How to analyze so much

[Thomas T.]

How do you all sort through the hundreds of listings to know which ones to spend more time on?

I'm trying to find a deal in the Spokane, WA or Coeur D'Alene, ID area. I know it's hard, but I'm really stumbling on the huge amount of work to analyze one property and there are hundreds listed. I know I need to figure the ARV, then subract the repairs, then subtract my desired profit.

One of the problems I'm having is I don't know what the ARV should be without bugging a realtor for each of hundreds of properties. I can look on Zillow, but that's not always very accurate. I signed up for foreclosure.com and that shows values on some properties, but again, I don't know how accurate it is. There are a lot of different neighborhoods and the value vary dramatically, of which I don't know except Zillow's estimates.

I can take a guess about repair values by looking at the pictures and a little more by talking to the listing agent, but I would have to look in person to have a real idea.

 How do I narrow this down?

Two properites I’m looking at is 

https://www.foreclosure.com/address/2413-N-Dakota-St-Spokane-WA-99207/50285501_lid

And

https://www.foreclosure.com/address/3432-W-Queen-Pl-Spokane-WA-99205/49955033_lid

[Eric H.]

@Thomas T. Greetings,

You have to first develop a criteria that will include type of house (condo, colonial, detached townhome), bed/bath count, year built, price range, etc. Next shrink your target market. Include one city or one county or a few zip codes. Understanding ARV may take a little time and it changes as the market changes that is why you must always keep a close eye on market conditions. You can look at past sales in your target market (no more than 6 months back, in a .25 mile radius) and I would suggest tracking current prices as well. Identify a few rehabs that are ‘active' and watch them. Identify how long they take to sell and for how much. If they have any open houses go to them. For someone without MLS access, I highly recommend Redfin. A book that offers great insight into these first few critical steps is Millionaire Real Estate Investor. Finally, identify some local REIAs and start networking with local investors.

Hope this helps! Peace!