All Forum Posts by: Parth Patel

Just recently started diving into real estate investments and was wondering if not being able to rent out your property is a common problem? I'd hate to invest in a property and then have a vacancy rate of like 50% (if that's even a possibility). Is there anywhere I can go to check out the market vacancy rates in specific areas? Also have any of you ever experience ridiculously high vacancy rates? If so was it because of the location of the home?

Thanks.

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Originally posted by @JD Martin:

I check all of the properties we own once in a while on Zillow and the numbers are accurate to about 10% or so in my area. So I would say they will get you into the ballpark but you might be sitting in the nosebleed section.

Thanks a lot, I'll use the zestimate as a ballpark estimator.

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Originally posted by @Jameson Kaye:

Zestimate is looking at the entire zip code and general market trends in populating that number. I would like to say they are ball park figures at least here in SoCal. For New Jersey it could be a totally different story, is it close to rail way tracks? What are the houses like in the neighborhood? Look at the sales history towards the bottom of the house's page? Is the growth in price warranted for that area? With it being nearly $183,000 difference between the list price and zestimate there is a reason that house is priced that way either an under lying factor such as zoning, un-permitted work, excessive localized crime, or could be a thousand of other variables. I recommend talking to a real estate agent and have them send you over the MLS listing and read the notes and if they are willing a comparative market analysis. If you are close by take a drive by the property. Would you pay $283,145 for the house?

I never thought of taking into consideration those kinds of variables. I have no intention of purchasing the home, I was just wondering why there was such a huge price difference. I'm still in the process of learning how to do an accurate analysis and this information will be very valuable. Thanks a lot for your insight.

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Hey everyone,

I'm trying to educate myself on how to choose a decent location(in the future). I'm a huge newbie (just started last week) and one of my biggest fears is purchasing a home and then not having anyone rent it. I was wondering, generally, how difficult is it to find tenets and how do some of you go about choosing locations for a buy and hold? Another fear I have is overlooking any rehab costs.

I'd like to pursue a buy and hold strategy but am not sure what types of homes I should pursue. Since i'm just starting out i'd ideally like to start with a small investment (just to get my feet wet) and then with a little experience under my belt aim for larger projects.

Any advice would be greatly appreciated.

I don't plan on pursuing any type of investment until I get a solid grasp of the industry (i'm aiming to invest by June/July!!).

Thanks.

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Hey everyone,

I'm currently educating myself about Rental properties before I go and purchase one myself. I'm practicing doing rental analysis, but some of the homes on Zillow are priced REALLY low yet look like they're in decent condition. I was wondering how accurate some of the home estimates are.

For example, the home i'm currently looking at is $100,000 yet the Zestimate is showing $283,145. (New Jersey). Homes around the area are prices between 230k-400k.

3 Bed 2 Bath

Rent Zestimate is $2,000 per month.

Would really appreciate some insight on this.

Thanks.

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All Forum Posts by: Parth Patel

Parth Patel has started 14 posts and replied 25 times.

Post: What is the likelihood that I wont be able to rent my Investment?

Post: How accurate are "Zestimates" on Zillow?

Post: How accurate are "Zestimates" on Zillow?

Post: Choosing locations/rehab costs

Post: How accurate are "Zestimates" on Zillow?