How to Determine the Value of Properties?

[Catherine Murray]

Hi All! 

I'm starting by flipping (but not fixing) / wholesaling homes, land, and lots. I would love to hear from anyone who has experience in this area. My contract(s) will state that the properties are accepted in "As Is" condition with no warrantees. Any homes in my deals will be tear downs, at least to start. 

So, I'm wondering (and I hope this will be helpful for other newbies here, too): How do you determine the value of properties, in general? How do you determine the value of lots / land, especially if there have been no recent sales in the area for comps? How do you calculate differently if the land needs to be cleared in order to build? How do you calculate the value of lots / land surrounded by a few vs. many new vs. established homes? How do you find out if utilities are available to the property--especially if you're doing the deal remotely? And, how does the availability of utilities, or lack of them, affect the valuation of the property?  What if there is a teardown structure on the property? How do you calculate costs for the demolition to adjust the price for the seller and buyer? 

Wow! There is so much to consider here. 

Thanks, in advance, to anyone who contributes to this discussion.