Knowing how to run comps is what separates the good from the great in the realm of real estate investing. As soon as you’re able to accurately valuate a piece of property, you become indispensable to any investor, wholesaler, flipper, or realtor in your area. And, if your operating as a sole investor, knowing how to run comps better than the rest will be what allows you to get deals that others overlook.
It’s no surprise that Jamil Damji has grown the largest real estate wholesale network in the nation. He’s a comping expert, which is what allowed him to get there. Over the years, he’s wholesaled and flipped hundreds of properties, giving him the knowledge to know what is and isn’t worth it in an appraiser’s eye. To this day, Jamil still follows the “eight appraisal rules” that allow anyone, regardless of experience, to correctly comp, value, and estimate a property’s true price.
Do you use any of these rules when you comp real estate? Or, do you use another type of system to find out how much a property is worth? Let us know in the comments below!
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Check out Last Week’s Episode on How to Start Wholesaling Houses:
How to Determine a Property’s Value Using Real Estate Comps:
3 Ways to Find Comps When Determining ARV for Your Wholesaling Deal:
Find Rent Comps for in Your Area:
Use the BiggerPockets’ Wholesaling Calculator on Your Next Deal:
Connect with Jamil on BiggerPockets, Instagram, and YouTube:
Instagram: @jdamji or https://www.instagram.com/jdamji/
00:46 The Appraisal Rules
01:59 1. It Must Be Within the Same Sub-Division
03:07 2. It Must Be Within 200 Sq Ft
03:57 3. It Must Be the Same Type of Property
05:45 4. It Must Be Around the Same Age
07:18 5. Keep Your Comps within 6 Months
08:04 6. Adjust Based on Property Value
09:32 7. Adjust Based on Property Surroundings
10:44 8. Adjust for ADUs and Basements
11:32 You’re Ready to Value Your Next Property!