Due Diligence prior to making an offer

[Gurjot Grewal]

I'm currently analyzing deals daily looking for a great deal. Usually, if I believe a property has potential I will ask my agent 3 basic questions. Neighborhood grade, rental rates, does it need any repairs. This I feel helps me phase out many properties. 

But there is so much more I would like to know prior to making an offer. Some listings don't have any pictures. I want to request pictures to get an idea of the condition. I need to know when was the plumbing, electrical, hvac etc last upgraded. Any information to give me a better idea of how much to offer. 

I am investing from a distance so I feel it is vital for me to at least get this information. How should I go about this? I was thinking about making a spreadsheet with all my due diligence and sending it to my realtor prior to making an offer. Is this too much to ask of an agent I have not yet bought from? Is this too much to ask of a seller? Any advice is appreciated.  

[Matthew Morrow]

Having all your data in one place is critical to underwriting a deal. Having a spreadsheet is a great start, and you'll refine it as time goes. Make sure your agent not only understands investments, but is actively and investor themselves and clearly knows your market. For remote investing- you put significant trust into the local agent, but always do your homework. Call around, ask tough questions, and dont be afraid to be told "no."

Listings without pictures are a red flag.  It never hurts to ask for pictures or more data from sellers, agents, or anyone who will talk with you. Even social media and google can reveal a lot.  

Find an agent in your indented area- interview them (and several others to compare), and always trust but verify the info you get. Forever lol. 

Good luck!