All Forum Posts by: Trey Oliver

This might sound crazy to some, but most of the time, I actually go by the lower end comp numbers too. It tells you mow much investors are spending in that area right now for as is properties. It takes some of the guess work out in my opinion.

If you look at the comps and see 3 or 4 of them were purchased by the same buyer (which I find a lot), and they all were purchased between 22-26k, you see where your price needs to be and who you might be able to make an easy sale to.

The way I was taught is to average all the RETAIL sales to get the ARV. Look at the sale info to determine if it's a retail sale or a cash sale to an investor. The retail sales will usually be the higher prices and will mention a loan used to buy the property. The investor sales usually are lower and purchased cash. Once you have your retail sales, have looked them up to make sure they actually compare, and make sure they are within .5 miles of the subject property(this one is especially important here in Memphis), just average them out and there's your ARV.

With all that said, I have found that here in Memphis the ARV is not as useful as people make it out to be. First reason being, most buyers in this market are buy and hold investors and could care less about the market value as they will be renting. Cash on cash return is what will interest most of them. Secondly, ARV and how to figure it out is different from investor to investor. The amount and quality of repairs an investor is willing to do varies as well. A lot of buyers I have dealt with look at it as an imaginary number and simply go by the current market values for the area to do their calculations. Things have gone easier for me when I just go by the current market value and use that number in my calculations instead of trying to figure out what the house MIGHT be worth IF certain repairs are done.

DISCLAIMER: I still consider myself a newbie and have a lot more to learn. Don't take what I'm saying as the gospel here....just sharing what I've learned from my experiences so far.

I have a contract on a house that is the perfect example of this right now! It is on the South side of Jackson. I'm a newbie wholesaler and was hoping on this being my first deal. Would you mind looking at it and giving me your opinion on it? @Alex Craig 

Hey fellow BP users, 

I need help. I have a potential deal on a 4 plex with a very motivated seller. The problem is there are no other 4 unit apts nearby, so no comps. How should I go about figuring out the value of these apts?

I wholesale in Memphis. Shoot me a pm so we can connect!

Fellow BPers,

Does anyone use/rely on *******************.com for good comps and home values? Can the values here be trusted or is it as unreliable as Zillow, Trulia, etc.?

@Kenneth E. Wow!! This is amazing! Thank you so much for putting this together!

Wow. Ok thanks. @Curt Davis

@Curt Davis even the expired listings?

Hey Guys! So I'm still on the journey to getting my first deal. Today I connected with a great real estate agent here in Memphis, and actually got her to send me a list of expired listings in areas that I know people are buying. She narrowed the search to two zip codes and and it came back with over 3,000 listings! Which is great! There has to be at least a couple good deals in there. Right?

So here's my question(s).... How exactly do I process this information to find which listings are good deals? Should I begin marketing to all of them or is there a way to look at a listing and know it's a good lead to pursue? Maybe start with the ones with the highest DOM? How do I look at the info on the listing and begin running the numbers to come up with my max offer?

Also, since these are listed in the MLS, can I trust the listing price as an accurate ARV? Or should I look somewhere else for comps to find the ARV of each listing?

I know thats actually a lot of questions, but any suggestions or tips would be GREATLY appreciated!