I went out with my wife today to preview three investment properties that showed promise. Well, they showed promise on paper from the viewpoint of the MLS. But then, this is why real estate agents will never become obsolete. Seeing on a computer screen and seeing in person are two completely different things.
When you are looking for your next real estate investment you must know the criteria that you looking to fulfill so that when you see it you can buy it. And when you don’t see it you can move on. Knowing my own criteria and that of many of my clients I was able to scratch off two of the properties with just a cursory glance. The third shows promise.
Examples of criteria include;
- Price range
- Area of town
- # of bedrooms
- # of bathrooms
- Proximity to transportation
- Proximity to job centers
- Quality of school district
Think of criteria as your map. The houses I looked at in Olathe that were for sale were okay houses. They matched the city, price range…heck, they matched all of the above…but two of them did not meet the floor plans I like. No flow. Choppy. (Is that really a word?)
When you are looking at your next investment property you have to put yourself in the shoes of the type of tenant you want. What will they pay extra for? What will they shy away from?
It’s your money. Think before spending.