All Forum Posts by: Jordan Sizelove

Any feedback on above post? @J Scott @J. Martin 

Figured out a great way to find comps. On Realtor.com when looking at subject property, they provide a map at the bottom. I simply open another tab and type in the street name of subject property to see if any houses have sold recently. If there are none, I enter the street name that is a cross street, one street over, etc. Is this an accurate way of finding comps? Or should I be doing something different?

 Now the tricky part is trying to make adjustments to the sale price of the comps. How do other BP'ers make adjustments for the different features of a property? For example, subject property is 3b/2b, 1300 sf., 1 car garage. One of the comps is 4b/2b, 1100 sf., 2 car garage. Is there a formula to make necessary adjustments (in this case the extra bedroom, 200 more sf., and extra garage space)?

Last but not least. What's the typical means of doing a comp? Do the majority of you use spreadsheets? Paper?

Looking forward to all of your feedback. Thank you!

Jordan Sizelove

 If I sell the car to a dealership, will the bank allow me to make payments for the difference? I was initially trying to trade it in for a used car. Pretty much every dealer I went to didn't want to buy it from me or do a trade because I'm under water due to it being a 2014.

Trying to sell it on my own would require me to come up with the difference at the time of sell. Not only that, but I'd have to get seller to give me fund to pay it off before I get the title.

Really wanna get rid of it. Paying just under $700 for car and insurance.

 Thank you for your response! Yes, I use my car every fay for work so I wouldn't be able to rent it. I have a motorcycle I can ride if needed though. So that could def. be an option. I'll look into it. Thanks again! 

Hey everyone! I plan on investing in real estate as soon as possible, but have a dilemma, one that most people face. I have no money saved and live paycheck to paycheck. 

Purchased a car in July of this year and the payments are becoming too much. Insurance is also a lot due to my age and this being a 2014 car. Have been contemplating for a while now about doing a voluntary surrender. Wanted to get all of your thoughts though.

Will that affect my credit horribly? Will it slow down my ability to invest in RE when it comes to financing? Doing a voluntary surrender will lower my DTI ratio substantially.

Please share your thoughts and give me any feedback you might have.

Thank you,

Jordan Sizelove

@J. Martin You are truly inspiring me! Thank you for sharing! Keep on doing what you do.

@Jared Benson made some really good points. Thanks again!

@J. Martin Thanks for your response! I'm trying to get comps for a flip, ARV. What do you mean when you say existing property? What's the difference?

If I'm understanding correctly, I should be looking for rehabbed comps if I plan to rehab and flip?

Will I be able to find the % the market has changed on listing sites if I need to adjust for properties that have sold longer than 6 months ago?

Really gonna focus on comps to hopefully get my first deal soon. You both have given me some great feedback. Gonna try some of the things you two mentioned. I'm sure I'll figure this thing out sooner or later.

Gonna look him up right now.

Thanks again,

Jordan

When looking on sites like Realtor.com, I can't seem to find properties that have sold within the last 6 months close to subject property. What do you do then?

Currently don't have access to MLS. Should have it within the next fee months. Will check and see if I have any luck on county appraisal site.

Last but not least, how do you make necessary adjustments to comps when just starting out?

@Wayne Brooks Thank you Wayne. I guess I wasn't very clear. What I'm really trying to find out is, based on your selected criteria, do you do a comp for every single property that fits your criteria? There's so many different listings.

@Jared Benson Thanks Jared. What exactly makes up a neighborhood? I know that some places have a specific name for that neighborhood. How do you know when a neighborhood ends? And what if there aren't any comps within 5 miles? Is there a way to search for properties that have sold recently within a radius of subject property?

Hi everyone! 

I'm just starting out in REI and can't seem to figure out how to properly do a comp in my area (Antioch, CA). How did some of you choose your "subject" property when first starting out? Did you just choose any listing and make it your subject property?

Since I'm fairly new, I don't know what a good price or good deal is in my area. How do you learn this when starting out? I feel like this is the only thing holding me back from getting started.

I've been reading the book on flipping houses by @J Scott  He provides a great overview, but my market is a lot different. If some of you could chime in and share your experiences, that would be greatly appreciated!

@J. Martin

Thank you,

Jordan Sizelove

 Awesome responses! Jay, would it be possible to share your other trick with me as well? Gonna begin my marketing campaign within the next couple weeks. Sent you a colleague request.