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Hi everyone!
My name is Trevor Carter, and I have recently joined the site. I’ve been loving the access and scope to all this amazing creative information, and look forward to putting some of it to profitable use. I am as green as can be when it comes to real estate, but i’ve been studying, mostly from the site, for about 3 months now. I have an extensive background in remodel and new construction, and hold that as my primary home knowledge. My focus is on the master lease approach, as I am a bit cash flow poor right now. In the future, I am looking to add some of my own properties into my rental portfolio. This brings me to my first question.
In non-disclosure states, what is the best way ( or ways) to find comps for a property I’m interested in looking at?
I have looked around for some ideas, but nothing really seems to work for me. I spoke with a few agents, and they gave me the feeling that I was eliminated from their competition, because I cannot find comps. Are they listed on MLS in non-disclosure states? I’m sure one of you bright and talented cashflow members has already figured this out, and I would appreciate any help. Thanks so much for taking the time to read this, and have a wonderful day!
Trevor
HI Trevor
Welcome to CashFlowDepot
When I lived in the US, I lived in a non-disclosure state too. But there are plenty of ways to get information about comps and even details about a specific property/ Here are a few:Realtor.com ? just put in the zip code of the subject property, then narrow it down to the same subdivision. You?ll see what other homes are on the market for. It is not SOLD information but it is the next best thing because it tells you what the competition is asking.
Zillow.com ? will give you prices of homes in the same street, neighborhood and recent sales.
For paid services
RealQuest.com ? will provide detailed information about each property and comps. You can find out if there is a mortgage, what the deed date is, the interest rate, type of loan, and much more. You can pull comps for MLS sales and private sales too. And this is a great service for building a mailing list.
Trevor,
In my non-disclosure state the way to get info is at the local tax office (or online in some counties) or alternatively have access to the MLS (I’m not a broker or agent) which is not complete though the best incomplete source. Realquest didn’t have the info I needed for home in MS a few years ago and I have not resubscribed. It sure worked well in FL – wish it had worked here. Knowing your neighborhoods really well works too though is time consuming and really tough in the beginning.
RE still works in non-disclosure states, we just need to get a bit more inventive in how to find the info we need to make good decisions.
Hank
Thanks Hank,
I can indeed get some info online: tax status, owner name(s), mailing address, tax value, taxes paid, etc.however, for comps, i’ve talked to a few agents in town, and they all concurred on the fact that houses are selling for just under asking(in general). So, by looking at active listings on realtor.com I can get a foggy idea of comps.
also, i have a friend who has access to mls, should i approach them about allowing me to look at similar houses? will the mls list sale prices in non-disclosure state?
Hello Hank,
Realtor.com and Zillow will be sufficient. Here’s another idea that might just be your “cup of tea:”
Go to your local Title Company (any Title company)and speak to their customer service representative. Tell them that you are expanding your real estate portfolio in your area and you would like to work with them.
1. You will need a copy of all the SOLD PROPERTIES in your area. You can even name your specific area and your price range. They provide this service for free.
2. Tell them that when it comes time to buy Title insurance on your “closed” deals, you will buy it from them. This is the trade for their free service and this is one of the ways they make money.
When you get the list(s), drive your SOLD COMPS. It will take a little bit of effort but it will be worth your time. No guessing here. You will be looking at the actual property sold, its price, square feet, curb appeal, etc.
Here’s the INTEGRITY part: when you close a deal, MAKE sure you direct the person buying the title insurance for you to the Title company who provided you the COMPS.
Happy investing,
Walter in Kona,Big Island of Hawaii
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