Visiting Properties When Starting Out?

3 Replies

This might be a no brainer, but here goes anyway.

As a beginner is it ever too early to begin visiting properties to gain some exposure and experience?  My thought is "No", but I'm curious if there might be a downside to doing so?

Certainly doesn't hurt, but I think you should know something about what you are looking at and trying to analyze. You don't want to aimlessly wonder at 50 houses and not know what you are trying to gain, that is prob not efficient. So try learning a little about rehab or analysis first so you have a better idea.

You could just practice gauging what properties in a certain area go for though, that could def be useful.

It helps to go with someone (not your agent) who can point things out. 

For fun, my neighbor who is an architect, and I sometimes walk over to open houses of newly renovated properties. We are very nice while looking around but once we leave, we tick off the problems we spotted. These little trips are informative.

They answer the question of what does a $1M house look like? What does a $600K condo look like? But those are our questions. You probably have your own questions and your visits should try to answer those.

Welcome from Central Connecticut, @Claudio Golia .

Definitely not a downside to driving around and looking at properties. Although, be sure to have a purpose when you're out there. What are you looking for specifically? Single vs. Multifamily? Price Range? Number of beds/baths, acreage, sufficient room for parking, quality of neighborhood, signs of construction in surrounding area, and many more factors.

Something I have enjoyed doing while starting out, is rather than driving around to every house on the MLS...take a quick look at the property on Google Street View and run hypothetical numbers on the projected performance of the investment. Once you get good at this, you can probably bang out 20 calcs in the time it would take you to go drive and check out one property.

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