Knowing how to inspect a property thoroughly is a key skill for real estate wholesalers.
I’ll show you what to look for as I walk you through a property:
(and you’ll laugh with me at the end…)
How to Inspect a Property Thoroughly
Hey, It’s Tom Zeeb with TractionRealEstateMentors.com and in this quick video I wanna show you how to inspect the property thoroughly so you can determine an accurate repair estimate. Stay tuned!
At my last rapid cash generator bootcamp, I had an attendee tell me that they are afraid to inspect the property because they don’t know how to be sure they didn’t screw up or mess up the repair estimate.
So, I wanna quickly take you through this property and show you how easy it can be.
There’s 3 key points you need to remember.
No. 1 is simply ask yourself: Does it stay or does it go?
Take a look, what do you think?
Stay or go?
It’s really simple, that one’s not staying.
What about the kitchen?
Does it stay or does it go?
There ain’t nothing here either that anybody these days wants to have, so it goes.
The second part, photograph everything.
I take pictures of absolutely everything as I inspect the property to make sure that I’m not gonna forget anything and it lets me look back on the photos later, show them to my rehab buyers later, and I’m not gonna forget anything.
Because quite honestly, it gets complicated after a while to remember, as all property starts to look alike after you do a couple of them.
The other thing I do is I use my Property Inspection Worksheet which I carry around on a clipboard.
The Property Inspection Worksheet reminds me of what I need to look at and what I need to remember and I take notes as I go, taking photos. Well, I don’t have to think because today, for example, I have a horrible head cold and it’s a little bit hard to think, it’s hard to focus, I don’t feel good but I don’t have to worry about it because everything is on my Property Inspection Worksheet.
So I simply follow the Worksheet, it reminds me of what to do.
That’s my framework and my structure for remembering what to look at, when, and why.
I combine that with my photos and I have everything that I need to properly analyse what repairs need to be done and know what I’m gonna need to tell my rehab buyers.
What’s the number 1 thing you screw up when inspecting a property?
Let me know in the comments section below.
Tell me what the #1 thing is that you mess up when you are inspecting a property, and if you like this video, share it with friends and go to TractionRealEstateMentors.com for more training.