Evaluating Discount Property At the end of this session, you will be able to: Summarize key focal points of valuing and analyzing discount property Explain.

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Presentation transcript:

Evaluating Discount Property At the end of this session, you will be able to: Summarize key focal points of valuing and analyzing discount property Explain how to use a CMA Perform a discount analysis

7 Steps of Evaluation 1. Find the Property 2. Find the comps 3. Estimate Repairs 4. Estimate Costs 5. Evaluate Exit Strategies 6. Estimate Profit Potential 7. Complete Acquisition Sheet Evaluating Discount Property

Focal Points Location Property Condition Price Financing Seller’s Motivation/Flexibility

Evaluating Discount Property Comparables (Comps) Address Sq footage Age Bedrooms Baths Gar/Carport Lot Size Construction Price Days on Mkt Extras Distance Subdivision Appraisals

Evaluating Discount Property Finding Comps Tax Rolls Web Sites MLS/Realtors Driving for Dollars Listing Services

Evaluating Discount Property Estimating Repairs Initial Self Inspection Measuring Tape Ground Tester Marble Screw Driver Software Licensed Inspector

Evaluating Discount Property Estimating Costs Buying Costs Holding Costs Closing Costs

Evaluating Discount Property What We Covered This Session: –How to recognize a motivated seller –Summarize WHY sellers become motivated –Three specific tactics for motivated seller marketing –Explain how to target market to motivated sellers

Driving for Dollars Types of sellers Pros Cons Tips & Considerations Evaluating Discount Property

Foreclosures Types of sellers Pros Cons Tips & Considerations Evaluating Discount Property

Bird Dogs Types of sellers Pros Cons Tips & Considerations Evaluating Discount Property

Courts Types of sellers Pros Cons Tips & Considerations Evaluating Discount Property

Advertising Types of sellers Pros Cons Tips & Considerations Evaluating Discount Property

Advertising Flyers Business Cards Newspaper Ads Car Signs Bandit Signs Trade shows Radio & TV Website REIA Groups Expired MLS Yard Signs Direct Mail Evaluating Discount Property

Contacting Motivated Sellers 1.Advertising 2.Direct Mail 3.Telemarketing 4.Drive By/Door Knocking Evaluating Discount Property

What We Covered This Session: 1.Recognize a motivated seller 2.Summarize WHY sellers become motivated 3.Three specific tactics for motivated seller marketing 4.Explain how to target market to motivated sellers Evaluating Discount Property

Next Session… Evaluating Discount Property