What if you can not find comparables?

4 Replies

Hello all. I am in the process of trying to research comparables for a property, and I can not seem to come up with any. I have used Zillow and I also use Realeflow which then uses Zillow, and still nothing. I think the problem lies in the fact that the house is 6 bedrooms, 4 baths and over 3000 sqft. This is pretty big, so I think it is just that there are no like properties to compare it to? Does anyone know of any other way I could find comparable properties without the MLS? Any advice you could give would be much appreciated! Thanks in advance!

@Kurtis Powell if you are not a Real Estate Agent yourself go find one! They are all over the place, drive by a house for sale? Call that number on the sign, look through Google for Agents in your area, or call one of the agents right on Zillow! 

Also go to a local REI and I'm sure you will find one or two. If you are a serious investor, new or otherwise, a Real Estate Agent will want to work with you (maybe not all so keep that in mind). The more houses they sell the more $$ they make. It shouldn't cost you anything to ask them for comparables in the area you are looking for. Think about it like car shopping, you just want prices of comparable cars so you go to the dealer right? in this case each REA is a "dealer".

Just be honest and upfront with them, tell them you are looking to invest, become friends with them as they are your hardline into the MLS.

@Zachary Lamb

I agree with @Kurtis Powell . You need comps and those will only come from agents or appraisers. An appraiser has no incentive to share info while an agent has significant incentive to help you. Let them work for you to help you make a better decision.

I'm a commercial agent myself and love helping buyer's make smart decisions.

@Zachary Lamb and @Ethan Kanning Thank you gentlemen very much for the insight. I greatly appreciate the help. I totally plan to reach out and start working with a few real estate agents in the near future. What I was specifically asking for was because I am looking to do a few wholesale transactions to get off the ground and get my feet wet. Will working with an agent inhibit my ability to do this, and if not, will an agent still receive commissions from my wholesale? Im just asking to try to find out what I should expect. Any help would be greatly appreciated. Thanks again!

@Kurtis Powell from my understanding wholesalers and real estate agents don't "get along" Reason being is that technically you are selling someone's house for them to someone else (just the contract but same premise) Generally the investor will have there means of financing the house that you have under contract and that person will receive commissions. Primarily you will be looking to sell off the contract to another investor and quickly, stick to REIA's and BP if you find a deal run the numbers and post it here for the investors to view!

good luck

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here