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If you’re looking to build wealth without banks and outside of Wall Street by utilizing time-tested methods in an ever-changing world like the one that we live in, then you are in the right place. I’m going to be speaking about running comparables on other properties when you’re trying to formulate the after repair value or your loan-to-value of a particular deal. I want to run through the best ways and the worst way. You don’t have to be a realtor necessarily, but there are certain ways you can run comps and comparables. There are third parties you can reach out to have that done for you. I’m going to run through those lists and give you a couple of ideas at the end as the last case scenario or last resort, but also to get practice and to start looking at things to train your eye on properties. There are a lot of great free web resources out there.
Real estate is a relationship business.
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Before we get into all that, I want to mention that for those of us in the United States, it’s Memorial Day. I’d like to honor the men and women who have given their lives for this country. I’m taking a moment and mentioning the significance of Memorial Day. Whether I agree with a war, a president or a reason for the wars has always been irrelevant in my mind. It’s all about honoring those people who sacrificed their lives for this country. While I’m on that subject, I’d like to acknowledge those who served and lived and those who are currently serving in the military. My friends like Leon and Scotty Mac because people like you guys served. I was never drafted or forced to serve. For that, I want to say thank you.
Let’s get into the nuts and bolts of this episode. How to comp a property? The best way to do it is through the Multiple Listing Service, the MLS. That’s the database that all the realtors and real estate brokers have access to. That’s how they determine values when they come and get a listing. They use that and it’s the best database out there. I wish I owned it because it’s updated fairly quickly and you can get a good snapshot. You can...
