As an investor, when I come to see a seller’s property, I usually we’ve had a few conversations over the phone. We’ve developed some rapport.
Hey guys, this is Sean Castoff. In the video today, I wanted to discuss with you what to expect from an investor when they come to visit your property and walk through the house. Recently my wife and I sold our personal property and purchased another one. In doing so, I went through what the sales process is like that so many of the sellers we work with go through. From firsthand experience, it can be very nerve wracking and very stressful. You’re inviting all these people you don’t know into your property, and they’re going to be judging it, picking it apart, telling you what’s wrong with it before they tell you what they can pay for it. You’re constantly comparing what you think your property is worth.
As an investor, when I come to see a seller’s property, usually we’ve had a few conversations over the phone. We’ve developed some rapport. I’ve gotten to know you as the seller. When I get there, it’s more of a warm meeting. As I walk through your property, I’m looking around at what I can keep, what looks good in the house. What’s structurally sound, versus what might need some updating, what looks like it could be dangerous or needs to be repaired and how all that calculates into my construction costs and fits into our overall offer. When you welcome in an investor to your property, you just want to take them through and show and be honest with them, because they’re probably going to find most things in the property, whether you want them to or not. They’ve done this a number of times, so they’re skilled and then they know what they’re looking for. If you can take them through and point, everything out ahead of time, that usually makes it much easier and it’s more helpful to the investor.
When I come visit a property, we’ll usually start from the bottom and work our way up. We’ll go through the basement or crawlspace and make sure that there’s no moisture down there. Check all the mechanicals, if that’s where they’re located. Maybe see how old they are, if we can tell that and then work our way up. We’ll check out the main level. We’re looking at kitchens and bathrooms, last time that they were updated, seeing what they need. Are the appliances old and outdated? What are the counter types and cabinets like? What’s the flooring? Then how are the walls looking? How much repair works going to be needed there? Then we’ll work our way upstairs if there’s a second or third floor to check out those bathrooms, check out those bedrooms and anything else the house has to offer. When we go outside, we’ll usually do a walk around the property. When we do that, we’re looking at the material of the exterior. Whether it be vinyl siding, it could be the older cement board asbestos siding, aluminum siding, cedar shingles, stucco.
We’ll take a look at the windows, make sure that those are in good working order. Everything’s sealed properly, there’s nothing cracking or leaking. Then we’ll take a look at the roof and kind of get an idea if you’re not sure the last time it was replaced, how that’s looking. If shingles are starting to curl, that’s usually a good sign that it’s going to need to be replaced soon. If it’s a flat roof, we’re going to be looking at how many layers are on there, what the condition is, if there’s any evidence of leaking and things like that. When you have an investor come over or any potential buyer for that matter, just know that they’re looking… This is a big investment. They just want to make sure that they know what they’re getting themselves into and they can accurately and appropriately calculate any costs that they’re going to incur into their offer.
Again, I know it could be a stressful time, but just remember, this is the process. If you stick to it and you work with people that you know and you trust, usually in the long run, it has a way of working out. If you wanted to discuss this more or talk about us taking a visit in your property and letting you know what we can offer for it, you can give us a call on the number here, or you could fill out the form on our website and I’d be happy to have a conversation with you. Hope you have a great day and look forward to hearing from you.