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Updated over 7 years ago,

Account Closed
  • Insurance Analyst
  • New York, NY
7
Votes |
31
Posts

How to calculate the ARV without MLS - Newbie asssistance

Account Closed
  • Insurance Analyst
  • New York, NY
Posted

Hello,

Working on obtaining my first REI deal. My overall end goal is to invest through buy and hold/flipping deals, but to start out I am venturing into wholesaling. Around my neighborhood there are about 2-3 properties with for sale signs and for sale by owner. I have done a lot of research on the properties (market value, size, location) but have been stuck on giving an offer because I am a bit concerned about the ARV. Having a hard time (or maybe it's low confidence) figuring this out. I know what to do and how to calculate an asking price thereafter, but not knowing the ARV is holding me back. My main source for data has been Zillow and my counties public records (assessments and tax information). The values I take a look at between those two sources of data never are the same. Maybe I am using the information I find on those sites incorrectly? Or using the wrong values all together? If you have a certain process please let me know.

I have called some brokers/agents around the area who have told me that they have access to MLS, but I also have no idea what would I offer being a first time investor. Should I give them a cut of my wholesale fee? Give them referrals to the deals that I can't close on? Not sure what an agent would want or why anyone would work with a "newbie" just because. If you have any suggestions or comments that would help me to understand calculating this correctly, that would be greatly appreciated.

Thanks

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