I can tell you that the most common mistake that many beginning real estate investors make is that they pay too much for property. Fact is overpaying for property is often cited as the number one reason why so many newcomers fail to make it as profitable real estate investors. InvestorComps can prevent you from falling into this large category of real estate investors.
For many neophyte investors, paying too much for their first investment property usually proves to be a very costly and fatal mistake, and marks the beginning of the end of their foray into real estate. That’s why it’s imperative that you learn how to accurately estimate the current market value of potential investment properties! As far as I’m concerned, it’s the single most important aspect of the entire real estate investment business!
InvestorComps knows having an accurate estimate as to how much a property is worth in its current condition, is the best way to negotiate a below market purchase price that is based on the property’s condition, and not on how much it might have been worth after it had been cleaned up. This is what we teach our members.
Sadly, there’s no Kelly Blue Book equivalent for real estate investors to lookup used property prices in, this is where InvestorComps is necessary to learn for yourself how to estimate the current market value of potential investment properties.
The most common method used by property appraisers to estimate property values is the Comparison Sales Method. This method uses the same concept and data InvestorComps provides. This method bases a property’s value on the recent sale prices of properties that are within the same area and comparable in size, quality, amenities and features.
Members of InvestorComps can log onto the downloads section in the support desk and access our most widely downloaded teleclass “ICO Seven secrets” to get more detailed information on valuating property. This is truly “appraiser’s secrets for investors.”
All the best,