Going to see the Property

So you have put out bandit signs. You have fielded some calls from prospective sellers. And now you have an appointment set to see the property. This is a very important time in the process of purchasing you properties, and if done right it will save you and your seller allot of time, in addition to establishing yourself as a knowledgeable property investor. My mentors favorite saying is what you don’t know will cost you. This becomes very apparent at the this stage where you are in the property and you are looking around to see if this is a good deal or not. Here are a few tips that I have used when I go to evaluate properties.





1. Obtain a repair cost sheet. You can get these online, or you can make one of your own. It is a sheet that has the current prices of things that you would need in a house. Toilet, sink, drywall, carpet, flooring, electrical, etc. By doing this you will be able to better and more accurately figure your repair cost. When you get good enough you will be able to do it on the spot, as you are walking through the property.

2. Always take a tape measure. If there are repairs that need to done to floors are walls you are going to have to figure that cost. It is not good to guess, guessing can make a good deal bad, so it is important that you take measurements of repair issues in the property you are thinking about purchasing. Again do this enough times and you will be able to do it on the spot. And while I am on that subject. Don’t be afraid to tell your seller that you will get back with them in couple days so you will have time figure your repair cost.

3. Bring a good flashlight. Their is nothing more annoying than to get to a property just to find out the power is not on. It has happened to me one to many times. in order to fully evaluate the prospective property it will require you to go in basements, attics, look in crawl spaces, etc. Don’t count on there being light there for you to do your inspection. Bring your own.

4. Digital Camera. This one is a funny one to me because I can remember going to see properties, and i would come back, and my mentor would ask me questions about the property. And either because i was so excited or just couldn’t remember I couldn’t answer. Here is where a good digital camera comes in handy. It allows you to take pictures of trouble spots in the property, to help you assits in accessing your repair cost, as well as having something to show prospective buyers.

Again these are just a few tips that you can use to help once you are in the property. There are certainly more things I could talk about, but this should get you started. Happy Investing. For more information visit. http://toledowholesalehouses.com .

Will M.