Greetings to all that have taken the time to read this thread and I thank you in advance. Myself and 2 business partners are currently analyzing different properties in the hamilton area. Our range for our first property is 150-185k, and we are mainly looking at single family homes. Some of the areas that we are looking however do not have many rentals around to compare to. So how am I supposed to know what "market value" is. Also how do you feel about renting single family homes is this a bad route to take.
How is this done.
- Thread starter zorant
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QUOTE (zorant @ Apr 13 2010, 12:45 AM) Greetings to all that have taken the time to read this thread and I thank you in advance. Myself and 2 business partners are currently analyzing different properties in the hamilton area. Our range for our first property is 150-185k, and we are mainly looking at single family homes. Some of the areas that we are looking however do not have many rentals around to compare to. So how am I supposed to know what "market value" is. Also how do you feel about renting single family homes is this a bad route to take.
market value is what people are willing to pay. You look at three comparable groups:
a) what is listed for sale that is similar
b) what has sold that is similar
c) what was listed but did not sell
Once you`ve looked at 5-10 per subgroup in a subarea of the target town you will know what "market value" is.
Real estate takes time to learn .. so take the time to learn it .. and hat includes renting/managing the asset once you own it. That`s where the rubber hits the road !
Why is renting a sub 200K house a bad idea ? It is better than renting a $500,000 house !
related read:
How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html
but also: 5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html
market value is what people are willing to pay. You look at three comparable groups:
a) what is listed for sale that is similar
b) what has sold that is similar
c) what was listed but did not sell
Once you`ve looked at 5-10 per subgroup in a subarea of the target town you will know what "market value" is.
Real estate takes time to learn .. so take the time to learn it .. and hat includes renting/managing the asset once you own it. That`s where the rubber hits the road !
Why is renting a sub 200K house a bad idea ? It is better than renting a $500,000 house !
related read:
How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html
but also: 5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html
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Work with a good real estate who is very familiar with the area. You can`t know everything and you can`t do everything. Work with professionals.
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Has anyone else been scratching their heads the last week reading posts from julieCEO?
QUOTE (julieCEO @ Apr 13 2010, 07:35 AM) Actually prices vary from time to time. Area is also an important factor. You have judge value by area.
QUOTE (julieCEO @ Apr 13 2010, 07:35 AM) Actually prices vary from time to time. Area is also an important factor. You have judge value by area.
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QUOTE (housingrental @ Apr 13 2010, 10:32 AM) Has anyone else been scratching their heads the last week reading posts from julieCEO?
Hey Adam,
I get the feeling that julieCEO has been outsourced by another person to post in real estate forums. If you click on the link in their signature it leads to a website trying to sell stuff.
Hey Adam,
I get the feeling that julieCEO has been outsourced by another person to post in real estate forums. If you click on the link in their signature it leads to a website trying to sell stuff.
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QUOTE (housingrental @ Apr 13 2010, 09:32 AM) Has anyone else been scratching their heads the last week reading posts from julieCEO?
The grammar hurts my eyes
The grammar hurts my eyes
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Thanks, you might be correct.
julieCEO - What is the situation
Are you CEO of an internet spam agency?
QUOTE (WJW @ Apr 13 2010, 11:41 AM) Hey Adam,
I get the feeling that julieCEO has been outsourced by another person to post in real estate forums. If you click on the link in their signature it leads to a website trying to sell stuff.
julieCEO - What is the situation
Are you CEO of an internet spam agency?
QUOTE (WJW @ Apr 13 2010, 11:41 AM) Hey Adam,
I get the feeling that julieCEO has been outsourced by another person to post in real estate forums. If you click on the link in their signature it leads to a website trying to sell stuff.