viewing houses

[adayatatime]

ON average how long do you spend looking over a house you may buy? DO you bring a tape measure to the house and measure the room? Any information would be helpful.

Thanks

[propertymanager]

15 Minutes  -  I bring a flashlight but not a tapemeasure

Mike

[Funder]

     I have to say... I bought my propeties, and if I could do it all over again, I would have spent more time on due dilligence.  I love the location location and the location of my properties, but some of the negative property attributes suck, and the due dilligence was seriously lacking.
     I think that Mike (propertymanager) probably buys his properties at such a discount, that if some deferred maintenance, or some repairs or improvements rear their ugly head, he can handle it and still have a good deal on his hands.
     Look at the plumbing: is it galvanized or is it copper?  Is the sewer tied into the city or is it a septic system?  Is the heater electric? is it gas?  Is there an oil tank?  Is there aluminum wiring?  Is there knob and tube wiring?  What year was the property built?  What should you look for in terms of construction problems during that year? Was the previous owner a wannabe contractor? Did he mess a lot of things up instead of fixing them right?  Is there dry rot?  Is there mold?  Is there any evidence of termites?  Is it in an area of the country known for radon gas?
     One property had some problems, and I made the seller fix them all before I bought the property.  That eliminated a lot of headaches.
     I walked into one property with my realtor, and the place reeked of marajuana.  The tenant explained how he had "helped" the landlord, and the landlord had helped him....(he was an electrician).  I didn't want his help, I didn't buy the place.
     Another property had a tenant who screamed at us like a raving lunatic... didn't want that one either...watch out for the tenants that you inherit, and try to get the pre move in inspections (tenant/property manager walk-though), so when they move, you know how much damage was theirs, and how much was already there.
     I would definitely walk through each unit before you buy a property.  Also try to get tenant esstopel certificates.  The landlord can say that all three units of a triplex are rented out, but one unit is used for storage of construction tools, supplies and such.