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Updated almost 10 years ago, 03/16/2015

User Stats

67
Posts
29
Votes
Sheltocks M.
  • Real Estate Investor
  • Central New Jersey
29
Votes |
67
Posts

New, nervous and need help

Sheltocks M.
  • Real Estate Investor
  • Central New Jersey
Posted

I'm new to real estate and new to big pockets. My goal is to invest in single family homes. I went house hunting today and saw a house in the town next to mine. It's a 3 bedroom home, fully furnished for $149,000. It's in move in condition.

 I feel it's overpriced. How can I check and where can I look to help me decide what is the right price to pay for this house. 

User Stats

21
Posts
5
Votes
Forrest Atkinson
  • Involved In Real Estate
  • Tuscaloosa, AL
5
Votes |
21
Posts
Forrest Atkinson
  • Involved In Real Estate
  • Tuscaloosa, AL
Replied

what is it you are looking to do?

Are you wanting to rent them? Flip? 

User Stats

67
Posts
29
Votes
Sheltocks M.
  • Real Estate Investor
  • Central New Jersey
29
Votes |
67
Posts
Sheltocks M.
  • Real Estate Investor
  • Central New Jersey
Replied

hi there

Thanks for responding so quickly. I'm looking to buy the property and rent it.

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User Stats

2,704
Posts
1,686
Votes
Crystal Smith
Pro Member
  • Real Estate Broker
  • Chicago, IL
1,686
Votes |
2,704
Posts
Crystal Smith
Pro Member
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied
Originally posted by @Sheltocks M.:

I'm new to real estate and new to big pockets. My goal is to invest in single family homes. I went house hunting today and saw a house in the town next to mine. It's a 3 bedroom home, fully furnished for $149,000. It's in move in condition.

 I feel it's overpriced. How can I check and where can I look to help me decide what is the right price to pay for this house. 

If you're using a realtor they should be able to provide you with a sales & rental comparative Market Analysis (CMA). If you're not working w/ a realtor then check out sites like Redfin to run your own sales comps & Rentometer to run your own rental comparisons.   Never trust your feelings.  Always gather market data.

  • Crystal Smith
  • 3126817487
  • User Stats

    5,659
    Posts
    1,832
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    Elizabeth Colegrove
    • Hanford, CA
    1,832
    Votes |
    5,659
    Posts
    Elizabeth Colegrove
    • Hanford, CA
    Replied

    We are investors in single family homes. We have been very successful by using a realtor who know the areas and can help us "trust" we are getting a good deal. That being said, it is important to "watch" the area. Look at what things are selling for and know the rents. While you will never "know" till you rent the house out. You can get a good idea.

    User Stats

    67
    Posts
    29
    Votes
    Sheltocks M.
    • Real Estate Investor
    • Central New Jersey
    29
    Votes |
    67
    Posts
    Sheltocks M.
    • Real Estate Investor
    • Central New Jersey
    Replied

    great information...much appreciated 

    User Stats

    1,225
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    561
    Votes
    Scott Weaner
    • Rental Property Investor
    • Yardley, PA
    561
    Votes |
    1,225
    Posts
    Scott Weaner
    • Rental Property Investor
    • Yardley, PA
    Replied

    Sheldene, did you run the numbers through one of the property calculators?

    If you provide the address we can look at the numbers and give you a ballpark idea.

    User Stats

    67
    Posts
    29
    Votes
    Sheltocks M.
    • Real Estate Investor
    • Central New Jersey
    29
    Votes |
    67
    Posts
    Sheltocks M.
    • Real Estate Investor
    • Central New Jersey
    Replied

    Hi there: I'm not aware of the calculators. It's at 180 ward street New Brunswick 

    User Stats

    26
    Posts
    3
    Votes
    Cameron Adams
    • Real Estate Broker
    • Albany, OR
    3
    Votes |
    26
    Posts
    Cameron Adams
    • Real Estate Broker
    • Albany, OR
    Replied

    To figure out if a houses is overpriced you need to look at comparable sales. The best way to find comps is on the Mls which realtors have access to but you could also look at zillow. If you are wanting to keep it as a rental what it's worth is not as important as how much money it will make you. How much it will rent for? What your expenses will be? What your cash flow be?