Remote Investors - where to get sold / rent comps?
Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.
Redfin has been a good source of data for me for getting comps out of state. As for closed rental data, you'll have to get your license or have your agent provide that for you. Looking on Zillow and Trulia should give you a good baseline on what rent in the area is as renters tend to search those sites first and most often.
BP has a rent estimator tool and rentometer.com is another one that seems to be pretty accurate for the areas I look at.
I never would without a property manager in place I ask them what they will rent the unit for if i get it find that is the best number get my comp from my real-estate agent they run them for me. Find people are the best source for the best numbers. Computer generate data just lets me know if I am interested in looking father into the project
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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You would need MLS access to run comps in non disclosure states
that is for sure or an agent to do it for you
I invest out of state with help of a high-quality turnkey provider. They take care of everything including comps and stuff. If you are interested, we can connect and I will share my experience.
Ok, great insight everyone thank you. I've been working with Realtors in the area but didn't want to bug them every day as I hone in on my exact target area. This will all be helpful, thanks again.
Hi Reid, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
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Quote from @Reid Griffith:
Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.
The local MLS.
This might be a bias answer, but a good agent is almost a necessity when you're out of state. They provide you all of the market data you need, and they can physically visit properties and neighborhood on your behalf.
A good agent won’t think you are bugging them fyi ;)
Quote from @James Wise:
Quote from @Reid Griffith:
Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.
The local MLS.
How does one get MLS access?
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Quote from @Reid Griffith:
Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.
You are working to hard. Just connect with those that provide rentals in that area, Let them handle for you. Also, all due respect, If you do not know then you should not be even trying to buy there. GET OFF the internet and connect with those doing deals in that area, keep it simple :) I know many investors that no nothing about certain areas, never been there, they simply let the pros handle for them.
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#3 General Landlording & Rental Properties Contributor
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Quote from @Reid Griffith:
Quote from @James Wise:
Quote from @Reid Griffith:
Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.
The local MLS.
How does one get MLS access?
PLEASE connect with someone doing deals, learn then apply what you learn, BTW Zillow has the same info more or less, Or Redfin or the others, Zillow just type the address in and then click the SOLD tab :)
We are remote investors in the area and due to the "low data" that most websites have on the South Bend area, we take several different websites and average them together. Our go to are usually Avail, TurboTenant, Rentometer, and Zillow.