Going to open houses?

[Jesse Stemle]

One thing I hear and read over and over againwhile studying is this idea of "going to 100s of open houses." From what I understand, you should do this before ever making your first deal just to get a basic overall understanding of the process and how the market is doing in particular areas but I am not sure if I understand how that works.  Can anybody go to an open house even if they aren't looking to buy? Where do you find open houses for potential flips and such? What should I be looking for, asking, or trying to learn while going to these open houses?  

I know all this stuff is probably common knowledge but I have never purchased a house and I have never been involved in the real estate scene in the past so I am not sure how all of this works.  

Any input would be greatly appreciated!

Thanks!

[Mike Cumbie]

Hi @Jesse Stemle,

Yes anyone can go to an Open House event. If you see a sign or a newspaper ad etc, go ahead, you are welcome. If you aren't really looking you can let the agent know you are just browsing. You will get to chat with some of them, may find one you like. The biggest reason to go is so you start to understand value. That is the one thing new people struggle with. How much is this worth? How much more is a 4 bed over 3 etc. The more you see the more you will understand. Condition plays a huge role and Open houses are a good way to see what an area supports. This helps later so you don't "over improve" a property. Which is to spend $15,000 on a custom stained glass window when the neighborhood itself won't support that price hike.

Good Luck and go to some Open Houses! You don't need to inspect each one, just go in and get an idea and put it to memory or take nice notes. Get a condition sheet made up and check things off.