1st Deal Need Help With Comps (RedFin.com)
Hello, My name is Rick and I have always wanted to be a real estate investor and this year I decided to take MASSIVE ACTION and go for it. I had set my Q1 2017 goal to purchase my first ever rental property. I found a property and submitted the offer and it was accepted.
Purchase Price $27,500
With Seller 2nd of $5,500 (20%) down payment
Purchase price of $22,000 (CASH TO SELLER)
Seller will forgive/Cancel the seller 2nd @ closing
instant 20% equity in the property
The seller nor I have an agent. I am trying to find good comp sales. Zillow shows property value @ +$50k (I think is redicoulsy high) & this morning I came accross RedFin.com and it has the value @ $37,958 which I think is more accurate.
My question is has anyone used RedFin.com for comps and has it been accurate in doing so?
Thanks in advance!