does anyone recommend any particular software product to evaluate wholesale deals? also is there any software for finding out a what the market value of a property is? anyone help would be appeciated. thanks.
To get the market value, you need comps. The best place for comps is the MLS (and CRS, which is a Courthouse Retrieval System). Most Realtors have CRS as part of their MLS. The best way to get MLS access is to become a Realtor. Now, once you know the market value, you can evaluate a deal with a calculator. I usually do the math in my head. If you want to get really detailed, you might want to use Excel. You shouldn't need anything more than that.
In your opinion, is CRS data accurate? I purchased access for $80/month and I'm happy with the service, but I'm just curious of experience of others. Also, when you see a sale with no price, does that indicate something to you?
I think that it's accurate with the data that it presents, but it may sometimes be incomplete. I think it's FAR better than Zillow (spit). Usually, when there is no price listed, it is often a Quit Claim Deed transfer.
Another advantage of being a Realtor - I get CRS included in with my MLS access (at less $ per month that what you are paying).
Wholesale deals are evaluated just like any other deals, with an extra cost factored in for the wholesaler's fee.
So, if you expect to wholesale a property to a rehabber/flipper, analyze the deal as a flipper would and then just subtract out your fee to determine you max offer. Likewise, if you expect to wholesale a property to a landlord, analyze the deal as a landlord would and then subtract out your fee.
To add to my post above...
Here is how many flippers analyze deals:
Here is how many landlords analyze deals:
And here is how to estimate ARV:
Well you could use ACI or A La Mode appraisal products - among others. Or you could google and download "fnma 1004" and then "fnma 1025". Those forms will give you a grid which you can use to create your own spreadsheet. There are plenty of tutorials on YouTube on making adjustments and reconciling value. Done correctly, this can get you ball park for retail value; extraordinary assumptions being: the subject is in marketable condition, is part of an arms-length transaction, and that the party determining value has no interest in the subject.
As far as evaluating wholesale deals - I'd listen to J Scott
Just my $0.02.
I agree with the rest... But hey, good to see another Devil Dawg on here ;)
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