Update! New Real Estate Comping Rules for 2023/2024 | AstroFlipping Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 22 August 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Today on Wholesale Hotline (AstroFlipping Edition), Jamil Damji gives us updates for comping in 2023.
Show notes -- in this episode we'll cover:
- How to properly use comps in 2023.
- How to determine what a house is worth.
- What to NOT DO when comping in 2023.
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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
Click on a timestamp to play from that location
| 0:00.0 | You are listening to an astro-flipping breakout with me Jamil Damgey on the Wholesale Hotline podcast. |
| 0:08.0 | We want to know how we are doing, so give us a rating and leave us a review. |
| 0:13.0 | You want to know how to become the number one wholesaler in the United States, or possibly the number two because I'm the number one. |
| 0:20.0 | But if you want to know how to be |
| 0:21.0 | the number two wholesaler in the United States, then you need to learn how to comp like a pro. I did |
| 0:27.0 | this four years ago, but a lot has changed since four years ago. We have had a market shift. Things have |
| 0:34.0 | gone completely sideways in many markets and in other markets, inventory is really tightened up. |
| 0:39.1 | And so I had to give you appraisal rules for 2023 going into 2024. |
| 0:44.7 | What has changed? |
| 0:45.9 | What has stayed the same? |
| 0:47.3 | All of that and more. |
| 0:48.9 | Guys, I've done over 6,000 wholesale transactions and I've spent $0 in marketing, which basically crowns me the |
| 0:55.9 | undisputed champ of wholesale. Now, again, we're going to look at the appraisal rules new for |
| 1:00.6 | 2023. These are the major differences, okay? First and foremost, you cannot use any comps that |
| 1:06.9 | are older than three to six months if you want an accurate ARV. If you can only find comps from 2022, you need to adjust your ARV down by 10 to 20% off of your high comp, |
| 1:18.6 | depending on which market you're in. That's a big depending, okay? Because every market has changed differently. |
| 1:26.6 | For instance, in Phoenix, we're still roughly 9% down since our height of March of 2022. |
| 1:32.6 | However, if you're in Tampa, Tampa, Florida has gone up 10% since March of 2022. |
| 1:37.8 | So we don't have a national housing market anymore. |
| 1:40.9 | We now have a regional housing market. |
| 1:43.3 | So you need to be really |
| 1:44.6 | mindful about where you're looking for for potential deals now appraisal rule number three is |
... |
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