Wholesaling is the fastest way in Real Estate to make money! You don’t need to be a house expert. But to make sure its a successful offer, you must have some common “value” sense. Buy my house fast near me is one of the authority sites on this topic.
UPDATE A DEAL
The rule of thumb will be from a hundred calls that 2-8 calls will be good leads. So, it takes a lot of weeding. But you do need all the factual data to be accurate to be able to determine this. And that must be done swiftly!
ABOUT THE VALUE
Firstly, nobody knows what your house’s exact value is! But you can get a good idea based on similar comparables and determining the property’s ARV (After Repaired Value)-in other words, the property’s market value after its renovation. After renovations the key word here is. The only exact measure is to see what other similar homes in the area have recently sold for.
So you can decide what a real price would be, by researching the market. Often, everything is about the location. The only way the ARV can be calculated is by looking at comparable sales for the region. First drive by comps from the subdivision. Compare them with the subject property that you are assessing. Is it the same neighbourhood? What you want in size, bedrooms and baths, frame or brick, should be similar. Make a list of these, and take pictures from the street.
WHAT PRICE WANT YOU to pay?
For this the best formula is to:
ARV-Repairs-Buy / Sell / Hold (B / S / H) Costs-Benefit = Maximum Offer Allowable
Reparations are a bit more challenging, everyone has their own idea of what to do when renovating a home. Keep in mind that in measuring this, you just need to make a home livable, do not go overboard. When you get faster you should be able to determine what a house’s repairs can look at just by looking in through windows to get a general amount of needed budget.
Costs for the B / S / H include:
Property purchase costs: title work, fees for the attorney, title insurance, survey, loan origination fees, appraisals, etc.
Costs for selling the property: costs of closing paid on behalf of the buyer; commissions from Realtor or marketing costs.
And the costs of holding the property: mortgage payments, property taxes , insurance against hazards, utilities.