Rob Rowsell talks with our Addicted To Life Community group about how to do a property walkthrough. If you intend on investing in a real estate property, you need to do your due diligence. Walk the halls and examine every nook and cranny. Get to know all of the staff at the property. You must ask a LOT of questions, so that there are no surprises. That way, you will make sure you won’t invest in a lemon!
How To Perform an Effective Real Estate Property Walkthrough
Rob started the video recalling a property walkthrough he did with a seller. When the session took place, Rob’s partners walked the vacant units with the seller, while Rob joined via live video. He requested phone numbers from the seller and maintenance manager. Get these contacts, if at all possible, since you will think of something you missed asking about while walking the property.
While walking through the property, you should ask questions and get to know everyone you can who works there. They may not realize it, but you are effectively interviewing them for their own jobs! If and when you take over, you may or may not want to retain their services. If you use a property management service like Rob does, you will save some future headaches by passing that information on to them.
Current tenants can also be a great source of information. They may not know their property is for sale, so tread lightly. If renters see you walking the property with their landlord or property owner, you may give off the vibe of a maintenance worker inspecting issues with the property. Don’t be surprised if they start spilling their guts to you about their leaky faucet or broken air conditioning unit! All of this, of course, is useful information. Take notes of what problems people are experiencing. Knowing their issues have been going on for months without a fix can be a real eye opener.
Remember, a property walkthrough is a fact finding mission. Leave no stone unturned in searching for the information you need to make your investment choice.
Join Our Real Estate Investors Community
Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the Addicted To Life Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Enroll today!