Never Rely Solely on Zillow & Google Maps
Calvin Ewing
Helping People Obtain Above Average Returns Backed By Real Estate - Note Buyer | Real Estate Investor |
Modern real estate investors have a whole arsenal of online tech at their fingertips that would've blown the minds of real estate investors just one generation prior. With just a couple of clicks on your computer or phone, and you can virtually cruise by almost any property using Google Maps. You get a real feel for how the place looks and can even take a stroll around the whole neighborhood. It's kind of mind-blowing when you think about it.
But that's not all – anyone can dig up all sorts of info about any property. We're talking everything from how big the place is and how the rooms are laid out to its age and property taxes. And sites like Zillow, the big player here, not only give you an idea of what the property's worth right now but also provide an estimate of how much rent it could pull in.
Having all this info available to us in seconds makes sizing up potential real estate or mortgage note deals a piece of cake. In a matter of minutes, you can knock out tasks that would've kept your grandparents busy for hours and this tech has allowed investors like myself the ability to invest in U.S. real estate remotely from an other country and across an entire continent.
Of course, all this convenience comes with a flip side. There are traps waiting for newbies or even experienced investors who get a bit lazy and decide to take shortcuts.
In the video I've shared above, I take a recent mortgage note deal that I was seriously considering as a prime example. I use it as a case study to demonstrate how Zillow's property value estimates, often referred to as Zestimates, can sometimes be way off the mark. If I had solely relied on Zillow's property value estimate and gone ahead with the purchase of this note, it could have been a major blunder, potentially resulting in a significant loss of funds.
In the second video I've prepared, I delve into another recent note deal that I was on the brink of acquiring. This case serves to underscore another crucial point. While Google Street View might provide a recent snapshot, it's not always a foolproof source to depend on. There are instances where a Google Street View photo might overlook property damage that's not immediately visible from the street. Moreover, there's the possibility of damage—sometimes even substantial damage—arising after the Google photo was captured, leaving a gap in the information.
Conclusion:
Without a doubt, online tools such as Zillow and Google Street View offer incredible benefits. I personally rely on them daily as essential components of my property analysis and due diligence process. Nevertheless, it's important to recognize that going the extra mile remains imperative. Investing a little more effort and a few extra dollars to corroborate what Google and Zillow present can make all the difference before you commit your funds to a real estate or mortgage note venture. This precaution has the potential to save you substantial sums over the long haul.
Consider enlisting the expertise of a real estate agent to assemble a Comparative Market Analysis or a Broker Price Opinion. Alternatively, investing in a property appraisal can ensure that you're working with a genuinely accurate property value estimate. If an appraisal isn't on the table, it's wise to arrange for someone you trust to conduct a drive-by assessment of the property (at the very least) to gauge its current condition. Before finalizing any property purchase, it's highly recommended to arrange for a comprehensive property inspection to uncover any potential issues.
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