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Answers (6)
Best Answer
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
There is no magic formula. It is all market and property specific. Tax assessed values do not depict market value.
To see if you are getting a good deal, you can either hire a professional appraiser and that would cost you about $350 or ask a local Realtor to do a market analysis for you.
You can then take into consideration the cost of rehabbing the home and putting it back on the market and then determine if it's a "deal" or not.
Naima
To see if you are getting a good deal, you can either hire a professional appraiser and that would cost you about $350 or ask a local Realtor to do a market analysis for you.
You can then take into consideration the cost of rehabbing the home and putting it back on the market and then determine if it's a "deal" or not.
Naima
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
There are "clubs" that teach you how to be an investor. They are not for everyone, but if there is one in your area, it may do you well to listen to the experience there. (but don't believe everything you hear!)
Real estate investing is not like what you see on TV. You can lose everything very quickly.
Real estate investing is not like what you see on TV. You can lose everything very quickly.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I agree with Mack. Real Estate flipping, investing, massaging, whatever you call it, is not for the uninitiated. I know of lifelong Homebuilder's who couldn't pull it off. And you, surely, will have a hard time doing it with OPM.
- Mack McCoy
- Contributions:1116
You're not getting a deal, you're the "mark." The person selling it to you got the deal.
Real estate investing is - let me correct that; Profitable real estate investing requires a level of sophistication that only comes with experience. YOU have to know what homes are worth, what rehab costs are, what the market is like in your area.
Ever go to a jewelry store? Well, go to one next time you're at the mall; look in the cases at diamonds and their price tags. $7500, appraised at $11,000. Really? You'll buy it at $7500 and it's worth $11,000? Try to find a buyer for it at $11,000!
Unless you know the market and know values, you don't know enough to be a real estate investor.
Real estate investing is - let me correct that; Profitable real estate investing requires a level of sophistication that only comes with experience. YOU have to know what homes are worth, what rehab costs are, what the market is like in your area.
Ever go to a jewelry store? Well, go to one next time you're at the mall; look in the cases at diamonds and their price tags. $7500, appraised at $11,000. Really? You'll buy it at $7500 and it's worth $11,000? Try to find a buyer for it at $11,000!
Unless you know the market and know values, you don't know enough to be a real estate investor.
- Kyle McCormick, "RockyMntStatelender"
- Contributions:23
Zillow is a great resource to assist with this. Always good to have a great realestate agent on your side to assist you with comps of similar homes in the area.
- wetdawgs
- Contributions:26830
The appraised tax value is not a good number to use for the market value of a house. The best way to figure out the market value of the house is to compare it to houses that are similar (size, location, upgrades etc) and in the neighborhood that have sold in the last two or three months.
This is a really bad time to make money by flipping. There are few bargains, and house prices appear to be continuing to drop.
This is a really bad time to make money by flipping. There are few bargains, and house prices appear to be continuing to drop.
Howdy how to find out whether we are getting a below the market price deal when buying from a person
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