How To Determine Value

Hey, it's Mark Podolski, the lane geek. Let's have another virtual cup of coffee together. This morning I'm drinking the bulletproof coffee and I threw in a splash of cinnamon. It's fall. Why not? It's good. So let's talk about determining value. Whenever you're going to be at buy a piece of property, the number one thing we would need to consider is how are we going to be absolutely certain we're not overpaying for this property? How do we determine the value of the property? Well, there's a few ways you can do it. The easiest, but the most expensive way to do it is call your local appraiser. They're going to charge you about 400 to $900 and appraise the property. Now, homes are much easier to appraise. You can go on Zillow, you can go on realtor.com and you can get comparable values on homes all day long. Lands a little trickier. You can still check Zillow, but if you don't want to hire a land appraiser, what you can do is just go to the local county assessor, and the assessor gives a form to everyone that buys a piece of property, either with cash or a mortgage, and gets the actual sale price of that property. So you can get three to five comparable sales and do your own appraisal and save yourself the money and time. Or you can call a local Realtor and the Realtor can help you determine value. So those are going to be your three best bets as far as determining value for a piece of raw land. And then based on that retail price for that market value, you can go ahead and start making offers to sellers and then calculate your margin or your return on investment. If you want more tips, tricks, techniques on how to make an incredible income buying and selling raw land, go to www.thelanegeek.com, download for free the Passive Income Blueprint, get the three fatal land buying Mistakes ebook, and of course, get the podcast delivered weekly into your inbox. Hey, it's Mark Podolski, the land Geek. Thanks for having another virtual cup of coffee with me. See you next time.