Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 11 years ago,
Realtor bringing comps of rehabs, not comps of ARV
Being fairly new in this, I thought I'd ask this question here before I "fire" my realtor :) I have a buddy that's been a realtor for more than 5 yrs (I'm guessing it's at least that). I don't believe he's worked with many investors.
I sent him some properties I found on bidselect and he also sent me some from the MLS. I in turn asked him to get me comps so I could know what the ARV (after repair value) would be after rehab. What he sent me back were properties that recently sold, but all needed work. None were move in ready. I take that back, one had been rehabbed. So I asked how can I roughly determine what these properties will sell for after repair, so I can work the numbers and figure out if it's a good deal, if all your comps are similar "in-need-of-repair" homes? His response you can't really tell what the ARV will be. I'm new and all, but that just doesn't make sense. Suggestions? Coach him or find a new realtor. I will say we have always talked of figuring this out and working together.
Thanks in advance BP family.