If you go to inspect a property, what are you looking for? Below is a checklist of a few items to consider when looking at a possible investment property:
- What’s your impression of the surrounding properties?
- What’s the status of the adjoining properties?
- How do you like the overall area?
- How many bedrooms/baths/parking spots?
- What’s the square footage?
- When was the property built?
- When was the roof replaced?
- When were the furnace and air conditioning last serviced?
- What do the downspouts look like?
- What type of windows? Are they double or single-paned?
- What’s the condition of the stove?
- What’s the flooring look like?
- Do the bathrooms look OK?
- Is there a sprinkler system?
- What does the yard look like?
- Current rents
- What are the current rents?
- Will the area support highter rents?
- Are there any obvious structural problems, cracks inside outside the property?
- Are there any cracks in the foundation?
- Is there any visible water damage?
These are just a few things to check. Depending on what you’re looking for some or all of these won’t matter. Until you get some experience have the property inspected by a professional. It will save you from making a terrible mistake in the end.
I know some investors, e.g., Ron LeGrand, that go into a house and want to smell cat urine. Why? Because they know that most people won’t touch a property like that making it much easier to get a great deal. Again, this is great if you want to do a fix and flip.