Rookie investor here, just trying to see folks different methods when looking at New properties for the 1st time. Certain things that make it a "no go" or "go". Any certain rules of thumbs?? All suggestions and view points welcomed.
This is a subjective question because every investor has a different skill set and goals. If you are looking for heavy value plays, you might want to find undervalued properties with blatant deferred maintenance etc. If you are looking to just do some cosmetic upgrades, you are going to search out a property with good "bones" and mechanicals that do not require major CAPEX items...like roofs. Figure out what you are looking for, what you are doing with the property and what your expected exit strategy is.
I'm looking to expand in the Cincinnati area, but I would like to get some insight on the demographics from local investors.
When we are considering a property we always go to the property and do a walk around the exterior. If it's vacant, we try to look into the windows. We can usually either eliminate the property or we're interested enough to involve the realtor to view the inside. We typically only look at the interior of the property once and do an inspection while we're at it. We usually make an offer later that same day. Or scratch it off the list if we don't like what we see.