Researching Properties Using Online Maps (Before Auction)

Researching Properties Using Online Maps (Before Auction)


Today is the 12th of February. I’m preparing for the auction that is coming up in 45 minutes. Today I’m looking at a
couple of properties. And I’m placing my bids ahead of time. So, I’m gonna be placing my highest bids on the property that I already checked and that I know my numbers on. And, let’s take this one for example which I’m planning to bid on. It’s on my list. I’ll show you what my list looks like. So, the green ones are the
one I already checked title and I know my numbers and
everything is accurate. So I put my market number
here and then I’m gonna put my comments here and
I’m gonna put the liens and the repair here. And I’m gonna make a 6%
fees automatically taken out of 3% depending on if
you are representing, if you are gonna be selling the house if you’re going to be listing it you might be able to save 3% commission. So, I’m taking that into an account and then I have my 30% bid. So, for me to make 30% of
my money, I have to bid $228,000 on this property for example. Which I evaluated it to be $330. I’m not gonna get into
that evaluation right now but I’m just gonna go from
scratch and check this one before I move on. So I’m gonna start checking
value for this house and then I’m gonna find
out what my bid is. So basically this is the
property appraisal in my county and this allows me to quickly check for comps so it give me a sense of comps beside looking at the MLS and seeing what’s active and what are
my competitors right now on the market, I want to identify a price
that I know it’s gonna be a discounted price that I’m
gonna be comfortable with. So no matter what the market price is if it’s 5% more or 5% less I’m still gonna be
buying at the right price so I don’t need to check
the exact percentage of the value but I know I’m gonna deduct here and there for some things that I’m gonna see along the way. So let’s start with this, so the first thing I’m gonna do is when I have this property
appraisal view Mac technology here basically what it does it
give me an overview, okay? There are a lot of tools
that can give you an overview for example if you don’t have a tool that you’re using to evaluate properties and determine their real value then I suggest you could use CoreLogic, you can use RealQuest, they have a similar
tool just more advanced and it works for most
counties and most states and the principle is the same. What it does it gives you, it compare this property
to all the property around the neighborhood by distance and by size so it only
matches the properties that are most similar to the
one you are inquiring about and it’s giving you the
numbers that was sold recently. So it’s giving you the closest distance and it’s giving you the
numbers that was sold recently, the most recent, okay? So we’re always going by
the most, most recent sales. This is the rule for everybody
who is doing real estate checking what was last sold. So as you can see we are
looking at a community here that will build at some point and I see that the houses look alike in terms of the way they are structured, the way they are positioned, the land and everything and I suspect also that the developer only build a few models
here in this community. So it’s gonna be easier to
make comps than other places that you don’t have everything
so squared and identical. So basically what I would do at this point I would just search for 2018 sales, I would get the sense
of what was sold in 2008 I consider it’s a property here for $330 that is pretty much the same to the one I’m looking at right now. So let’s try also 2009. Nothing was sold in 2009, that tells me that we are in February so middle of February so for about 45 days according to what I see here yeah what I see a couple
of sold here $260, $245 this year so if I go to those ones. That’s not allowed by the way so that tells me there’s not a lot of inventory going on there. So when I click on that I see that this is two,
two, 1580 square feet so I’m gonna compare it
to my product in a second but that’s what I’m gonna be doing, I’m gonna be checking other low comps and understand why they are low and understand if the market
is trending up or trending down so this is a two, two
with 1358 square feet. So basically when I’m
gonna check my property you’re gonna I’m speculating that for I think it’s 1800 square feet it’s much bigger than this townhouse. This is basically a townhouse so I guess, you know, one part of the community
has a single family homes and one part of the
community has townhouses. So I know that townhouses
a two, two townhouse sells for $245 and was sold
in this year in January so that’s something that I’m
gonna take into consideration. And I see that this is
about 500 square feet less than what I’m inquiring about so my subject property
is much more expensive, it’s a better quality. See? This is the townhouses I guess and this is the homes. So I’m gonna be going
back to the property, you see the property I’m speculating about is not a two, two it’s
a four, two and a half and it’s 1800 square feet. Plus it’s a single family home and plus it has a huge land compared to the others. So I know I’m looking at
a more quality product than say for example this one, if this is the same square
footage, or this one. So I’m gonna go back in 2018 sales just to get a sense again
of what was going on and I can see that it says around starting at $300, $324, $361. The one looking at the canal
are going for $350, et cetera. So I’m interested to look at this one because this one is pretty
similar to that one. So I’m just gonna go and I’m
just gonna select that one. I’m gonna learn and compare
those two properties and get an idea of what’s going on. Okay first of all, this is a smaller home that
was sold about a year ago. Okay, in March 2018 for $330 and this is a smaller home than the one I’m prospecting about. So that tells me that at
$330 at year ago prices I’m okay evaluating the
product I’m looking at at 1800 square feet. So this is a three bedroom, two and a half I’m looking at four bedrooms and this was sold a year ago so that tells me that the property
I’m looking at right now is more quality than this
one I’m looking at right now. Again, I’m not gonna adjust the prices I’m not gonna go crazy and say oh my god, this property’s I’m looking at is the best in this whole community it’s the bigger, it’s got a huge lot and therefore I’m gonna be $20,000 more, I’m not gonna do that. I’m gonna stay strict with the prices, I’m not gonna get excited
that it’s a little bit bigger and it’s got the land. That’s gonna help me be more attractive, that’s gonna help me be able to overbid my competitors so
when they list the property and they’re asking for little price and I can list the property
and I can ask for maybe a few percentage less than what they ask on a less worthy product then I know I can be attractive and I can move my product quickly. So when I buy I make sure that I’m gonna be very
attractive in the community. Hey guys, if you like this video and you want to learn more about becoming a real estate expert, please be sure to subscribe. You can also go to my
website lirankoren.com and get your free one hour course and if you have any questions or comments please be sure to make
them and I will respond as fast as I can. In the meantime, happy
investing everybody.

Leave a Reply