Tamera Aragon

Attending REI Clubs And Other Networking Events

May 18, 2023 by Realty411 Team

“It isn’t just what you know, and it isn’t just who you know. It’s actually who you know, who knows you, and what you do for a living.” Bob Burg

Networking is such an important part of your business. You must let everyone know what you are doing. Everyone can be a “bird dog” for you – And you for them. Throughout the 30 years of owning several businesses, I can honestly say this type of marketing has been the most effective and the most fun!

A great book to read if you are uncomfortable with the idea of attending and speaking at events to network yourself and your business is “How To Win Friends and Influence People” by Dale Carnegie. It’s a great book that helps you to understand why you need to network with others as well as knowing what to say when you meet with new contacts.

Of course my belief in the benefits of networking is reflected as I founded a networking group called Women’s Success Group, (a nonprofit networking group since 1998) and now starting an Investors Network in my own town.

For the sake of this quick how-to article, I am going to focus and share all of my marketing strategies exclusively to those involved in real estate investing.

Networking Your Real Estate Investing Business

I would like to start with suggestions for some places to Network your real estate investing business.

Search Real Estate Investor Clubs in Your Area
Check meetings and trainings for local Real Estate Associations
Check meetings and trainings at local Title Companies
Check on handyman, builders and contractor associations in your area
Ask everyone you talk to for referrals for networking events that have worked for them.
Of course chamber events and networking clubs that meet at breakfast and lunch are a general source to get to know the general public.

I know the biggest fear and reason many people don’t attend networking events is they don’t know how to approach or what to say to others when first meeting them. So here is an idea – for every person you come in contact with at any type of networking meeting, your conversation might go something like this:

—–> “Hi there, my name’s __________. What’s your name?”
—–> “[Say their name] – What is it that you do?”
—–> “How long have you been doing this?” (Don’t be surprised most investors are part timers)

If they ask what you do for a living or about yourself, be prepared!

1) Hand them your card.
2) Summarize your business in 30 seconds or less.

Real Estate Business 30 Second Commercial

This is where spending time writing down how you want to market you and your business is important. You want to be concise and clear in describing what you do and what types of referrals would be most helpful. Try to incorporate something that differentiates you from the rest. Here is an example of a 30 Second Commercial:

“Hi my name is _________________. I consider myself the real estate investor with a heart. My passion is to work with home owners in jeopardy of losing their homes to foreclosure. If the home owner wants to keep living in their property I give them direction on how to do that or if they just want out – maybe they lost their job and can’t afford to keep it any longer, then I offer to buy their property. My goal is to create a win-win-win. Win for the home owner/seller, win for me the buyer/ investor and win for the bank when I take the house off their hands. If you know anyone that can use my help I pay a $1000 referral fee to you when I buy their property.”

Here is my personal 30 second commercial to everyone:

“I enjoy buying and selling real estate having closed on over 500 properties in the past 5 years. Some people call me the Flipping Queen because as you know, flipping is another term for contracting to buy and then selling real estate quickly for a profit. Or as I say Flipping it. I look to invest in residential real estate at a discount through Pre-Foreclosures, Short Sales, REO’s, Bankruptcies, Probate, as these are the usual reasons a seller is motivated to sell a property at a discount. After I am in contract to buy, I will often “flip” or turn the contract or property to an end buyer at a discount too. Are you interested in buying and/or selling discounted residential real estate?”

Real Estate Investing Networking Questions

Now What? Listen – Listen -Listen to their response or their own commercial. The important thing is that you are interested in what they do for a living. Don’t talk about yourself or again until asked. Ask them questions about their occupation and how you can be of support to them in their line of work. If this person is a potential power team member for you, ask if you could contact them in the future. (You would be able to follow your list of questions for power team members and take notes when you called them back)

However, if this person is an investor, you might want to ask some of these questions:

“Do you buy, fix and sell or do you buy and hold?”
“How many properties do you own and/or have you sold?”
“What part of town do you invest in?”
“Really, why that area?”
“What do properties cost in that area?”
“Do you pay cash for them or what banks do you use that are investor friendly?”
“What title company do you enjoy using the most?”
“Do you know any of the other people here?”
“Who are the big investors in this area?”
“If you ever come across some good deals and you don’t want them let me know.”
“By the way, do you have any property you want to sell?”
“We sometimes have properties for sale as well, if you’re looking to increase your inventory.”
“Well, Mr. /Ms. Investor based on what you told me and where you prefer to buy; if anything comes along I’ll make sure to call you first.”

What To Do “After” a Networking Event

Make sure to collect everyone’s card, email address, fax, cell, and correct spelling of first and last name. Write a note or 2 on the back of their business card helping you remember the next steps you will want to take with this contact in the future. Just a “nice meeting you” card in the mail or email is often a memorable gesture encouraging future communication regarding each other’s business needs.

Networking should be a part of everyone’s marketing plan. Attend, join, participate – whatever you want to call it – your local REIA or REI clubs and real estate networking events. The important thing is to get in front of people!

Tamera Aragon

Tamera Aragon is a professional online entrepreneur and has bought and sold over 300 properties, establishing her as an expert in the real estate investing field. Since 2003, she has purchased over 10 million dollars in real estate and currently holds properties all over the world. Tamera’s focus is on the booming Foreclosure market, buying Pre-foreclosures, REOs and Short Sales. Tamera who is a noted Author, Success Trainer, Speaker & Coach, shows her passion for helping others with the 17 websites she has created and several specialized products to support fellow investors throughout the world. When Tamara is not busy running her website, she is very involved with her Fiji joint ventures and investments. Tamera Aragon is one of the few trainers and coaches who is really “doing it” successfully in today’s market. Tamera’s experience has earned her a solid reputation in the industry as well as the respect and friendship of many of the top national real estate investment and internet marketing experts. Tamera Aragon believes her success has garnered her the financial freedom to fully enjoy her marriage and spend quality time with her children.

Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.

Enjoying The Mindset Of A Successful Real Estate Investor

March 29, 2023 by Realty411 Team

By Tamera Aragon

Quote to live by: “The one thing you can’t take away from me is the way I choose to respond to what you do to me. The last of one’s freedoms is to choose ones attitude in any given circumstance.” ~Viktor Frankl

You Own Your Thoughts, Now Control Them

What if it was possible to be happy even when things aren’t going your way? What if there was a simple way to be happy, despite your environment, while staring adversity straight in the eyes? Would you like to know how to ignore the “nay sayers” and the media full of gloom and doom telling you every reason why you cannot be successful investing or flipping properties in today’s market?

Would you like to get rid of the noise in your head telling you every reason why you shouldn’t make an offer on a property or you cannot really make money at buying and selling houses or some other crazy negative thing. That’s right – no more hurtful critical thoughts! Can you imagine?

I know it sounds like a great idea, but doesn’t seem to be very realistic at first glance. The good news is, it doesn’t have to be realistic, it just has to work, and it will, if you stick with a few basic principles. The key here is in the simplicity, and in keeping yourself accountable for sticking with the following principles.

My Experience

This is a system I’ve been using for quite some time, and can testify to its merit. I decided that I was tired of being unhappy, and letting my own made up fears or even the real environment and the people around me control how I felt.

Be Selective In What You Think About

The wonderful thing about thoughts is that you genuinely own yours. No one else has power over what you think about. With this power, you are faced with a big choice that can impact your entire existence.

Positive Thoughts. You can choose to think about goals, ambitions, people you love, beautiful scenery, and things you enjoy. This affects your physiology by making you stress free and healthier.
Negative Thoughts. You can choose to think about death, disappointment, destruction and misery. It’s so stressful to think about how unfair life is, which causes your immune system to take a dip.

Ask Yourself the Important Question

Yes, a single question is powerful enough to change your thoughts. Just ask yourself: How do I want this to affect me?

When you ask yourself about what you want, you are able to take control. If being happy in the face of adversity is what you want, than you choose to let yourself be affected positively. You take negative situations, and treat them as a learning experience.

Instead of taking minor discomforts and turning them into major frustrations, let them affect you in a positive way. For example, you can turn a 48-hour commute into a learning experience.

Switch Channels

Treat your life as a television set, and when your thoughts project channels of unhappiness, hit the next button on your mental remote. Switch to something pleasant and stick to the happy networks.

Remember, you control whether your thoughts are positive or negative and with this choice you own your happiness – which, in affect, will make you healthy, wealthy and wise.

Steps to Success

Put a rubber band on your wrist (not too tight – don’t want to cut off your circulation)
Every time you notice yourself thinking something negative, pull that rubber band and snap it… just enough to make you jump. This is called cognitive conditioning. By inflicting some discomfort when you perform a behavior you want to change or stop, this will help you to subconsciously avoid doing that thing over time.
In addition to inflicting discomfort, change your mind’s channel by asking yourself the question: How do I want this circumstance I was just thinking about to affect me? Of course you “want it” to affect you positively somehow. This question, though you may not have the answer in the moment, will get your brain working on the solutions rather than focusing on the problem.

“Positive and negative are directions. Which direction do you choose? When you affirm the positive, visualize the positive and expect the positive, and your life will change accordingly.” Remez Sasson

Tamera Aragon

Don’t Quit Your Real Estate Investing Dream

November 14, 2022 by Realty411 Team

By Tamera Aragon

Today, I wanted to share one message – Don’t Quit! That’s it. Don’t Give up! Wherever you’re at, whatever you are doing, If you have a dream or a goal and a life that just might seem too hard today… I am writing to tell you – Don’t quit!

Please enjoy the five-minute excerpt from the movie, ‘Facing the Giants’, it’s a piece of inspiration for anyone that is in the real estate investing game.

In this video, a football coach teaches a valuable lesson about the limits we place on ourselves. And how important it is for you to NEVER GIVE UP as others watch you, as a leader.

Have you ever felt…. “I’m successful at my day job, but I’m failing at my new venture…” Then you will want to learn this mindset reset tip offered by my friend Doug.

“Sam had always been pretty good at most things she attempted, she was also great at her job, so when she was introduced to a money making opportunity, she figured ‘why not?’”

After investing a lot of time and money, Sam still wasn’t seeing the rewards she felt she’d been promised by the promoter. She said she knew there were other people that were creating success following the same things she’d learned, so she’d concluded that she must not be cut out for it. “I’d better just quit, I’ll never get the hang of this, I’m a failure” she complained.

I invited her to consider shifting her perspective on the matter. “Rather than assuming you’re a failure, would it be more correct to say that you’re a person with many successes under your belt who hasn’t yet mastered this particular skill?” She hesitated, “uh, yeah I guess that’s right.”

I could see the gears turning, so I went on, “and what would happen if rather than assuming you’re failing at this new venture, you decided your results were just feedback telling you what changes you need to make.” “What do you mean?”, she asked.

I went on, “have you ever slipped on an icy sidewalk before?” “Yes, I’ve done that” she said sheepishly. I continued, “So did you conclude you’d failed at walking and that because of that you yourself were a failure so you should just probably hang the towel up on everything?” “Of course not, that would be silly,” she laughed.

“When you’re right, you’re right,” I smiled. “Whether you realize it or not, you implemented the feedback you got from the ice. You thought, hey, there’s slippery ice on the sidewalk and adjusted how you walked. Perhaps you stepped more carefully. Maybe you grabbed some sand or salt and spread that over the ice. Maybe you got off the sidewalk and walked around the ice. The point is, you changed what you were doing and successfully got to where you were going.”

Armed with this new perspective, Sam proceeded to pay careful attention to what she was doing and tracked her results. She then considered what things she could adjust that would affect her outcome, and get her the result she wanted. By implementing one change at a time to and tracking her activities, eventually, she figured out what tweaks she needed to make to achieve her outcome.

Remember, there is no failure, there’s only feedback.” ~ Doug O

In closing, here are some powerful words from the man whose life displayed this “don’t quit” attitude wholeheartedly…. Winston Churchill left us with these words of wisdom:

“Never give in. Never give in. Never, never, never, never—in nothing, great or small, large or petty—never give in, except to convictions of honor and good sense. Never yield to force. Never yield to the apparently overwhelming might of the enemy.”

Be Inspired…..

Tamera Aragon

REO’s (Real Estate Owned) Investing Explained

August 30, 2022 by Realty411 Team

By Tamera Aragon

Let’s explore a real estate investing niche that could bring you riches: REO’s (Real Estate Owned By The Bank). It’s formed from the third and final stage of the foreclosure process. An REO property is created when no one purchases the house at the auction, forcing the bank to buy the property back itself. Remember the bank didn’t want the house back, but the property was the collateral for the money lent to the homeowner. The property now becomes “Real Estate Owned” meaning- it’s 100% owned by the bank. REO investment properties can present many profitable opportunities for real estate investors.

Why Is Investing in REOs a Good Niche to Consider?

Below Market Value – One of the prime benefits of buying a REO property is most REO properties are available at below market value. The reason for this is that the bank is liable for the taxes on the property and they generally prefer to sell it to you at below market value and get it off their books.
REOs are a Nightmare to Lenders. Property taxes, city and county assessments, utility bills, and maintenance costs eat into the lender’s profit. The threat of vandalism and illegal occupancy requires that lenders board up REO windows and doors. Often times lenders must hire security services to watch over REOs to keep out trespassers. For these reasons, lenders are often eager to sell REOs quickly.
You are Buying Property Free and Clear of Liens – once you close, you receive clean title policy without exception.
No Back Taxes – banks have paid everything at closing.
House is Most Often Vacant – I can go there as much as I want before I close.
Clear Equity Value – You do not have to argue about “correct” amount of equity with the homeowner.
Minimum Risk – Among the different types of bank foreclosed properties – pre-foreclosures, foreclosure at auctions or HUD foreclosures – REOs offer the buyer the least amount of investment risk. REOs are generally properties that have survived a foreclosure auction and now belong in the lender’s inventory of non-performing assets. The banks maintain these properties and are generally sold free of liens and other encumbrances. This is why you would use a title company to insure the property in case a lien as later found.
Availability – Compared to other foreclosure properties, REOs are easier to locate. All you need to do is to contact any Real Estate Agent who will send you current listings. You might also go online to mortgage companies or banks directly. You can usually find a list of REOs in your area online if there are any. Pick an area and start buying every good deal in sight. 🙂
Potential for Great ROI (Return on Investment) – Reselling a foreclosure home can provide a great return on your investment. You may not be interested in buying a foreclosure property for yourself, but you still have the option to make a profit by reselling it. After all, this has been the most frequent practice used by many real estate agents to generate income. Moreover, a little renovation work can further add to the value of the property and generate higher returns.

Buying REO’s is one of the best ways to generate profit in the real estate market today. However, before you finalize your purchase, make sure you do your due diligence and research the property so you feel comfortable with the purchase. It’s important to research as much as you can about the area, current housing prices, planned developments, proximity to stores, the town, etc. This research can save you many headaches and problems down the road. The research required and other steps to succeed in this niche should be supplied to you by your mentor, trainer and coach.

What Are The Downsides of Investing in REOs?

While there are bargains to be found, REO properties don’t always sell below market value. The bank will always do a BPO (a kind of appraisal) and often the person doing this property appraisal is from out of town and does not completely understand the market.
It can be difficult dealing with bank-owned properties as some lenders are in offices far away from where the loss-mitigation department is struggling to process the listings and getting everyone in sync on your end can be a challenge. Today’s REO’s are almost always handled by the bank hired Real Estate Agent who would be accepting your offer from another agent or representing you in the process.
The investor must be careful when looking at bank owned property to know what the real value of the property is. The bank owned property might not be a great bargain. Be sure and include a time for inspection in your offer contract and do your homework before finalizing. Make sure that the price you pay (if you’re successful in getting offer accepted) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a bidding war and pay more than you should.

Good Market Conditions:

A lot of houses on the market
Average time on the market for houses is 4 months or longer
Depreciating Market
Large number of foreclosures

Bad Market Conditions:

Low inventory of Houses
Average time on the market for houses is 3 months or less
Appreciating Market
Low number of foreclosures

10 STEPS TO INVEST IN REO NICHE

1. You must find the right buyer’s agent to work with you on finding properties. If you are going to employ the services of your own real estate agent (a buyer’s agent) be sure to find one based on the following criteria:

2. Ask Realtor for a list of all REO properties with some recommendations for good deals.

3. Ask Realtor to contact you first when they know of an impending listing giving you chance to make an offer before it hits the market.

4. Before finalizing your offer, have your agent contact the listing agent and ask the following:

Are there any inspection reports?
What work has the bank agreed to?
Is there a special “as is” form?
How long does it take the bank to accept an offer?
How does your agent deliver the offer

5. Make an offer.

Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct. Even though you agreed to purchase property “as is,” always give the bank another opportunity to make repairs or give you a credit after you’ve completed your inspections. Sometimes the bank will re-negotiate to save the transaction instead of putting the property back on the market.

Banks do not want to see a lot of proprietary disclosures; For instance, they are exempt from the California Sellers Transfer Disclosure Statement (TDS-14). If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.

Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed).

6. Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter along with proof of funds and copy of down payment check. A cover letter adds a nice touch as well. You should make your offer easy to accept.

7. Wait for bank to counter or accept offer.

8. Negotiate terms until a profitable offer is accepted by the bank in writing. (Do not spend money on property until you see a written acceptance by the bank)

9. Close on the property

10. Sell or Rent property for profit.

Where to Obtain REO leads:

Search Public Records:
In various stages of the foreclosure process, notices are recorded with the County Clerk at your County Recorder’s Office. This information is public record and is available to anyone. Just visit your county’s office and you can search for a Notice of Default (NOD), Lis Pendens or for a Notice of Sale. The best part of searching public records yourself is that it is Free. In addition, you’re likely to find newly posted properties that haven’t yet reached many of the online foreclosure data providers.
Find Asset Managers:
You can also find REO properties through Asset Management companies. Simply put, these companies help lenders dispose of assets. Many of these asset management companies will provide listings of the REO properties that they represent on their website.
Find Government Foreclosures:
The government can also foreclose on properties. Good place to start is www.hud.gov.
Make contacts at local community banks who take in their own REO’s and make friends with the person who oversees the sales of them. Many smaller banks don’t have as many REO’s therefore, don’t send out to other companies to handle.
MLS: This is the most common way to find REO’s today is this way. After a property has been foreclosed on and taken back by the bank, they are usually listed with a Realtor on the Multiple Listing Service (MLS). .With the number of foreclosures banks are holding right now and most are not handling their REO’s sales in-house. In fact it is nearly impossible to purchase 1 single REO from a large bank, let alone going in with millions of dollars offering cash for bulks of them. I personally have not been able to get through to the big banks directly to buy REO’s for the past 18 months as of the time of this training. This is the source I have used most successfully in today’s market.

This concludes my article on Investing in Real Estate Owned by the Bank (REO’s)

Tamera Aragon

Do I Have to Network to Succeed in Real Estate Investing?

August 18, 2022 by Realty411 Team

Image from Pixabay

By Tamera Aragon

Yes! I know you may have wanted a different answer, but this is the honest truth. Networking is such an important part of your business. You must introduce yourself and let others know what you are doing. Everyone can be a referral resource for you… and you for them.

The best book I’ve read to help me to become more comfortable with the idea of networking is called ‘How to Win Friends and Influence People’ by Dale Carnegie. It’s a great book that helps you to understand why you need to network with others as well as teaching you exactly how and what to say when you meet with new contacts.

Throughout my own 30 years of owning several businesses, (W0W – Am I that old?!), I can honestly say personal networking has been the most effective … and the most fun way to market myself!

How to Network Your Way to REI Success

As a real estate investor, where can you reach out to network your business?

1) Search Real Estate Investor Clubs in Your Area.

2) Check meetings and trainings for local Real Estate Associations.

3) Check meetings and trainings at local Title Companies.

4) Check on handyman, builders and contractor associations in your area.

5) Ask everyone you talk to for referrals for networking events that have worked for them.

6) Of course chamber events and networking clubs that meet at breakfast and lunch are a general source to get to know the general public.

What do I say? Just remember the acronym F.R.I.E.N.D.S.

I know the biggest fear and reason many people don’t attend networking events is they don’t know how to approach or what to say to others when first meeting them. I am going to give you a script that will be easy for you to memorize…

Image from Pixabay

For every person you come in contact with at any type of networking meeting, your conversation might go something like this: Just remember the acronym FRIENDS:

F is for Forthright. Be forthright in reaching out and saying hi. Don’t wait for others to come to you.

“Hi there, my name’s __________. What’s your name?”

R is for Remember. You need to first always remember to ask them their name.

Ask for their card – and them hand them yours.

I is for Income. Ask them what they do for a living? How do they make their income?

“Say their name, and ask “What is it that you do?”

E is for Everyone. Everyone likes to talk about themselves.

Ask questions like, “How long have you been doing this?” or “What do you like most about what you do?”

N is for New Business. No matter if the person you are talking to has an occupation that is real estate related or not, you will want to find ways you both can support each other .

Ask : “What sort of clientele could I refer to bring you additional new business?

D is for Determine. After listening for possible ways to support each other, Determine where to take this relationship from this point.

S is for SUMMARIZE: When the time comes to share what you do, be prepared! Have a 30 second summary of what it is you could say to leave an impression on your new friend.

1) Hand everyone you network with your business card.

2) Summarize your business in 30 seconds or less. This is where spending time writing down how you want to market you and your business is important. You want to be concise and clear in describing what you do and what types of referrals would be most helpful. Try to incorporate something that differentiates you from the rest?

SAMPLE: REI 30 Second Commercials

6 Important Things to ALWAYS REMEMBER When Networking;

The important thing is that you are interested in what they do for a living.
Don’t talk about yourself until asked or the timing is right.
Ask them questions about their occupation and how you can be of support to them in their line of work.
If this person is a potential power team member for you, ask if you could contact them in the future. (You would be able to follow your list of questions for power team members and take notes when you called them back)
Make sure to collect a card from everyone you meet
Make sure you have their email address, fax, cell, and correct spelling of first and last name. (Write on the back of the card if any of this information is missing – it shows your interested!)

Questions To Ask When You Meet Real Estate Investors

“Do you buy, fix and sell or do you buy and hold?”
“How many properties do you own and/or have you sold?”
“What part of town do you invest in?”
“Really, why that area?”
“What do properties cost in that area?
“Do you pay cash for them or what banks do you use that are investor friendly?”
“What title company do you enjoy using the most?”
“Do you know any of the other people here?”
“Who are the big investors in this area?”
“If you ever come across some good deals and you don’t want them let me know.”
“By the way, do you have any property you want to sell?”
“We sometimes have properties for sale as well, if you’re looking to increase your inventory.”
“Well, Mr. /Ms. Investor based on what you told me and where you prefer to buy; if anything comes along I’ll make sure to call you first”.

Final Important Points To Maximize Your Networking

Always write notes on the back of business cards you collect, helping you remember the next steps you will want to take with this contact in the future. Often times, just a “nice meeting you” card in the mail or email can be seen as a memorable gesture encouraging future communication to support each other’s business needs.

… as you get in front of people and

NETWORK YOUR WAY TO REI SUCCESS!

Tamera Aragon

How Do I Know What A Property Is Worth?

July 18, 2022 by Realty411 Team

Image from Pixabay

By Tamera Aragon

In considering the price to pay for a property, the first step you must take is to know the ARV (After Repair Value), of a property. Of course there are other costs to consider in buying and selling but it all starts here…The value of the property.

I know I get this question a lot…

Question: “How do I value the property I am interested in?”

I want to start by sharing that comps, or comparables, are regarded as the single-best tool in determining a home’s value. Comps will compare criteria from recently-sold properties in a neighborhood, such as sale price, age of house, size, and square footage and come up with an average value based on these elements.

I like to look at the last 90 days SOLDS and use ½ mile radius at most when considering comps around a property I am looking to value.

On a side note, for easy online access to the information I am sharing here anytime, go to this website where you will find a ton of other FREE tools and resources catering to real estate investors.

So… back to the original question…

Answer: COMPS! You need to use comps to come up with value. This is what the banks use to come up with how much they loan. This is what appraisers use. This is the common way to come up with base valuation of property.

2nd Question: So you next question I get is, “Where do I find good comps?

Some of you reading this might be a Realtor and have easy access to comps.

However, others who are not Realtors, finding good comps is not so easy. And I know I hated to bother my Realtor to have to look up comps when I am making 20+ offers a day.

2nd Answer: So here ya go…here are some free resources that will help you in getting started in valuing a property using some simple online tools.

NOTE: Most of these sites include the value of a mortgage when it goes into Foreclosure as a sale, which can make these numbers skewed from facts. Be aware of this. However, these are good starting points and can be used in your initial evaluation.

Most popular – Zillow – www.Zillow.com who owns the term, “ZESTIMATE”. You just type in the address and their value comes up. If you want to learn how they come up with their Zestimate, go here: www.zillow.com/wikipages/What-is-a-Zestimate
NEW – In Beta Form- Find Comps Now – www.FindCompsNow.com Seems to utilize Zillow yet lists the properties used to come up with estimate but adds some interesting features like separating out the cash buyers’ purchases from those who were purchased with mortgages.
Offers Comps plus Property Operating Data Tool – Finest Expert
Connected to most MLS Services – www.Realtor.com
Most Comprehensive – Redfin – www.redfin.com Study showed they had 100% of all homes listed by compared to others.
Easy Sort feature to weed out comps that don’t apply (Foreclosures, too old, too far).Trulia – www.Trulia.com Do not just take the value shown.

Follow these Instructions to get the best free comps from Trulia.

Go to: www.Trulia.com
Type in the address, city, state and if possible, the zip code for the property you need to run comps.
Wait for small box on right to pop up and click on the words “view details” inside that box
On this page look for tabs about 1” down – one says comparables – click on that tab
On this page ignore the comps you see and scroll to the very bottom of the screen and click on the words view more comparables
On this page you will see a tab for “Solds” and a tab for “For Sales”. These are the comps you want
Note: This site also takes into account properties the bank has taken back at full price owed because they buy these on the court steps. Therefore, ignore the property prices that are out of line with the majority.
Put properties in order of proximity by clicking the “proximity” tab and then clicking the arrow. This puts properties in order of how close they are to your
Use the Per Square Foot price located on the right side.
Average the Per Square Foot price by adding up those located a mile or less from the property and averaging the number by how many properties you added up. Example:
10 properties added up to be $1000.00
Divide 10 properties by the $1000.00 total and that means the property you are researching is worth $100 psf (per square foot)
Multiply this per square foot price by the square footage of your subject property.

Image from Pixabay

Again, there are many other factors to consider when looking to buy a property for investment services, (More on this in future blog posts.)

Are you interested in real estate investing?

Be sure to click on the link below to take advantage of many that I use in my REI biz.

On a side note, for easy online access to the information I am sharing here anytime, go to this website where you will find a ton of other FREE tools and resources catering to real estate investors.

If you have any other ideas, experiences or questions about using and finding comps, please leave me a comment below! It’s great to have the interaction and appreciate hearing from you.

TAMERA ARAGON