All Forum Posts by: Austin Williams

I mean the assessed values mean nothing. Sometimes you might need to offer 100% over the assessed value. Sometimes you might be able to get the, below assessed value. You’re going to have to comb through 10’s if not 100’s of previous sales in the last 2-3 months of nearly identical properties to get an idea of what your target properties are worth. Probably the best thing you could do is go work for a wholesaler for 6+ months. Currently you’re essentially a peewee football kid asking the coach how to run circles around the professional defense. 

If you tell a wholesaler the zip code, the SF, the bed/bath and condition they should have a ballpark in their head instantly. MAYBE they adjust that up or down 10% depending on outside factors but they’re not checking the assessed value. 

Ps. I HOPE you misread the advice saying to offer 75-80% below asking price. I HOPE they meant 75-8o% OF asking price. (20-25% off). But even that doesn’t guaranteed a deal. They could be asking 20% too much. 

Pps. Wholesalers can literally pay THE LEAST for any property. You have to find a property that isn’t for sale or nobody knows is for sale, or is in unlivable condition.  Imagine a home “the market” thinks is worth $100k. You think you’re going to offer $30k or maybe $70k (if you misread the 70% off part of the bad advice you were given.). While the long term hold landlord would love to offer $85k. And the Short Term landlord might offer $95k-$105k because they’re going to make more income. But then in walks the owner occupant or the house hacker who “love the house” or the neighborhoods or the school district. And they offer $110k, or $120k.  You will literally never get one offer accepted. (I was going to say except for the person who NEEDS to sell today. But you aren’t really a buyer, you can’t buy today. You can only promise to go look for a buyer.)

Wholesaling is often sold as the easy way to get started. It is not. It is the cheap way to get started. As long as you don’t count all the hours you work for free that you could have been earning money and learning. I truly wish you good luck, but please be ready to pivot to something else. 

The county assessed value means NOTHING. I don’t own one property I would sell for 30% over the assessed value. 

About 10 - 15 years ago counties got sick of people contesting their property taxes. So they lowered the values 20-30% and increased the tax rate enough so that year property taxes dropped a couple dollars and nobody complained. But it eliminated any chance of them losing tax dollars to people who contested the values.  

I have multiple properties I would gladly sell for the county assessed value. They've gone up beyond the point of reasonableness around here. That said, who in their right mind would sell a property for 80% below asking price? I think you're going to be spinning your wheels and going nowhere with this strategy.