Viewing Properties: 10 Things You Must Carry
29 Feb
Article posted by smacharia11 as Finance/Real Estate
When you buy houses for real estate investing, you probably see a few houses every week. The consistency with which you close deals is largely dependent on what you do when you see the houses.
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. This applies to most vacant homes you will go to see.
Always have a flashlight with you in your car at all times. It comes in handy.
2) Face mask
Even though this can sound far-fetched, you will find it necessary many times. 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 the city turned off the water, the house had flooded a few days.
Since then I have visited several properties where you just cannot breath unless you filter the air you breath.
3) Hand sanitizer / insect repellant
Vacant houses usually stink and may be infested with fleas.
You end up touching dirty doors, knobs, etc, and probably get infested by fleas. When I am looking at such houses, I spray my shoes with an insect repellant and always sanitize my hands after I am done.
4) Digital camera / Video camera
Most people these days carry smart phones with both digital and video cameras. Get yourself one if you do not have one, it combines many useful tools in one. Always take some pictures and even video when you go to see your houses.
While we are at it, sometimes I use my smart phone to record voice as I explain things I would otherwise forget. It’s easier than taking notes.
5) Calculator
Of course this is an obvious must have. I generally find the one on my smart phone enough for my needs.
If you are like me, you will find this useful every time you make calculations on repairs, making an offer, etc.
6) Screwdriver, hammer
To access properties that are boarded up, you will need these. The only way to gain entry is to un-board it, then re-board it when you leave.
7) Deal analysis
Before I go out to look at a property, I have already pre-screened the seller and have a pretty good idea about the repairs it needs. 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.
These numbers can be revise if I find a different reality. You must 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. I generally prepare a contract before I go to see the house and leave out some blanks that can change later.
9) Business cards
Motivated sellers usually have friends in a similar situation. make sure you pass your business cards to them. Of course, remember to promise a gift if they refer their friends.
10) Yard signs
I always put a We Buy Houses sign in the yard as soon as I put it under contract with the owner’s permission. You can get a lot of extra business from these signs.
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Author: smacharia11
This author has published 9 articles so far. More info about the author is coming soon.