First Time viewing properties onsite

2 Replies

Hi Everyone! I began my journey into real estate investing only 3 month ago. Since then I have absorbed as much information as I could about starting this process. However, I know its time to take the leap!  I have scheduled showing with my realtor this week. I've run the numbers for each location and have a pretty good idea of how good a deal each would or could be. I'm wondering what should I be looking for during the showings?

Hi @Kaoni M. .  First of I'm by no means an expert so you should definitely get some other input.  I'm closing on a triplex at the end of the month so I just went through this process and here are the things I looked at for my properties:

  • Overall exterior of building.  Is it in good condition or what work needs to be done.  Siding, windows, roofs, gutters, etc.
  • Landscaping-is the property adequately drained?  If not, leaking basement or costly to fix.
  • Inside the house the electrical, at least a 100 amp service.
  • Do all outlets have a ground?
  • Are the foundation walls straight?  Are they cracked or bowed (this can be expensive to fix)
  • Water in the basement? Could lead to mold, fixing drainage could be costly
  • Age of appliances. A/C, Furnace, stove, fridge, etc.
  • Are there any easements on the property(agent should know this

Personally, when I went through properties I didn't have any concern with how things looked.  I'm pretty handy so crocked light fixtures, old sockets, broken cabinets, holes in drywall, missing trim, etc are all things I wasn't concerned with.  I would say anything that you don't plan on doing yourself are things you should make sure to look at.  So if you don't plan on fixing drywall yourself make sure you look at it and make note if it needs repairs.

I think to make the most out of a showing is to go in with the mindset that this is the only time you'll get to look at it.  I looked at several properties that I was interested in.  After a day or two thinking about it I would want to go look at it again to make sure I didn't miss anything, but I would find out that they had an accepted offer.  I'd say in this market if you find something you need to be ready to put an offer in.