Help with comps.

[Pamela Brown]

I just fell into an investment property and I haven't had a chance to really get myself together and brush up on investing ed 101. My big concerns are. evaluation, repair costs and something that I can't seem to get a hold of ASAP is comps. I really need these to do my evaluation and I have to look at the property tomorrow. Also, Anyone have any experience with or tips about fire/water damage? This is the first property and I guess I can sit around reading about it or jump in. I really need those comps (as I'm biting my nails). Any suggestions or anyone able to help. I have to move fast. $10,000 deal in a $100,000 neighborhood. that might be pushing it. I'm a newbie but I know I need those comps. 8-P

[Michael Galloway]

Pamela Brown, i have some answers and some questions. 1) how did you find this deal?

Comps- one of the quick online tools you can use for comparables is Zillow. com. It is not as accurate as MLS comps, but can give you a good indication of recent sales. In addition you can also talk to your local real estate agents. They should be more than happy to get you comps, (they will be eager to get the listing once you rehab)

Tip on burned up houses/ water damage. Just because a house is $10,000 dollars and comps are $100K does not make this a deal. It's all about the rehab.

I have passed on numerous houses that are in the $20 -$30K range that sell for $250k because at the end of the day there is NO PROFIT in the "deal" My rehab costs run about $50 per sqft and my building costs run about $100 per sqft. If its 1000 sqft your rehab might be around $50k if its a complete rebuild it could be $100,000. I Hope this gives you some idea of what your costs will be.

What is the sqft of the property you are interested in?