Property Value

[Darrell Boaz]

Hello Guys, Today was a wonderful day on my Journey to become a "Real" estate investor. I met with my estate attorney and he has given me and my partner the royal treatment. We have all the contracts we need, we have the discounted closing cost, even for double closings and such. But one thing i need to know as a NEWB. How in the heck do i get an idea of what the property is worth or could be worth after reno? I'm in the Louisville KY area so if anyone has any suggestions, i would greatly appreciate all! 

[Steve Gregory]

I go back and forth between Zillow and Realtor.com on the map setting. If you set the filter to show recently sold props on Z, they show up in yellow (not an option on my Iphone, but is on my Ipad. But I noticed the other day that Z shows way more (too many) recently solds including ones from 2012. R.com only shows more recent sales. 

I look for the closest matches on sq ft, beds, baths, etc., how close to the prop you are valuing. write down 6 or so if possible, don't count the highest and lowest, add up what's left and divide by that # to come up with an average price per sq ftl

Also need to look close at ones that have been fixed up, difinitely not a cut and dry process, but another tool. A guy at my local REIA meeting last week told me he uses "whats my house worth" I havent checked it out yet, but it gives comps, etc.

Happy Hunting