Validating ARV value

[Robert Ranson]

Hi all!  This is my first post as a member so first off, let me extend an enthusiastic hello and gratitude in advance for the input that comes along the way!

I've begun the process of deal hunting, and have nearly completed our first flip which should list in the next 10 days. So far so good. 

I'm acquiring properties in the US, from Canada, and managing the process remotely. Born in challenges I know. lol. 

For the first few of these I'm considering the following formula, ARV *.65, minus cost of rehab as a sales price.

So as a remote acquisition - managing all of this by phone and online, and relying on local agents and contractors to land on rehab costs and ARV values, what else would you suggest I do to validate the numbers and ensure a buying partner has sound information to assess the deal? Comps (recently sold and similar comps), invitation for site visits, pictures, anything else we can bring to the mix?

Thanks for any thoughts folks

Rob

[Jack Douglas]

@ Robert Branson, Good Post

When comparing Comps and looking for the true ARV of a property try to always work with an Appraiser that has references from properties that he has appraised in the area in the last 3 months. You're in a unique situation where you're doing business out of country so you want to work with the most knowledgeable people possible. That can give you the best information.