need help - Posted by RD-Atl

Posted by RD-Atl on June 12, 2000 at 13:03:55:

Thanks Phil for your response.
I mentioned “house for sale” for quickly getting the “fair market value”. I read somewhere that it is the quickest way, eventhough not accurate. I do not know any realtor (being new in real estate) to get the comps and “fair market value” is needed before an offer could be made.
Thanks again Phil,

need help - Posted by RD-Atl

Posted by RD-Atl on June 12, 2000 at 01:31:39:

Hi friends,
I am new in real estate investing. I have located several prospects for rehabs, with no realtor sign on any of them.
Looking at the board, I feel I need to find the owners first.
Since there are no houses for sale, except for one foreclosure, through a realtor, how do I get realistic comps ? Is there any website ? How much does it cost ?
After locating the owner, how should I make the offer, all cash at discounted price ? How to determine the amount ? What if the seller wants the full price ?
Since I am not planning to rehab the house myself, can I sell it “as is”, before I close ?
Where does the closing occure in GA, at title co. or at attorny’s office ? What kind of costs, am I looking for ?
What else do I need to do ?
Please help. Thanks.

Re: need help - Posted by JoeB(Atlanta)

Posted by JoeB(Atlanta) on June 12, 2000 at 21:40:23:

Hi RD, Phil did a good job of answering your questions.

In addition, I would HIGHLY recommend that you join our local REI association $120/yr(Georgia REIA 770-451-8800). It’s not-for-profit, 1500 members and meets every 2nd Monday (you just missed tonight’s).

They’ve got an office w/all the online property services, lending library and lots of $99 seminars that have quality info taught by local gurus.

Hope to see you there,
Joe Brillante

Re: need help - Posted by phil fernandez

Posted by phil fernandez on June 12, 2000 at 09:36:35:

Answers to a couple of your questions.

You aren’t looking for houses for sale as your comps, you need to be checking out houses that have actually sold within the last few months. This information can be obtained from your county/city/town offices or at the local courthouse depending on where you live. And its public record.

The way to determine what you can pay for a property is by working backward.

fair market value - repairs - closing/holding costs -

  • profit = what you can pay .

If you want to wholesale the property make sure you leave enough profit in the deal for the end buyer. Give him incentive to quickly buy the property from you.

As far as closing procedures specific to Georgia, there are many investors on this board from your state. Perhaps they can help you there.