10 Things You Must Have Before You See The Next House
29 Feb
Article posted by smacharia11 as Finance/Real Estate
You probably see a few houses every week if you are an active real estate investor. What you do when you see your houses determines the consistency with which you close deals.
This is a list of things you must have before you go to see your houses.
1) Flashlight
When you go to see most houses, you are likely to find the utilities disconnected. utilities are usually disconnected in most vacant homes.
Always have a flashlight with you in your car at all times. It comes in handy.
2) Face mask
Many times you will find this necessary even though it sounds unlikely. The mask you need is the type that covers your nose and mouth.
Once I went to view a property that had its copper plumbing vandalized. By the time water was disconnected, it had flooded for a few days.
I have since visited several properties you just cannot breath unless you cover your nose.
3) Hand sanitizer / insect repellant
Lots of vacant houses stink and are infested with fleas.
You end up touching dirty doors, knobs, etc, and probably get infested by fleas. I always spray my shoes with insect repellant and sanitize my hands after I am done.
4) Digital camera / Video camera
The good thing is that most people now have digital and video cameras in their smart phones. If you do not have one of these, get yourself one; it’s a big savings because it combines many uses into one. Always take some pictures and even video when you go to see your houses.
A voice recorder, usually in the smart phone comes in handy to narrate useful things. I find it easier than having to take notes.
5) Calculator
Obviously you must carry a calculator. Again my smart phone calculator is more than enough.
This is one tool you will always need, whether you are estimating repairs, making offers, etc.
6) Screwdriver, hammer
To access properties that are boarded up, you will need these. You have to gain entry, then re-board it after you are done.
7) Deal analysis
By the time I drive out to the house, I have pre-screened the sellers and already know the repairs needed. My visit serves to confirm the information I already have.
I already have comps done and have an idea of the offer I will make.
I can revise these numbers if things on the ground are different. Always be prepared to make an offer before you leave. By the time you go to see the house, you already know the asking price.
Most motivated sellers will accept your offer right there.
8) Purchase agreement
The time to sign the contract is when the seller accepts your offer, not later. You must have contracts ready to sign, or even blank ones in your car.
9) Business cards
Motivated sellers usually have friends in a similar situation. Pass your business cards to them, they might refer more business to you. Of course, remember to promise a gift if they refer their friends.
10) Yard signs
As soon as I get a house under contract, I put a We Buy Houses sign on the yard, with the owner’s permission. These signs can bring you a lot of extra business.
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Author: smacharia11
This author has published 9 articles so far. More info about the author is coming soon.