valuation

1 Reply

Is using findcompsnow a good idea

@Jim Dickerson  

I have only been doing this for almost a year and still have much to learn. That said, I never heard of this site so I went there to check it out. My findings were somewhat ok, however, I would like to point out that the first one I tried was off by $20,000! That could be all of your profit on a deal like this one that I checked findcompsnow.com on. That would have killed our deal so hear is my two cents:

  • Find a realtor that you can get to know and totally disclose to them what you are doing and that you need comps (if you do not have your license).
  • If you cannot do that then what I do is look on Zillow, Trulia, and a couple of others for recent sold within a .5mile radius. Make sure you are comparing "apples to apples". If the recently sold has been rehabbed and the "deal" you are looking at has not then you need to factor rehab costs.
  • I highly recommend finding someone in your area who would be willing to take you on as a mentor. Someone who you look up to, and who has access to real comps. This step has turned me into someone who thought I could find deals-to someone who IS getting deals.

Jim, it is not easy being in this business but with some dedication and hard work you can do it! Also, put up a picture in your profile-it will make you stand out more and people will take you more serious if you really put effort into everything you do. Adding a picture also can make your profile stand out over others on this site, and you are more likely to connect with like-minded people! You can do it, if you want it bad enough!

Stephen Barton, Real Estate Agent in IN (#RB14052302)
317-694-4774

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