How To Identify A Good Property In 30 minutes?
The real estate market is hot, properties are on a high demand and supply is on a decline.
Now imagine this, you get a property from one of the agents you’re working with and you have to make a quick decision before this property would be snapped by another investor.
What is the best way to do that?
First you want to go on Google Maps to look at the location. Is it located on a main road with lots of traffic? Is it located nearby an industrial plant full of noise and pollution? Is there a power line running by the property?
If the answer is yes to one of these questions then you might want to rethink this acquisition.
The next thing to do is to go on Zillow and find out about the school ratings in the area, if they are below 5 then it might be a good idea to stay away from this property.
Zillow also provides information about property taxes and how long has this property been on the market. If the property has been on the market for too long, it might be a sign for some issues with the property.
Then, you want to have as many pictures and videos possible showing the property inside out, you want to check the condition of the property as far as the amount of work it needs and the cost involved.
You also want to get the comps in the area for similar properties in order to determine if the property is over priced.
Lastly, based on all of this checking if you are still satisfied with the data then you want to run the numbers in order to find out what kind of return you could get for the property and if it’s worth while for you.
Now you’re ready to make an offer but make sure to have a paragraph in the contract that allows you enough time to do due diligence so you could check the property both physically and legally.