Is this possible? (RE)

[Bozigian]

Okay so I been looking at Zillow for some houses

I was looking at homes in my area.
I also looked for homes in other areas like Beverly Hills.
Okay Im still learning about RE so I dont know everything and advice would be appreciated

And I saw this.
http://www.zillow.com/homedetails/360-S-Reeves-Dr-Beverly-Hills-CA-90212/95701724_zpid/#{scid=hdp-site-map-list-address}

Property I am looking at
-For sale $1,525
-Mortage payment $86 month


Another property
-For sale 2,795
-Mortage $92 Monthly

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Okay. I think Im getting this wrong. But this property home in Beverly Hills cost $1,525 and you have to pay $86 bucks a month for rent?

Okay may I ask, is this a good investment for a newbie RE investor?
I mean if I bought it for $1,525 and rented it out $86 a month and if it needs maintenance then basically the maintenance most likely will cost more than a months rent.

Do homes actually sell for like the prices as above?

 

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[DeletedUser394]

The house is valued at $716,808. They maybe made a mistake, or just put a ridiculous number down so that when you put in 'Cheapest listings first' or something like that, it would show up.

I've seen places listed for $1, but they weren't actually worth only $1

 

[Bozigian]

Here is the link to clarify

http://www.zillow.com/homedetails/360-S-Reeves-Dr-Beverly-Hills-CA-90212/95701724_zpid/#{scid=hdp-site-map-list-address}


http://www.zillow.com/homedetails/135-N-Gale-Dr-1-2-Beverly-Hills-CA-90211/2126793112_zpid/#{scid=hdp-site-map-list-address}

 

[mrhahn]

I think Zillow is an aggregator of home listings so it might just scrape data from other sources. It probably thought it was the "for sale" price based on some html elements and that's how it was automatically put into its database.

 

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[DeletedUser394]

http://www.zillow.com/homedetails/135-N-Gale-Dr-1-2-Beverly-Hills-CA-90211/2126793112_zpid/#{scid=hdp-site-map-list-address}

You can't buy houses in BH for $3,000. (unless it's a trailer, but I doubt they park trailers on rodeo drive.

Here is the exact same house, listed not at under $3,000 but 1.6 MILLION.

135 N Gale Dr, Beverly Hills, CA 90211 MLS# 10478883 - Zillow

 

[Red]

This may also be a timeshare. Sometimes Zillow (or the MLS data that it's pulling from) does not distinguish list prices between an actual sale for real property vs. a timeshare ownership portion.

Zillow is the bane of my existence.

 

[Bozigian]

Is their any websites any of you would recommend on looking for homes to buy and rent?

 

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[Red]

Is their any websites any of you would recommend on looking for homes to buy and rent?

It's all localized. Find a website/agent in your area with a search function that sweeps the local MLS on the hour (some only do it every 24hrs, or, god forbid, weekly). If your area has more than one MLS (and many large metro areas do), make sure the search you're utilizing pulls from them all. The local MLS is the best way to get the up-to-the-minute accurate details on the status of homes on the market or pending.

And if you're wondering why I hate Zillow, it's because it pulls from the tax records here in Arizona when there is an event triggered. What does this mean? Every time a sale is made, the county recorder's records updates the tax records with the new name/price/etc of the property. This works. The problem is, in Arizona, when a bank forecloses on a home, this ALSO triggers an event at the county recorders office. It shows the new ownership (home now in the Bank's name) BUT it also sweeps up the amount of the first lien's deficiency & reports it as a "sold" price. You can see where this derails when a neighborhood is now worth $650K but the bank is still taking homes back at $1.1Mil. It creates false information & misleads people who don't understand how both systems work together. THAT is why Zillow is a pain in my a$$.

In some states (like Utah) where they don't publicly records the sales price of homes, I'm sure Zillow works fine if it pulls from their local MLS's. Here in Arizona, it doesn't work so well...

But either way, go local, do a little research, ask a pro & see what you can find. By the time most "deals" hit the MLS/Craig's List/what-the-hell-ever-website, you can bet it's not a deal. This market has pushed investors to be savvier than ever & smokin' deals are made before the properties are even put up for public sale (read: courthouse steps, buying pools of homes directly from the bank, etc) and are usually limited to cash buyers who can move fast.