A Tip for Determining the Value of a Property

There are so many different ways to find comparable properties when you’re researching the value of a property.  But I wanted to share a quick tip I will use when I feel stuck.

When I look into how much to offer on a house, I start with the obvious: properties recently sold to investors.  If there aren’t many of them, I might look at other things, but if after searching high and low I’m still not sure, I will do this:

First, I’ll go onto Craigslist and search to find properties that are for rent in the same neighborhood as my lead. The fact that you can now search by map makes this even sweeter.  It’s so easy!  Pick 2-5 that are similar to yours, and note the address.

Then, go to the county assessor (or appraiser) website and research those properties.  On my county assessor’s site I can see what the owner paid for it and when.  It may not be terribly recent, but if it was in the last couple years, it gives me a ballpark idea of what active investors who currently own in that area will pay for a similar house.  It really helps a lot when you feel you’re going in blind.

(And having that same list can be the golden ticket if you get the property under contract!)

Happy investing!

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Filed under Comparable Analysis, Marketing

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