Hi guys this is Haim Mamane Palman, The Virtual Whole Saler Guy. Today I just want to show you how I comp a property on my phone with Zillow.
In my particular market, Zillow has pretty good comps. So when you have Zillow app on your phone just go to Zillow and from there just put an address for an example: an address from the deal that we look upon the contract. Then you will see the subject property and sometimes when you are on the public version you can see the pictures of the property. So what you have to do if the recent sales will not show up is go to the owner tab and if you scroll down you will see the Price this Home just click on one of the highest comps and from there you can see first thing that my subject property have a three bedroom one and a half bath. Then scroll down to get an idea of the highest comps in the area and when was there sold date, so you can see there’s a comp that was sold on June 9, 2016 for $69, 700 and another one that was sold on June 20, 2016 for $65, 900, and you have $65,000, $64,000, and so on. Once I get an idea that the highest comps are in the between sixty and seventy thousand dollars, I will just go to the maps by clicking the View Homes On Map button and it gives me an idea of where the comps are and my subject property is the Green Dot (see video). So you can see from there the location of every comp.
I am pretty confident that this property will comp after the repair value that turnkey companies selling to investors are in that $65,000 range anywhere between 60 and 65. So you have two options here, one you can just put ARV in the formula so you can get an idea of the property condition….which I will be going to show you a few pictures so you can get an idea (show pictures). Based on the picture my rough estimates for the repairs is anywhere between ten and fifteen thousand dollars so I would plug $15,000 in a formula and my formula will be let’s say an ARV is 65 times .7 that’s the 70% minus 15 in repair this is just a rough estimate and so that’s a big 30 and let’s say that I want to make 10 grand so my fee would be $10,000 so I know that I need to be in the 20 to 25 thousand dollars to make the numbers work and that’s what we make the initial offer was 20.5 the canaras is 25 and we agreed to 20 25 and we lined up a buyer for 30 25 and that’s how I comp a property on Zillow fairly easy, nothing too complicated but if I’m on the road and I’m getting a lead this is how I will evaluate a deal on Zillow. Just to get a ballpark number for my initial offer and then if I want, I can ask a realtor to come to me from the M.L.S. to make sure that my numbers are correct but in general, I rarely do it. As you can see the comps, the recent sales on Zillow are pretty accurate at least for Memphis.
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