All Forum Posts by: Christopher Rodriguez

ignore the following from my  2nd  post

-------- >add all the homes sold divide by 3 and this is your average per square foot

-------->then multiple by subject property square footage and this is your MAO

----------->example<----------

prop B ______$125,000

prop C ______$130,000

prop D ______$119,000

==================

$374,000

now divide by 3 ( $374,000) =$124,666.67

then proceed with the rest.......

this is too tedious ( in my opinion)

but i included this because you never know who is interested in what are Good Comps

how do you get to MAO

and what is after repair value (ARV)

and then they can deduct whats necessary

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remember when i put at the topic of my first post called THEORY Vs PRACTICE

because this is just to give you an outline. but this is by no means what actually happens. Like they taught me in my real estate school. i just want to show you how the rules  (not to get arrested.)  most of what you learn, you will not use.

as is with everything in life how things are taught is not how things move in practice. 

i will say this we can be Dolphins and flip around all we want with how things should go because of theory.

then there are things done the right way as a shark does.

when you gain experience you will move as a piranha in the field.

______________________________________________________________________

sorry for hijacking your forum  post. but this is real life. 

by the way all have the same bedrooms and bathrooms 3/2

add all the homes sold divide by 3 and this is your average per square foot

then multiple by subject property square footage and this is your MAO

this is also your technical ( by method of theory)  your After repair value

example 

prop B ______$125,000

prop C ______$130,000

prop D ______$119,000

==================

                  $374,000 

now divide by 3  ( $374,000) =$124,666.67

++++++++++++++++++++++++++++++++++++

amount per square footage

125,000/1680 =$74.40 

130,000/1120=$116.07

119,000/1540=$77.27

=================

                      $267.74 /3= $89.25 is your average over all

++++++++++++++++++++++++++++++++++++++

now multiply 1400 sq ft   X $89.25= $124,947

                             -Theory Vs Practice-

Theory of ARV is determined by using comps

Comps is generated by doing the following: lets use  property A as an example.

Property A 

345 side street  

Theory county, Book Smarts ( in the USA)

+factors that are taken into consideration+

1400 square foot

built in 2005

1/2 mile radius

comp props at no more then 20% of subject prop square footage

_________________________________________________________________

property B

123 main st

theory county,book smarts

1680 square footage

built in 2008

1/2 mile

sold for $125,000

_________________________________________________________________

property C

789 screw this

1120 square footage

built in 2003

1/2 mile

sold for $130,000

________________________________________________________________

property D

012 stress point

1540 square footage

built in 2006

1/2 mile

sold for $119,000

________________________________________________________________

all the above is retail price not foreclosure price

see following post

so the war wages on..... 

@Ray Slack

thank you @Hal Thompson  for responding /clarifying/confirming what I thought.

I guess I will continue the conversation! And revive this.....

I am new to all this and wow has this been a class to me.

But what does SOL ,DOT,FDOT, etc mean?

ah good you are well on your way my friend @Matt M.

welcome @Brandon Rivera to BP this is thee place to learn and connect regarding Real Estate. 

If you haven't yet check out biggerpockets.com/ubg. Which stands for ultimate beginners guide. 

In this section it will dig deeper into rentals and evaluations.

@Michael R. I have looked into inspectors reports and they have grading scales of inspections. From a simple inspections with no photos. To a full analysis. Then it depends if you add termite checks,radon and asbestos.

That is a good amount of time he spent. There are scandalous individuals in every step of the process. But quality work speaks for itself. You are fortunate and receiving first priority is essential.