Investor’s House Hunting Toolbox
June 27th, 2009
No comments
The hunt is on. You are in front a house that you may want to buy. Do you have everything you need?
Here is my recommended list for what you should have with you.
- Map or GPS Unit – to find the property
- Something to record notes. This can be a pad of paper and pencil, a voice recorder or anything else that works for you. I recommend a form on paper that lists common rooms and items within each room – this insures that you looked at each item for presence and condition. I also like to have this on a clipboard
- Camera – still or video. Taking a picture of the front of the house and some interiors now can save you from having to revisit the property later.
- Tape Measure – 100’ would be nice so that you can measure the outside dimensions of the house.
- Flashlight – especially required for a REO or other vacant, powered down house
- Marble – useful on hard surfaces to determine if the floor or countertop is level. Sloped floors can indicate settling or foundation issues which can cost you.
- Binoculars – useful to look at roof conditions. Sometimes the only way to see a roof from the ground is from a distance from the house. Also useful to look for house numbers when the house is away from the road.
- Plug Tester – used to determine if electrical outlets are wired correctly and provide adequate ground
- Awl or knife – useful for checking wood rot
- Your notes about this property. Did you already talk to the seller? What things did they mention that are issues you should inspect? If the property is listed, bring a copy of the listing information.
- Calculator – used to total the estimated repair items and calculate your offer price.
- Blank Offer form – don’t waste time. If you like the property, write the offer!
When I walk-through potential houses, I wear casual clothes since the place may be dirty or ‘interesting’. I do not crawl under the house or into the attic spaces, so I don’t need coveralls. My inspections generally take under a half hour.
Note that I always hire an inspector when my offers are accepted – even without an inspection contingency. As a worst case, I may need to walk away from the earnest money deposit – but that can be a WHOLE lot cheaper than buying a house with expensive issues that I missed on my initial walk-through.
Any suggestions for things to add to this list?
