Make it a Habit to Buy Properties Unseen

I was on the phone yesterday with a friend who is in contract on multiple properties in West Palm Beach,  Florida. He mentioned he was flying down from NY to check up on them. They are all in various stages of being developed, some are under contract and some are getting rehab. When asked why he felt the need to go down if he already had a great team down there in place, he was unable to come up with a satisfactory answer.

Its well understood that prior to making a large purchase, one can feel the need to see the property up close. However, unless you are a property inspector or all-around handyman, chances are you wouldn't see beyond what you saw in the pictures. 

Just last night I was on the phone with an inspector. After reviewing what we needed to be inspected, I casually mentioned that although I had a great realtor, I would like him to let me know in what move-in condition the place was. His response was " sure thing, I do this all the time!" He agreed to give an opinion on the overall condition of the property and not just the particulars for which he was trained for. 

(It's almost like when my wife hands me the grocery list, she makes sure to mention please be on the lookout for other items of interest. I'm happy to do that, but without being told, it's more like a scavenger hunt to see how fast I can finish the list). 

If you do have additional professionals visit the property during the DD period, make sure to ask them as well. No matter if it's the sewer line inspector or pool guy, you should value everyone's opinion. Admittedly, at times there will be a conflict of opinions. Then you have to make the call if you want to err on the side of caution (usually when the repair or suggested upgrade is not too expensive and will make a difference in the feel of the place).

Once you purchase a property a couple of times unseen,  you won't even entertain the possibility of traveling to see the property. 

Here is my challenge to you, make a commitment NOT to go visit your next opportunity property if the location is more than an hour away!