SMARTERLANDLORDING

ADVICE FROM EXPERIENCE

Looking At Properties? Take These Tools

by

You’ve read the books.

You’ve found the blogs

You’ve networked with investors.

You’re ready to jump in!

There are a few things that you absolutely have to have before purchasing an investment property. These tools will be a resource to you as you analyze potential deals. Keep them in your car because you never know which corner opportunity happens to be hiding behind.

  1. Camera (or phone with a camera and flash). As you look through properties, keep them organized by first taking a picture of the address. Then, make sure to take pictures of each potential repair. This approach will be invaluable. You could look at a hundred properties before you find the right one.
  2. Hammer. When looking at properties, there are going to be some areas you don’t want to touch. Maybe you want to check out the siding or wood strength/malleability. Maybe you smell a dead animal in the walls. A hammer is a good tool to bring along, and also a tool you’ll use again and again.
  3. Tape measure. A tape measure can also serve as a level. If think the floor is sloped, pull out the tape measure and find out. I have 4 tape measures…
  4. Flashlight. I looked at plenty of properties that didn’t have electricity. It also helps when you want to check out those small crawl spaces and underneath sinks. I recommend picking one that you can also wear on your head. Since I do a good deal of rehab after working hours, having a hands-free flashlight is a gem.

It should go without saying that the internet will be one of your best resources as well. Make sure you are searching through the brick and mortar—as well and combing through the paper trail of each property.

 

Kevin—have I left anything out?

Reader Interactions

Comments

  1. Hmmmm…What else?

    I like a five in one tool when I am looking at properties. I can peel back carpets to see if there is hardwood underneath, I can open doors without handles or knobs and a host of other problems I hit when looking at a property. Plus it fits nicely in your back pocket.

    A marble is also handy to see if the floors are level.

    Dress warmly too. Those foreclosed houses always seem to be abut 20 degrees colder than whatever it is outside.

  2. I’m taking a camera but I’m not using a hammer to check it out. Flash lights will do. I’m going to bring a professional with me as well to check the house. This is what I do when looking at private house sales.