Real Estate Hunter Training Program. Click a hunter below to blog.
A real estate hunter is our name for a wholesaler. A wholesaler knows what a good deal is and puts the property under contract, usually an assignable contract. An assignable contract is a one whereby the buyer, or owner of the contract, can assign whom they choose the buyer to be. The seller gives up his right to determine who the buyer is. It is easy to use this concept because the seller doesn't usually care who buys his property. The way we teach a hunter is similar in many ways to the way an appraiser is taught how to appraise property. It also involves how to work with agents, and check for physical defects. The basis of most appraisals from the standpoint of the classic single family residence (sfr) is price per square foot (PPSF). Most of what an appraiser does is try to boil off the variables that exist between nearby sold properties and his subject property. His way of finding 'apples to apples' is by reducing every variable (called 'adjustments') toward this basis. Hunters learn what makes a property unusable too. Former meth labs, black mold, and additions built without permits are all good examples of the kind of property one should not invest in. There are many helpful sites on the net that help the hunter figure value before calling the listing agent. Zillow.com does a great job of valuing property. If you type in an address in this site, it will return what they consider to be the properties' worth. Of course, none of the valuation sites do an accurate job, but when scanning the market they can provide a ballpark figure.What neighborhoods are hot vs. not in tucson? I like to look at the local area 'heat map' provided by Trulia.com . This beautiful map illustrates which areas are selling and appreciating when compared to other areas. Scroll down past the map for a complete list of Tucson neighborhoods with reams of data that can be organized by price per square foot as well as appreciation rates. Our local multiple listing service, the website used by local agents to list properties, can be found at Tarmls.com . It contains the vast majority of the homes for sale. Clicking 'public search' will get you to the search page for locally listed property. Searching on a ppsf basis is possible to do by using minimum structure and comparing it to maximum price in this form. Try not to exceed 2200sf for non luxury homes (300k or less), and 3500 sf for luxury homes, as oversized homes get penalized by appraisers. I like to use the listing agent, offer about 50-65% of what the home is worth, offer almost nothing as an earnest money deposit, and make as many offers as possible. Your phone will ring off the hook and the best agents will be polite. We call this method of investing "carpet bombing". If you would like to sign up for the course, it is still being offered for free; but you must first attend the meeting on friday night so we can get to know you first. Not everyone is cut out for this. This is very stressful work. Come to the newbie meeting on friday night so we can get to know you first. If you have a contract that is assignable and under acceptance by the seller, post the deal on our blog or... click here to return from hunter to tucson investors
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