Beside visiting various comps sites there are additional things that may help you on determine a property price.
1. Zillow images (which shows you the interior)
2. Comps – properties shows on different websites
3. Sales history within title profile (e.g previous owner transferring between persons with same last name multiple time within a short period of time – they are trying to squeeze out money and throw it away, so the property may not worth as much..)
4. If the property is within California, you may want to check and see if the listing is on MLS. Look at the comments, look at the DOM date, pictures, was it sold recently or it is still accepting offers – all these will make you a smarter “detective” when you are evaluating the property value.
5. As I have mentioned on the video, property has a huge lot (Especial LAND without improvement) and the borrower who wants to JV with us or wholesale to us, claiming that the land can be subdivided and build 6+ houses. Well, don’t trust anyone!! They may not be lying,they simply just don’t know as much as we do. Therefore, do some extra homework, check out the property on google earth and see the terrain. Sometime you may find the majority area of the land is on the hill side OR there are no public road access (land lock), OR easement OR the frontage isn’t enough OR the lot is too small and the city will not approve to build on it…etc.
6. If you know how to read topography map, get it here (use lat/long or township)
7. If you are checking out rental potential, you can use craigslist, rent.com or call up some local management companies.
8. If you are researching on commercial properties, beside Googling, you can also call up some local agents/brokers too – see Ultimate Estimate.
9. BatchGeo can map up to 250 properties (you may need that many (e.g. Hollywood, Beverly hill) in hot area). You will get an error if you are trying to map over 250.
10. Sometimes you may not find any adjacent property for comps – e.g Desert area, you may need to find the closest properties which are miles apart.
11. If you are doing comps for out of state property, you can skip the MLS part, just map those properties showing on title profile. Use that TP map, Zillow map and other comp site data to give out your opinion value.
If you want getting property of your own, you may want to “live” opinions not calculated value you can obtain from the web.
You can google / find come local agents within the zip code of the subject property , call them up and pretend that you are the owner and ask them for this price opinion.Don’t tell them you are thinking of buying, don’t tell them you are investor what so ever.. Just pretend that you own it and you want to list it with them.
Ask for the fair, max, min market price
ask for the rental price
ask about the area in terms of safety, school district, blah blah blah..
Yes, it’s weird, cos you own it but you are asking like you don’t know anything. That’s fine.. just tell them you just inherited the property, or your whoever relative just deeded it to you. Use your imaginations.
Be creative, be a detective! There are no set rules and there are no right or wrong! Comps is an opinion, do your best and ask yourself, “If I am buying this property, how can I get as much info online or by calls as possible.”