Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
02242552

Retail Value infor

Recommended Posts

Hello, Investors!!! Quick question! How do you come up with your retail value to purchase on the Lease option purchase?

 

I see Investor saying they will buy the home for 90% retail value or 15 to 20% discount.

 

Also, who comes up with the monthly lease payment between the seller and investor?

 

Thanks!!!

Share this post


Link to post
Share on other sites
Hello, Investors!!! Quick question! How do you come up with your retail value to purchase on the Lease option purchase?

 

I see Investor saying they will buy the home for 90% retail value or 15 to 20% discount.

 

Also, who comes up with the monthly lease payment between the seller and investor?

 

Thanks!!!

 

Run comps for value. Do market study for rent.

Share this post


Link to post
Share on other sites

You can get sales info online. Some services are free, Zillow, Real Estate, and RealEstateABC, for example. Other sites provide this service for a fee. Some you can check out are sitexdata, electronic appraiser, and real quest.

Determine rents by checking your local newspaper and comparing what properties are renting for in the neighborhood. Try calling a residential property management company. And you can go to a local REIG and talk to other members for info on rentals.

Share this post


Link to post
Share on other sites
Hello, Investors!!! Quick question! How do you come up with your retail value to purchase on the Lease option purchase?

 

I see Investor saying they will buy the home for 90% retail value or 15 to 20% discount.

 

Also, who comes up with the monthly lease payment between the seller and investor?

 

Thanks!!!

 

Run comps for value. Do market study for rent.

 

First, Thanks for your reply. When you are other investors say you will buy homes 90% retail value or 15 to 20% you mean appraise value?

 

correct!!!

Share this post


Link to post
Share on other sites

Hi 02242552

 

When you are other investors say you will buy homes 90% retail value or 15 to 20% you mean appraise value?
My ads say that I will pay ABOVE market value. When speaking to sellers I try to find out what price they Need not what they Want and what is motivating the owner to sell their house. If the seller is truly motivated to sell, their price will be below what similar houses like their's have Sold for, not necessarily an appraised value.

 

Can anyone recommend a good comps site that covers Canada?
I am not sure how the tax records are accessed in Canada online, but to get property info. I go online, type in my county name and pull up the "GIS Tracking" (which is becoming more & more popular). You enter the address and it gives you all the court records (taxes, legal descriptions, past sales, deed, satellite map etc.) of the property. I resently discovered that there is a link you can hit that says "Similar Properties" and it will pull from the court house record "Comps of similar houses that have sold in that area." Pretty cool. But I would still compare that comp with other sites as well.

Share this post


Link to post
Share on other sites

I don't advertise a percentage of value to buy a home. I will pay above market for terms. Here is what I mean. If a seller has a free and clear property I will offer no payments and no interest for say 7 years. For a 200K property I will pay 230K or maybe even higher as the Time Value of Money kicks in.

Share this post


Link to post
Share on other sites
Can anyone recommend a good comps site that covers Canada?

 

 

Steve,

 

Try www.homevaluationscanada.com

 

I dont think it is free, though.

- Rahul

Share this post


Link to post
Share on other sites

Thanks Raul.

 

That site looks to be very thorough in their process of obtaining the homes value, so I would assume they're accurate.

 

However, I do wonder if it's worth the $30 fee for running a report for every potential seller who shows some interest.

 

I wonder if if there's a way to get them to pay for it...?

Share this post


Link to post
Share on other sites
Thanks Raul.

 

That site looks to be very thorough in their process of obtaining the homes value, so I would assume they're accurate.

 

However, I do wonder if it's worth the $30 fee for running a report for every potential seller who shows some interest.

 

I wonder if if there's a way to get them to pay for it...?

 

Steve,

 

I know Bev has sellers run their own comps. That's certainly one way to find out their level of motivation.

 

Phil

Share this post


Link to post
Share on other sites
Thanks Raul.

 

That site looks to be very thorough in their process of obtaining the homes value, so I would assume they're accurate.

 

However, I do wonder if it's worth the $30 fee for running a report for every potential seller who shows some interest.

 

I wonder if if there's a way to get them to pay for it...?

 

Steve,

A person(Ryan Grassie - owner/manager?..dunno) from homevaluationscanada.com was here once and asked whether $7 to $9 would be fair fee for a report with just comps. The $30 report that they provide probably has a lot of other good info, but is an overkill for us, investors.

I hadnt followed up with him since they werent covering NL at that time. Now that I have moved to ON, I may enquire off him if they can provide a reliable "just comps." report for a very small fee($5) or less.

 

http://www.naked-investor.com/forums/index...c=4661&st=0

 

Ofcourse, nothing like having a cooperative realtor in your network. Now come to think of it, you could even tell a realtor that for comps on a property that he/she provides to you, you could buy him coffee. Also, will be good to network with a realtor to know whats happening in your part of town.

- Rahul

Share this post


Link to post
Share on other sites
I may enquire off him if they can provide a reliable "just comps." report for a very small fee($5) or less.

 

That's a good idea Raul. Shoot him an email and ask him if $5 would be enough, or if he may be willing to provide some sort of bulk discount for investors.

 

 

Ofcourse, nothing like having a cooperative Realtor in your network.

 

Personally, I don't want to have to deal with any more Realtors if I don't have to. B)

Share this post


Link to post
Share on other sites

×
×
  • Create New...