Editing 1course Real Estate (section)

==== Evaluating Properties ====
Once you’ve generated leads, the next step is to evaluate the properties to determine their potential. Here’s how to do it:

# '''Preliminary Analysis:'''
#* '''Initial Assessment:''' Conduct a preliminary assessment of the property’s condition, location, and potential value. Use online tools like Google Maps and Zillow to gather initial information.
#* '''Seller Motivation:''' Understand the seller’s motivation and urgency. Motivated sellers are often more willing to negotiate favorable terms.
# '''Estimating Repair Costs:'''
#* '''Property Inspection:''' If possible, visit the property to conduct a thorough inspection. Note any visible issues like structural damage, outdated systems, or cosmetic repairs.
#* '''Contractor Quotes:''' Get quotes from contractors to estimate repair costs accurately. Consider creating a checklist of common repair items to streamline the process.
# '''Running Comps and Determining ARV:'''
#* '''Comparable Sales (Comps):''' Identify recently sold properties similar to the one you’re evaluating. Look at size, condition, location, and sale price.
#* '''After Repair Value (ARV):''' Calculate the property’s ARV by comparing it to similar properties that have been renovated. This helps you understand the property’s potential market value after repairs.