how to calculate the after renovation value and get funding from a HML

Question

I was hoping someone could give me a quick step by step guide to determining the value of a home after the renovations, and the best way to present this to a hard money lender. 
I know the short answer is to go in and talk to a realtor but I'm not really in a position to buy right now and I'd rather not waste their time.
 Also what lenders do you like like to work with?

Thanks in advance.

Shadrach Palatino · Answer

Thanks guys, I appreciate the advice and the links.
It seems like the best way to get into a property with my credit is to find a HML. If I understand it right they will typically loan up to %65 of the value after renovations. So obviously knowing the profit  is great enough to cover materials, time, all the fees and the interest the lender will charge is pretty important. 
Thanks again for the links.

Steve Babiak · Answer

Lots of further reading here:

http://www.biggerpockets.com/forums/48/topics/77999-finding-comps---faq

Brandon Turner · Answer

Hey Shadrach Palatino Great question.

If you don't want to contact an agent, there are a few ways (not as scientific, but should serve the purpose)

1.) Look at the homes that are currently "For Sale" or "Pending" on Zillow or Realtor.com.  They also have listings for properties that are "sold" which will be more accurate. You want to find properties that are similar in size, number of bedrooms/bathrooms, and location.

Check out these articles for more info:

What is Market Value

Four Steps To Determine A Home’s Fair Market Value

Hope that helps!