Im just getting started and im having trouble with what to look for on craigslis/zillow FSBO's add , and how to determine if a property is potentially a good property for a wholesale deal, whether it be for an end buyer's fix n flip or rental. im trying to develop a system that i can use to quickly locate these potential properties and evaluate them correctly. and not waste time evaluating a property thats not a good deal.
Also i need a little help with doing comps for those properties and looking them up and understanding if they are comps i should use for the potential deal property.
any help would be great.
You basically just asked "how do I real estate"? haha
In my market- could be different in yours -Craigslist and Zillow are the wrong places to look for FSBO deals. FSBOs are the wrong place to look for deals, period. Here, Craigslist is nothing but wholesalers advertising their "deals" and Zillow is nothing but FSBOs dreaming of getting an extra $50k above market.
All FSBOs are "off-market" but not all "off-market" are FSBOs. You gotta find the "off-market" stuff that isn't FSBO. You gotta find people before they even realize they need to sell. After that point they have already called a Realtor.
Zillow is a pretty good tool for looking up sold comps. A good thing to note is how are properties selling versus their Zestimate. If every other 4 bedroom in your neighborhood has sold for $20,000 above Zestimate, what do you think your 4 bedroom is worth? Probably $20,000 above your Zestimate. The Zestimate itself is trash, but when you compare it to reality, it can be a good guide.
Best way to determine whether or not the home is good to wholesale is to call them and meet them on site.
I want more info on this topic.'Calling all the awesome BP'ers on here. I just found a gem on Zillow. Needs repair.....FSBO 90k less then comparbles ( must need alot of work lol)......looked up owners both deceased...went on county real estate website and they were the original owners in 1968, but show no sales price. Bizarre, but seems to have potential.
Zillow works just how Eddie mentioned. When you use the Zestimate as a guide instead of following it as law.
Another thing that zillow is good for is also like Eddie mentioned the comps. You can research sold homes within distance. More or less the numbers you see on Zillow i'm realizing are just kinda guesswork and high hopes.
It is convenient though when looking for specifically fsbo's on Zillow that you can look up the sellers phone number.
My use for zillow is just that in a sense, a research tool but I try to use it as a starting point.