Do not trust a video cure of a house!

Michael SmytheBusiness Member

Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes

2y

@Joe S. we take a lot of videos for our OOS clients.

We ALWAYS state it's just a part of the process and a professional inspection should always be done.

Depending on the quality & thoroughness of a Video Evaluation, this should be all an investor needs.

Logical Property Management4.9453 Reviews

Joe S.Pro Member

OP

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

2y

Quote from @Michael Smythe:

@Joe S. we take a lot of videos for our OOS clients.

We ALWAYS state it's just a part of the process and a professional inspection should always be done.

Depending on the quality & thoroughness of a Video Evaluation, this should be all an investor needs.

Maybe your videos are more obvious than this guys, but for me I’m a little leery of videos going forward.

Bruce WoodruffPro Member

Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes

2y

Videos and even still Pics only show what the photographer wants them to show. Absolutely get your boots in the house....

Joe S.Pro Member

OP

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

2y

Quote from @Michael Smythe:

@Joe S. we take a lot of videos for our OOS clients.

We ALWAYS state it's just a part of the process and a professional inspection should always be done.

Depending on the quality & thoroughness of a Video Evaluation, this should be all an investor needs.

So you said, a professional inspection should always be done, and you take a lot of videos for your out-of-state investors.
Does the out-of-state investor have an option to have a professional inspection done?

[email protected]614-662-1652

Samuel DioufBusiness Member

Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes

2y

@Joe S.You should always be contingent upon a 7-10 day inspection period.

Only time I would waive inspection is if you're buying a deal way below market value.

Reafco - Samuel Diouf528 Reviews

3 Reply

Joe S.Pro Member

OP

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

2y

Quote from @Samuel Diouf:

@Joe S.You should always be contingent upon a 7-10 day inspection period.

Only time I would waive inspection is if you're buying a deal way below market value.

I don’t know any wholesalers or wholesaling outfits that would allow an inspection clause.

[email protected]614-662-1652

Samuel DioufBusiness Member

Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes

2y

Almost every off-market deal I've worked on has had an inspection.

Reafco - Samuel Diouf528 Reviews

Podcast Guest on Show #223

Scott TrenchPro Member

Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes

2y

I can't imagine buying a house, even a $50K one somewhere in the country, sight unseen. At least not until I've done dozens and dozens of similar deals in that market, and just know it like the back of my hand.

Glad you escaped on this one. Many investors who buy sight unseen won't be so lucky.

Michael SmytheBusiness Member

Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes

2y

@Joe S. are you reading what we wrote?

Here it is again, underlined and bolded to attract your attention!

"We ALWAYS state <video> it's just a part of the process and a professional inspection should always be done."

Logical Property Management4.9453 Reviews

Travis Biziorek

Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes

2y

I love guys like this wholesaler you're describing.

There's a ton of money to be made by simply being honest, transparent, and straight forward.

It's really that easy. And we have folks like this to thank for it.

3 Reply

Mike Dymski

Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes

2y

Quote from @Joe S.:

Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?

That is the mission statement for social media.

4 Reply

Mark Cruse

Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes

2y

Anyone who is willing to sink hundreds of thousands of dollars into an asset based on a photo deserves whatever they get.

David Dachtera

Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes

2y

In my experience, FSBOs are notorious for bad photos.

My $0.02 ...

Suzanne Reinbold

Realtor · Grand Rapids Area · Member since 2020 · 13 posts · 10 votes

2y

The old saying, “a picture is worth a thousand words” has lost its relevance in today’s world. From my current real estate experience the new saying should be “a picture of a thousand lies”. Eyes on the ground will save you headaches/hard lessons/disasters. Your $2,500 was your tuition for a class in the College of Hard Knocks. Congrats on being smart enough to walk away from the deal and putting it down as a learning experience. I think you earned an ‘A’ for the class.

Carlos Ptriawan

Member since 2019 · 7k+ posts · 4k+ votes

2y

Quote from @Joe S.:

Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?
I recently dodged a bullet. A seller that I had bought from prior to had sent us a property they were trying to assign the contract for.
I was out of state on a trip and so my sweet wife was the one handling most of the talking with the Wholesaler.

When I still like to browse Roofstock I examine each home property report and statistically, 7 out of 10 homes are having problem with foundation/electric/plumbing.

Property inspection helped a lot especially when the inspector is good.

Thanks,

Joel Scarboro

Rental Property Investor · Knightdale, NC · Member since 2018 · 24 posts · 16 votes

2y

Quote from @Joe S.:

Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?
I recently dodged a bullet. A seller that I had bought from prior to had sent us a property they were trying to assign the contract for.
I was out of state on a trip and so my sweet wife was the one handling most of the talking with the Wholesaler.

We put down $2500 and moved forward with the deal because the numbers made sense and the video look good.

When I get back in town, I go and look at the property and it has major foundation issues and needed a whole new central heating and air and ductwork. it basically needs a major overhaul.

So for all practical purposes, when the dust clears, I would be buying at full retail, if not more.

So my advice to anyone that would care to hear it is, do not buy a property based upon a video since a video will not exactly show you foundation issues, and other things that only being in person can help with.
I was more than happy to walk away from my $2500 earnest money instead of buying such a rat trap.

I will be more diligent going forward when it comes to looking at properties in person, especially if it’s a person that has an interest at stake and are willing to pull a fast one on me.

That is one of the reasons I’ve been reluctant to buy anything out of state. Others at times aren’t aware of what you’re looking for and are more focused on the monetary gains.

Zeke Liston

Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes

2y

Quote from @Joe S.:

Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?
I recently dodged a bullet. A seller that I had bought from prior to had sent us a property they were trying to assign the contract for.
I was out of state on a trip and so my sweet wife was the one handling most of the talking with the Wholesaler.

We put down $2500 and moved forward with the deal because the numbers made sense and the video look good.

When I get back in town, I go and look at the property and it has major foundation issues and needed a whole new central heating and air and ductwork. it basically needs a major overhaul.

So for all practical purposes, when the dust clears, I would be buying at full retail, if not more.

So my advice to anyone that would care to hear it is, do not buy a property based upon a video since a video will not exactly show you foundation issues, and other things that only being in person can help with.
I was more than happy to walk away from my $2500 earnest money instead of buying such a rat trap.

I will be more diligent going forward when it comes to looking at properties in person, especially if it’s a person that has an interest at stake and are willing to pull a fast one on me.

Videos can help give you a decent idea of the condition, but I always recommend getting a home inspection or having a noninterested third party view the property. Glad you dodged the bullet on this one Joe.

Bob S.

Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes

2y

Quote from @Joe S.:

Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?
I recently dodged a bullet. A seller that I had bought from prior to had sent us a property they were trying to assign the contract for.
I was out of state on a trip and so my sweet wife was the one handling most of the talking with the Wholesaler.

We put down $2500 and moved forward with the deal because the numbers made sense and the video look good.

When I get back in town, I go and look at the property and it has major foundation issues and needed a whole new central heating and air and ductwork. it basically needs a major overhaul.

So for all practical purposes, when the dust clears, I would be buying at full retail, if not more.

So my advice to anyone that would care to hear it is, do not buy a property based upon a video since a video will not exactly show you foundation issues, and other things that only being in person can help with.
I was more than happy to walk away from my $2500 earnest money instead of buying such a rat trap.

I will be more diligent going forward when it comes to looking at properties in person, especially if it’s a person that has an interest at stake and are willing to pull a fast one on me.

I always have my team walk it. I always have them take detailed videos, from bottom to top. When I sell/ flip I actually provide a " warranty" if there is a major issue, I will cover the cost. So far after 10 years and 100s and 100s, I have never had to honor that warranty Whew LOL

3 Reply

Joe S.Pro Member

OP

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

2y

Quote from @Suzanne Reinbold:

The old saying, “a picture is worth a thousand words” has lost its relevance in today’s world. From my current real estate experience the new saying should be “a picture of a thousand lies”. Eyes on the ground will save you headaches/hard lessons/disasters. Your $2,500 was your tuition for a class in the College of Hard Knocks. Congrats on being smart enough to walk away from the deal and putting it down as a learning experience. I think you earned an ‘A’ for the class.

I’m glad I earned an “A” for the class.:)

Jake BakerBusiness Member

Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes

2y

@Joe S.

Great lesson learned! I have lost a few EMD's because I put too much trust in the photos.

[email protected]

BookkeepingRE - Bookkeeping for Real Estate & Service-Based Businesses58 Reviews