CRY FOR HELP!!! lol

[Reggie Youngblood]

Can someone please help me with assessing the value of a property? I'm having some trouble with this and it is hindering my progress. Any help is greatly appreciated.

[Faisal Tunis]

Hey Reggie-
I was always told that value/price is whatever someone is willing to pay. Because we are dealing(most times) with properties that are not in retail condition/unlivable, our prices(asking prices) can be very subjective. If the property needs a roof and your selling it to a roofer- his perspective of it's current value is much different than someone who will have to pay full price for that roof to get fixed. The ONLY real value a property has(to your end buyer) is when it is in retail/livable condition- so the question is- how much is this property worth retail/fixed up?? Only wholesalers like us see value in dilapidated property while it's in its current state- there is NO real value in a useless property. Its value is in it's potential- what it COULD be. So the logic is like this:

1. What are similar homes in the area being listed at?(retail and foreclosure)
2. How many similar properties have sold in the area and for how much?
3. How much would a bank lend on this?(retail)
4. Realistically- how much work does it need($ amount)

Im a bottom feeder- I like to buy cheap and sell cheap. When I see a property I may want to pursue in a particular market the first thing I do is call my top ten guys and tell them the address and my asking price- if I get a reasonable response then I will proceed with my offer bc my end buyers have already helped me guage its worth with their responses. Its backwards, but thats the only sure way for me to know if its a workable deal. I hope I could help you Bro-
Peace & Prosperity