Updated over 8 years ago on . Most recent reply
Two identical properties, 80k price difference
Looking around on zillow in my city of san antonio and i find a house thats being foreclosed for 160k, everything looks to be in good condition.... a few blocks away i find a literal mirror image of the same property listed for 120k, opening bid at 80k except the carpets are all stained, theres a dent in the wall about the size of a basketball, grass is overgrown, theres no tile downstairs (just cement slab). i feel like this is good entry home to start flipping seeing as though i have a comp right down the road. Any advice for a 22 year old trying to dive in?
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Most importantly, dont use Zillow. How do they know what a property is actually worth? The answer is that they dont and people make horrible buying decisions based on that information.
I have heard people say, "Well, Zillow said it had an ARV of $XXX,XXX, thats why I bought it." Of course arv was nowhere near that price.