Buying an investment property

Profile picture for allenpaul
I am looking to retire soon but wanted to possible invest in a house that I could renovate and rent out in the Seattle or Eastside area.  Is there a way to use Zillow to search for houses that are for sale that are extremely good buys (ie are selling for undervalue)?  Any tips on how I can use this site to look for such a property would be much appreciated, thanks!
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February 11 2010 - Industrial District
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Answers (4)

Profile picture for FredRea
Allen,

Unfortunatley, like many other said before me, Zillow is not the best place to conduct this type of search however there are many agents out there that are in tune with the distressed real estate market and know how to get you a deal. If you would like a referral or two I would be happy to give you a few names that could certainly find you a house for below market value. I have done TONS of distressed real estate transactions so I know the good ones in the market.

Lots of REO's and Short Sales are happening selling at great values!!!

Good luck in your hunt!
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February 11 2010
Profile picture for Rob Weston

This site is set up for general searching of homes.  Weather something is an investment or not is up to many market conditions, location, timing etc.
I would suggest connecting with an agent or Broker that specializes in investment properties or commercial investments.  There are websites that are exclusively commercial and Income properties.  Otherwise most real estate websites have multifamily and commercial properties, but many commercial brokers do not share info on these sites.  Zillow is designed for residential real estate.  I would be happy to share some of those sites with you if you are interested.  Hope that helps.

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February 11 2010
Profile picture for nwhome.us
Look at the FAQ tab and then the menu for the Most Common Zillow Questions.
You will find there a number of videos that explain how this site works.
Zillow is not a member of the NWMLS so their database is drawn from, in this case, King County records.
You will find that there are a number of Real Estate agents and Realtors, who participate on this site regularly, who do have access to the NWMLS data are will pitch for using them to help you with access to this data.
Your search will be greatly aided by focusing on a smaller area than what you have described.  You will be helped in doing this by using the Local Info tab in the top menu and finding neighborhoods that interest you. In the menu on the left of the page, look for the drop down for "More Info" and you will be able to sort for a number of different criteria.  Sorry, you won't find any help in downloading and crunching data; you'll need to get access to the NWMLS for that once you've fine-tuned your search.
Pitch:  Call or email me if you'd like any more information.
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February 11 2010
Profile picture for SeattleHome.com
Hi Allen,

Unfortunately, Zillow doesn't have a full feed of the MLS listings in Seattle.  There are quite a few listings that are syndicated here by brokers, but many won't show up on Zillow. 

You could compare list prices of homes on this site to zestimates, but that's a pretty shaky way to evaluate a good investment.  Even Zillow's people admit that the estimates are 10%-20% off the actual value in a fair number of cases. 

You should really narrow down the kind of property you're looking for, and identify an agent to do the research for you on properties that fit your budget and guidelines.  You can then compare them to the zillow estimates, if you'd like, but getting a CMA from your agent would give you better data.
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February 11 2010
 

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