My son, Will Twyford, heads up our rehabs. He wanted to try his hand at making a custom-made fireplace. This video is a stunning testimony that you can build something absolutely stunning from items laying around that most people would see as trash.
Will went through a GIANT heap of left-over pieces of wood and built this incredible fireplace from scratch using no pattern…just a vision.The boy has mad skills!
Bonus Tip of The Day: DETERMINING PROPERTY VALUES
So far, so good. You have found a property and made an appointment. Now you
need to determine what the property is worth.
To determine property values, run “comps.”
Comps are used to research recently sold properties similar to the subject
property, located in the same area.
Market value is determined by the price buyers are
willing to pay for homes in that area, not the asking
prices.
You can find comparable sales through a
Realtor, by going online, or by driving the neighborhood.
Drive through the neighborhood and write down the
phone numbers of every property that is for sale.
Don’t forget to call the “For Sale by Owners” as well.
When you call the real estate offices, ask for the listing prices of the
properties, and the prices of recently sold homes.
The real estate agents will usually answer questions you may have about the area
and the prices.
If you know a real estate agent, or have access to one of the
services that provides real estate information, obtain comps yourself. Estimate
low when running comps; this gives you a cushion. When driving through neighborhoods, pay close attention to the condition of the other properties as well as what is happening in the neighborhood.
You can find comparable sales:
- Points to consider:
- Are other properties run down?
- Are there many for sale?
- What type of neighborhood is it?
- Blue collar?
- White collar?
- Family neighborhood?
- Adult community?
- How are the schools?
- How is the shopping?
- Is there access to major streets?
- What is the crime rate?
- How close is the grocery store?
- Is there a dump nearby?
- Are there any prisons nearby?
- Are there any halfway houses?
- Assisted living facilities?
- Is there a train track nearby?
- How close are the houses of worship?
All these factors will be important when wholesaling because rehabbers may
want to know this information before buying your property.