How to Comp Like A Pro 2025: Updated Appraisal Rules | Astroflipping Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 13 November 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
In today's Wholesale Hotline (Astroflipping Edition), Jamil is back with his annual comp update. Jamil introduces a refined nine-step process for comping properties accurately, with adjustments for changes in market trends and conditions.
Show notes -- in this episode we'll cover:
- Importance of Recent Comps: Emphasizes using comps no older than 6 months and adjusting values when necessary to reflect market fluctuations and avoid outdated valuations.
- Staying Within Subdivisions: Advises against crossing major roads when pulling comps to maintain accuracy, as different subdivisions can have varying values and characteristics.
- Adjustments Based on Features and Market Context: Details how to account for lot size, zoning, property type, climate considerations, and specific market conditions like buyer sentiment shifts.
- ARV Calculation Strategy: Demonstrates finalizing ARV by considering all adjustments and factors, ensuring accurate property valuations for wholesaling and investing decisions.
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☎️ Welcome to Wholesale Hotline & Astro Flipping breakout🚀👨🚀🚀👨🚀! ☎️
Jamil has been in real estate since 2002, since then he mastered the art of Wholesaling Real Estate. He successfully built KeyGlee, which is now a National Franchise with over 100+ employees, spanning 180 US markets.
Jamil also runs a mentorship called Astro Flipping where he mentors and educates hundreds of entrepreneurs on how they can be successful in their own Wholesaling business.
He is also the host/star of his own TV show on a nationwide television network, A&E. Triple Digit Flip showcases Jamil, his sister Rahima, best friend Pace, and their real estate agent Laura wholesaling and flipping houses all over Arizona.
Jamil is also the co-host of the fastest growing podcast on Wholesale Real estate called “Wholesale Hotline.” Additionally, he started his own podcast called “To the Moon” where he highlights student success. Above all things listed about Jamil, his mission in life is to impact as many lives as possible, and share the knowledge he has with those that have a desire to learn.
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Transcript
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| 0:00.0 | You are listening to an astro-flipping breakout with me Jamil Damgey on the Wholesale Hotline |
| 0:07.0 | Podcast. |
| 0:08.0 | We want to know how we are doing. |
| 0:09.4 | So give us a rating and leave us a review. |
| 0:13.1 | The King of Comps is back and I have some new rules for you guys. |
| 0:16.7 | So you all watch my How to Comp like a Pro video using the Zillow app, which has had over |
| 0:23.2 | 100,000 views on YouTube. |
| 0:24.8 | Thank you guys so much. |
| 0:25.6 | But there are some things that I missed there. |
| 0:28.0 | Yes, I missed some things after speaking to even more appraisers, having more conversations. |
| 0:33.3 | I've got new updated appraisal rules for you guys for 2025 and beyond. So let's dive into them. All right, first things first, what I wanted to do was put this out into a framework where it was easy for you guys to understand using steps. So the first thing that we did was we've arranged this into a nine-step process to help you guys order this in an operations manual in your head. So you're like, okay, this is the |
| 0:55.1 | first thing I'm going to do all the way to number nine, right? So step number one, we want to find comms within a date range. Now, again, we are looking for comms that are no older than six months. Guys, I can't stress this enough. If you're using older comps, you have to ask yourself the question, why are there no comps? Why are there no recent comps for me to be able to use? And if there are recent comps for you to use, |
| 1:16.0 | why are you using an older one? Are you trying to justify a value that no longer holds? A lot of times, |
| 1:21.3 | that's what happens with wholesalers. You guys send a comp from 2023 or even a comp from |
| 1:25.6 | 2022, ignoring the comp from 2024, the more recent comp, because the values have gone down. Don't do that. That kind of gymnastics is what's going to get you in trouble with your buyers. So six months, even better if it's within 90 days, but the rule is plus or minus six months for your comps. Now, if you are using older than that, adjust, adjust, adjust, adjust. |
| 1:47.0 | Markets fluctuate, markets change. |
| 1:49.0 | For example, July at 2022 was the peak of the market. |
| 1:53.0 | We've had fluctuations going downward since then. |
| 1:56.0 | But after we sort of bottomed out towards the end of 2022, mid-20203, |
| 2:00.0 | the market started to trend back up again. So we know that in 2023, up to 2024, the market started going back up. But in 2022, we definitely hit a peak and went down. So keep these things in mind. Make adjustments if you have to use old comps, but really don't use old comps. And if you have no comps available, maybe it's not a deal for you to actually want to chase. |
| 2:19.3 | Think about that. All right, step number two, narrow down the comps that you're going to use. So, again, we want to make sure that we're pulling comms from within the same subdivision. How do you know you're in the same subdivision? Don't cross any major roads. When we're going to go back to the FreeZillow app, I'm going to show you guys how to comp on that again. |
| 2:35.1 | Again, the thick yellow lines, right? |
... |
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