.
I'm using the fixand flip tool just to get the experience on using it. the only thing I'm haaving trouble with is determining the ARV. how are you guys determining this? and how accurate is it?
when it comes to marketing your property, what is it that you guys are doing that are you selling youre property fast? I want to sell my first property as fast as possible so i can create the profit for the next property and have funds to pay the monthly payment while doing rehab and waiting on the sale.
thanks for any advice given.
ARV is determined by finding the sales value of comparable houses in your neighborhood within close proximity which have occurred in the past few months.
Comparable properties are properties that kind of look the same, have the same number of bedrooms, bathrooms, rooms are in the same kind of condition.
And if they don’t look exactly identical, you need to adjust for the difference which can be a tricky exercise.
If you are unsure how to do it or even if you think you know, ask =one or a few real estate agents for their opinion
@Patrice Penda okay thanks. the only problem I'm having is that most the houses I'm comparing to aren't updated like I would be looking to do so its hard to make judgement on what its worth.
Be careful not to over- rehab. You don't want to find yourselves in a situation where you have trouble getting any buyers who would pay top dollar for the rehab you have done.
Do the level of rehab that matches the neighborhood you are in.
To sell fast, one of the things you need to do is to price it correctly.
If in doubt about the level of rehab you should be doing and your price point, ask a few agents in your area (experienced ones)
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