Saturday Quick Tip -- How Do I Comp Land? | TTP Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 16 December 2023
⏱️ 4 minutes
🧾️ Download transcript
Summary
Every Saturday on the Wholesale Hotline Podcast (TTP Edition), Brent brings you a quick tip to level up your business.
Key takeaways:
- How to quickly determine how much a piece of land is worth.
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☎️ Welcome to Wholesale Hotline & TTP Breakout🦏🍌! ☎️
Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program...
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Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events...
A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!
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Transcript
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| 0:00.0 | You are listening to another TTP breakout with Brent Daniels on the Wholesale Hotline podcast. |
| 0:14.7 | How do you comp vacant lots? |
| 0:17.1 | That's fantastic. |
| 0:18.6 | So, let's do this on the board. So land. Okay. What you typically want to do, Java, |
| 0:28.2 | is you want to look for properties that are in a subdivision. Okay, you want properties in |
| 0:33.7 | town. Now, if you're going rural, you can just give a percentage of the assessor value. |
| 0:38.9 | Typically, I would just give, I would throw out 10% of the assessor value to see what their |
| 0:44.0 | bottom line is. And so the tax assessor value, it's on, it's on prop stream right there. |
| 0:49.6 | It's pretty much anywhere you could look at your tax or your treasurer's office or whoever does the property taxes in your area just look at what the assessed value is for the land |
| 0:59.1 | Give them 10% of that start there and see where see what price they really want if it's rural if it's in town |
| 1:05.7 | Let's say that if you built a house what you want to look for is you want to look for comps in the area that are flipped, that look beautiful. That is the highlight of the neighborhood. So let's say the perfect comp is a brand new house. If a brand new house is in that area, in that neighborhood, that is what you want to use. use if not which is a lot of areas |
| 1:27.5 | you want to use the nicest house the one that's been flipped as a comp so let's |
| 1:31.7 | say the nicest house sold for 300,000 okay now what you want to do is |
| 1:40.0 | times this by point two2. This is 20%. |
| 1:45.5 | All right, 20% of this is 60,000. |
| 1:49.0 | This is typically the price that a builder, |
| 1:53.1 | or a builder, we'll just go builder, |
| 1:56.6 | would want to purchase this at. |
| 1:57.8 | And then I'll tell you the other option here. |
| 1:59.6 | But 60,000 is typically what a builder would build. |
| 2:02.3 | They would put $150 into it to build the house. |
| 2:05.7 | And then they'd sell it for $300 and make a nice profit, |
... |
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