MODULE #3 | LESSON #2
Analyze the Property
In this lesson, we will cover some important steps when inspecting the house, and how to determine an offer price.
House Inspection
Once you go to the property take lots of pictures, of most importance the main things...
- kitchen
- electrical systems
- heating and air conditioning units
- anything that will need to be repaired or addressed.
Take note of everything that will need to be repaired.
Always record a video and upload to YouTube channel so that when you are trying to find a buyer you can share the video tour of the property. You can easily upload the video to your Property Marketing Engine inside of REIBlackBook.com and have it hosted on your Single Property Website. We'll cover that in more detail in the next module "Marketing Your Property"
Don’t ever hide anything from your buyers. It’s better that they know everything that they are getting themselves into and not cancelling their contract with you right before closing.
Being crystal clear with everyone is key to this business.
Now also be clear with your seller after you get the signed contract that you may be showing the house to investor partners, that your goal is to fix up and sell for a profit, but that you may also hold it as a rental. But as long as you are straight from the beginning you won’t get any negative backlash from them saying they didn’t know you would be selling for a profit.
Hope this all makes sense, it’s not rocket science but don’t want you to recreate the wheel.
Taking action is the key, because I can come to your home, find a deal and tell you who to sell it to but if you won’t pull the trigger, everything we shared with you is pointless.
This works, it has worked for me and a few others I have shared this with so please take action, it’s all up to you from here.
Determine Your Offer Price
Watch this video for tips on how to run comps to wholesale and determine your offer price.
Make an Offer
1) Send Contract out (email , fax, or in person)
2) Once Contract is signed, fax to title and order preliminary title work
Now that the property is under contract with your seller, you have to find buyers to complete the deal. In the next lesson we will cover how to get your property ready to market to buyers.
