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UREI-29 Comps, Comps and More Comps
Manage episode 289022685 series 2833722
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Are you ready to move your business in 4 weeks? This is part four of that series and we are discussing how to run your business virtually!Tune in and find out!
[00:01:30] So if you're listening for the first time, or if you're a longtime listener, I want you to know, and I'm saying this sincerely, I want you to know that I thank you. I'm appreciative. I am forever grateful that you are allowing me into your life with the short timeframe that we are together on this podcast or on YouTube.
00:03:31] Not only could you get. Really killer comps, but you also, they have a bunch of different lists services in there. So you can build out your probate list, your tax lien list and your vacant lists. And you're not on a rock. So it's not just for comps, even though that's what it was built for. It also has a lot of other ad-ons that is really important in your real estate investing business.
00:04:12] And that's an important factor too, because sometimes you can buy these properties, not add a lot of value, like you're not going to go in and do a full-blown renovation. You might. Be able to pick up this property with relatively good equity piece and just clean it out and put it back in the market. We call that a whole tale and listed and sell it and make a quick 30, $40,000 without doing anything.
[00:10:18] All right. I have 2,600 square feet and everybody else is about 26 to 28. So that means they did some sort of a redesign in the house. The guys I'm buying it from, maybe they opened it up and they took some of the bedrooms and combine them to make a bigger bedroom. So this is what you have to start thinking about.
[00:13:40] If you're talking about a $75,000 differential, I wouldn't even think about it. I'd renovate the property, turn it over, flip it and put the money in my pocket. So running comps sum this whole thing up, it's part art and it's part science, the sciences. When you're running, it is different thresholds. You want to measure against the science is knowing that you're comparing apples to apples, same neighborhoods, same style homes, same school districts, same similar square footage, similar style homes.
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Talk to you all soon!
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