13d • General discussion
Comping HACK for everyone:
If you're on the phone and need to quickly comp an AS-IS house here's a way you can use zillow, redfin, and realtor.com to try to come up with a range that could work for an investor.
This also depends on markets. Bigger cities you can get away with a higher %, smaller markets lower.
lets take a market like Cleveland, OH for example.
We take the zestimate, the redfin estimate, and realtor.com estimated value, add all 3 and divide by 3. (average them out)
For example: $65k, 75k, 80k, = 390 % 3 = 73,333
then 60% of that value would be our MAO and 70% of that would be our sales price
so contract @ 44-45k
sell at 51-53k
This isnt LAW, but its super helpful to do real quick while on the phone to figure out if the sellers ask is crazy or something you can negotiate and will make sense.
Every time you hang up the phone and call back, there is a dropoff point, which is why we always want to get agreements and signatures while on the phone. (another lesson for another day)
If this was helpful comment below! Or comment what comping hacks you use?
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Comping HACK for everyone:
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