If you’re going out to look at potential houses to flip make sure to always take these four things with you.
I look at several properties every week. I always make sure to carry these four items with me.
1. Flashlight – this is probably an obvious one to you, but it’s very important.
A flashlight with a nice bright bulb helps you spot plumbing issues, water damaged areas, etc.
This is especially important when looking at vacant houses and foreclosure properties.
These houses won’t have power so you’ll need a flashlight to make your way around.
2. Tape Measure – this is important so that you can accurately estimate your repair costs.
Jot down the exact dimensions of any area that needs renovation work, i.e. the dimensions of a room that needs new flooring for example. This allows you to calculate the cost of labor and materials and avoid unnecessary trips out to the property.
3. Camera – this is another obvious one, but a very important thing to take with you.
If you’re using hard money or a private lender, they always want to see photos of the property.
Since hard money loans are based mostly on how good of a deal you found, the photos are a big part of getting the green light on funding. (Photos you snap with your smartphone are great as long as you’re using a relatively new model.)
4. Notebook – use this to record what you see, hear, smell during a walk-through.
It’s tough to remember everything you saw during the initial walk-through. My memory isn’t good enough to remember all the “mental notes” made when looking at a property for the first time. Making simple notes of the things you see will help you determine whether to pass or go further with a deal.
Your walk-through can be a very exciting experience. The feeling you get when you know you discovered a home run property is exhilarating.
Our Pro House Flipping DVD Package gives you the thorough step-by-step process our team uses to flip houses. (Customers often tell us they picked up more house flipping tips from the DVDs than they did from attending multi-day seminars.)
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