Problems with property flipping
I want to flip properties that are in need of rehab. My problem lies in the fact, I have no way to estimate FMV and repairs.
I live in RI, where property records are not online. So I cant use services like dataquick. I'm not friends with a realtor or appraiser who can provide me with comps. And I dont have enough experience to look at a house and know what it should be worth.
I also cant estimate repairs. I dont have anyone who will provide me with a free estimate, nor do I have the knowledge to do it myself.
I can see how this could be a problem for anyone starting in property flipping. Does anyone know any solutions?
Hi, TonyT:
The Warren Group link below will get you very limited access to RI comp info for free...
Appraisers in our MA/RI area (I'm in the Boston area) use the pay service when searching for comps for their appraisals--they don't go to the courthouse/registry to locate their comps, as you can well imagine!..
I believe you (anyone) can sign up, too (probably $50/month...you can check it on the website).
http://rers.thewarrengroup.com/sor/start_search.asp
Can't help you on the estimating side, but I hope this helps.
If you want to chat more, contact me at MarkWilliams@PositiveDestiny.net?
Good Luck!
Mark
Hey Mark,
Thanks for the response. I have already spoke to people at the warren group and they have nothing to offer in the RI area. Its too bad, cause they're a good service.
Any other ideas???
Go to www.realtor.com find similar homes that are comparable for the area. Take the list price of these homes a divide the asking price into the square feet. Do this with all 6 homes or more if available, you will come up with a number take the average of these numbers and multiply that number by your target homes square foot. You should be pretty close to the FMV of your target home after repairs if they are comparable. Take a ride by these homes to verify. For estimating repairs look in your local newspapers for contractors, handyman see if they can provide an estimate for repairs. Take some dimensions & pictures of what needs repaired go over to Lowes or Home Depot they would be glad to help. Find a local trade school for carpentry talk to the instructor and ask them to estimate the www.repairs.Get creative........
In addition to what others have said, here are a few links that might help. These aren’t always that accurate, but they can get you in the ballpark…
http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=oma&sitename=modular
http://realestate.yahoo.com/re/homevalues/
http://www.homeinsight.com/FA/default.asp
http://www.zillow.com/
http://www.ditech.com/calculators/appraisal/form.do
http://www.domania.com/homepricecheck/index.jsp
http://www.homeradar.com/
tonyt33
I have basic access for property info, if there is something specific for a property or two you are serious about I will try to help out.