Rapid Real Estate Investing Results

Piece of Property
When buying a piece of raw land, one of the most important things to determine is of course approximately how much a property is worth, regardless of what the County Assessor has valued the property at. I have seen the county assessor be much higher than the actual value and also much lower. In these turbulent economic times, the county auditor/assessor is typically much higher than what the property would actually sell for. This value is extremely important so you can figure out how much to offer so you can make your desired profit of 500% to 1,000% and more. This is on raw land prices, not built homes. These methods were equally as well to determine the value of completed homes as well, the percentage return will just not be as high as it is on raw land.

Here is a quick story about my experience with the local assessor where I invest. I have a property that was built in 2007 and just reassessed in the spring of 2009. The property was assessed for $45,000 more than I paid for it in 2007!! This is a ridiculous amount considering the neighbor next to me who also bought his home at the same time for just a little more than I bought mine for did not get assessed the same amount. There are multiple houses in the neighborhood that were assessed lower than mine all because I did not make it to the appeal hearing. We missed the appeal process this year but will definitely be going in for the appeal if we are still holding this property in the spring of 2010.

For a rough estimate, follow the steps in my next post to determine the value of the subject property.

Join My Newsletter List and Get the Following: 1) My $97 eCourse on marketing your RE Biz. 2) Priority Notification of upcoming training calls. 3) Post your properties on my website.