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Watch some of my Real-Life Wholesaling Real Estate Inspection Tips that will save you time and money.
As you go through the property, write down all repairs that need to be done. REIPro has a quick and easy inspection sheet or simply enter the repairs on your tablet or phone in the app. Just follow the layout of the form and add any additional information to the back of the Property Inspection Sheet. This will ensure that you didn’t miss anything. It’s very important that you write everything down because you will be using these numbers to calculate your offer. The last thing you want to do is to miss a major repair. This could cost you some unexpected expenses.
Wholesaling Real Estate can be a rewarding way to get started but continue to learn how to inspect houses. You can even bring a local contractor with you so you can learn faster. Your inspection numbers need to be accurate, or else your cash offer will be wrong.
Property Inspection Guidelines:
• Always fill out a Property Inspection Sheet located in REIPro.
• Look for floors that need to be leveled. Leveling is very expensive.
• Look for trees around the property that are close and are growing towards the property. This will cause foundation damage in the future.
• Look for deteriorating and rotten wood. Rotten wood needs to be replaced ASAP.
• Roof damage. Does it need to be replaced? Check in the attic for light shining through & water stains.
• Painting enhances the looks tremendously.
• Does the property need any electrical work?
• Central Heat & Air increases the value of the property.
• Check basement for dampness.
• Check fireplaces to determine if they’re operational.
• Is the property weatherproof?
• Check plumbing for any leaks.
• Check property for asbestos. (Usually homes built before 1978.)
• Will the property rent or sell in the area?
• Always overestimate than underestimate. It’s Cheaper!
• Look for all major repairs and write them down.
Not sure what things costs in your area? Check out these free resources:
Resource #1: diyornot.com/
Resource #2: www.homeadvisor.com/cost/
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👁 WHO IS CHRIS GOFF?
Chris Goff started Real Estate Investing in 1999. Chris didn't have any money to work with, so he was interested in learning 'no money down' real estate strategies. Since then, Chris has spent the last 2 decades building wealth in real estate along with building the #1 Real Estate Investing Software Program for Real Estate Investors… REIPro.
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9 июн 2022
