10 Things A Real Estate Investor Must Carry When Going To See Houses
You probably see a few houses every week if you are an active real estate investor. The consistency with which you close deals is largely dependent on what you do when you see the houses.
Here are ten things you must have with you at all times whenever you go to see a house.
1) Flashlight
When you go to see most houses, you are likely to find the utilities disconnected. Most vacant homes you see have their utilities disconnected.
A flashlight in your car always comes in handy.
2) Face mask
Many times you will find this necessary even though it sounds unlikely. I don't mean a ninja type of face mask, but the type that covers your nose and filters the air you breath.
Once I went to view a property that had its copper plumbing vandalized. By the time water was disconnected, it had flooded for a few days.
Since then I have visited several properties where you just cannot breath unless you filter the air you breath.
3) Hand sanitizer / insect repellant
Most of the vacant houses you will see are dirty, stinking and sometimes can be infested with fleas.
You touch dirty doors, knobs, etc and end up being infested with fleas. When I am looking at such houses, I spray my shoes with an insect repellant and always sanitize my hands after I am done.
4) Digital camera / Video camera
The good thing is that most people now have digital and video cameras in their smart phones. If you do not have one of these, get yourself one; it's a big savings because it combines many uses into one. Always take some pictures and even video when you go to see your houses.
A voice recorder, usually in the smart phone comes in handy to narrate useful things. It's easier than taking notes.
5) Calculator
Of course this is an obvious must have. Again my smart phone calculator is more than enough.
If you are like me, you will find this useful every time you make calculations on repairs, making an offer, etc.
6) Screwdriver, hammer
You need these when you find properties that are boarded up. You have to gain entry, then re-board it after you are done.
7) Deal analysis
By the time I drive out to the house, I have pre-screened the sellers and already know the repairs needed. My visit serves to confirm the information I already have.
I already have comps done and have an idea of the offer I will make.
Of course, the numbers can change if the reality on the ground tells a different story. You must make an offer before you leave. Of course, by the time you are going to see the house, you already know what they are asking for the house.
Most motivated sellers will accept your offer right there.
8) Purchase agreement
You must sign a contract as soon as the seller accepts your contract, not later. I generally prepare a contract before I go to see the house and leave out some blanks that can change later.
9) Business cards
Most motivated sellers know others in a similar situation. Pass your business cards to them, they might refer more business to you. Of course, remember to promise a gift if they refer their friends.
10) Yard signs
With the owner's permission, I always put a We Buy Houses sign on the yard. You can get a lot of extra business from these signs.
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Great info on some especially the repellant that comes in handy an the hand sanitzer an the Flashlight plenty of times i go see a vacant home an yes i forgot my handy dandy Flashlight so i turn my car into the home an turn on the highbeams to help me see anyway awesome info.
Very good article. Preparing the agreement (contract) in advance is very important. If you prepare everything in advance most of the time you''ll end up having a better deal. I also agree with the author that flashlights are important because a lot of times utilities are indeed disconnected.
Mike M
Electrician San Jose, CA
Don''t confuse Face mask with ski mask.