Why should I visit the property?

Question

Hi fellow BP members,

As the subject line suggests I'm a newbie.

I'm an out of state investor and am ready to commit to a deal.

I'm seriously looking into a deal along side with a trustworthy real estate agent. My agent (buyers agent) took some pictures and  I'm also planning on having the property inspected by a licensed home inspector. My question is, is there any need me for me to go down and walk the property my self?

My naive opinion is that I have no idea of what I'm looking at even if I choose to look at the property.

Your take and personal experience will be greatly appreciated.

Thanks in advance,

Account Closed · Answer

Get on a plane and visit your potential property.  Don't just look at your property, but look at surrounding properties.

What if your neighbor has junk cars in the yard?  What if there's a trap house three doors down?  What if you buy the nicest house on the block?

Get there...

Pat L. · Answer

Had a fellow investor do the same on his first 3 rentals. They were all out of state properties, all bought site unseen. All were pre-qualified by on-site PM's, RE agents & great inside pics (that were a little suspect to say the least). After several years of hell he intimated to me that when he finally unloaded them his losses were close to $85k but I bet it was much higher. Then he bought here locally & he did view it, but had no idea what he was looking at. Plus it was in a street of boarded up homes??? He lost his shirt on that as well. Now he's just a HML.

Good luck

Gianna Flores · Answer

If you are asking in regard of buying a property then yes, you should visit the property before buying it. Before paying for the property you need to check if it is in a desired condition or not. If it is real or not. Of course you are paying for the property, so you must check everything about that property before handing over money to the agent's hands.

Matthew McNeil · Answer

"Trust" is earned.  The last property I bought was sight unseen from overseas.  But as Brian wrote above, I've been working with my team for 10+ years and I trust them completely.  If this is your first deal as a newbie, I'd strongly recommend you walk it yourself.  As Reagan famously said "trust but verify."  Give time for your team to prove themselves before you discover a lapse that may cost you.

Matt K. · Answer

You can't "feel" the property or the neighborhoods identity through a spreadsheet. Properties and renters are unique.... Visit ask questions get lost and grab lunch at some hole in the wall.

This way when you get mugged two blocks from the property leaving a liquor store because you can't find anything else... you'll have saved yourself from buying something that looked fantastic on paper.

On a slightly more serious note...the realtor will make you feel like you're a deal on a good house and you'll be pumped.

The inspection will make you feel like you're buying the biggest money pit you've ever seen.

The apprisal will come in a few grand or even at your offer .... And you'll feel like you just paid full price and feel like you got hustled.

Then you'll get on a plane go check it out scope out the area etc and either agree with the realtor again or agree with the inspections...  But seeing with your own eyes and stepping away from the computer/google maps and seeing real people around the neighborhood, that'll be what helps you decide who's version you want to go with.

Kevin Hunter · Answer

@Chaim Kernkraut, your experience, comfort level, and risk acceptance will determine the answer to the question.  For me, when I began, I always walked the property, was there for the inspection and was present for the closing.  After many deals, I am no longer present for any of these events.  However, I have an agent I trust, a lawyer I trust, and inspectors I trust.  The choice is yours, so you do what allows you to sleep at night......

Brian Adzadi · Answer

@Chaim Kernkraut

Unless you are a real estate investor with more than 10 years of experience, a team of contractors, legal aides and RE agents who have done deals with you for the same amount of years, I would suggest you take a weekend trip to see the property at least once.

This is not to say your team is not to be trusted but you will always want to see the property for yourself to see if you are really getting what you paid for.

I cannot tell you the many times where the pictures never matched the house I was looking at online.