Property Evaluation - Checklist For Wholesale Property Evaluations

http://www.REIClub.com - How to Analyze Your Flip Property - Consider These Points When Evaluating Your Potential Wholesale Property...

Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on a checklist that every investor should follow before purchasing real estate.

It is very common for new real estate investors to jump into real estate without a plan, or without performing diligent property analysis. Unfortunately, these are the same types of investors that jump right back out in a few months when they lose money on their first deal. Let's not have that happen for you.

The very first thing you need when you analyze real estate are

- Comps
- need good comps - several very similar props close by, within 1 mile
- beds/baths/parking/square footage/construction similar
- MLS access preferred - or ask agents, appraisers, online services
- what have buyers paid, what your buyers will pay

- Repairs
- need multiple estimates - can vary by quite a bit - mom and pop vs. professionals
- Other Costs
- landscaping - grass, flower bed, trees, bushes, etc...
- holding (monthly) - mortgage, property insurance, property tax, utilities, etc.

- Neighborhood
- owners vs renters - affects your end user, and value of your home
- school quality -
- amenities - pool, tennis courts, rec center, etc...
- proximity - downtown, transit




- Competition
- Other props for sale - what are their updates, newness, location
- popular area or not - how many other properties are being sold in the area
- days on market

- Determining Offer Amount
- After Repaired Value Less Buyer Discount Less Repairs Less Other Costs Less Profit
- need to come up with valuations based on buyer's criteria
- first offer needs to have negotiation room for your profit

In summary, there are many varying factors in real estate investing, my advice to you, first determine if your end user will be a tenant or owner. This will affect your deal evaluations and how much you spend on repair costs. There will also be some deals that may work for some of your buyers and not others, but the key is to adapt to the market. Don't pigeon hole yourself into a bad deal. Remember, make enough offers and you'll get some deals that fit your criteria.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.

http://www.youtube.com/watch?v=KwS8QVedMpo

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Education

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• deal analysis
• deal evaluation
• home evaluation
• real estate
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• real estate investing
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[leslieas]

Loving your videos!! Great info and very personable. Do you do live streaming training using video??

[reiclub]

@leslieas - I don't yet, but that is definitely something I will be considering. Thanks for the suggestions! I will be sure to notify you when this happens.

[tnmsurge]

You are preparing me well for my first baby steps as an investor. Thank you for the well presented videos

[jarrodmouton1]

Awesome info

[SEXYDREAD09]

Great info

[BobDProperties]

Always a good lesson ! Keep up the good work !

[Kimsrick]

What a great 5 minute refresher course!

[leslieas]

site mvtlifestyle awesome!