Seeing properties I bought for the first time. Advice?

Question

I'm currently on a trip to see several properties I bought out of state for the first time. I'm also meeting my team of realtors and property  managers in person for the first time. Any advice on what to be on the lookout for? Or things I should do while I'm here with boots on the ground?

David Lee Hall, III · Answer

So I self manage locally, realistically you will miss tons of things. Heck, even after owning some places for 5+ years, I go in for some minor fix and find new things. That is one thing I like about self-rehab because I learn a house inside and out, but that is a different story and obviously not scalable beyond 30-40 units.

1) Photograph everything - every room, closet, light fixture etc.
2) Video everything - seems redundant, but this the replacement for your notebook in 2022; you can have a VA go and transcribe your room by room notes for your reference later (example, go through a room, take your photos while discussing with your boots, then remove them from the room, kick off your video and say "123 Main Street, Master Bedroom Second Floor, Fair condition, needs paint, hardwood refinishing, and the lock on the window is broken." Do this while taking a 360 degree video and focusing briefly on the repair points. If you do this with enough detail, that transcription becomes your scope of work.
3) Have fun. Seriously. Have a beer at lunch. Listen to Iron Maiden on 11 driving between properties. You made an investment for you life, and if you can't enjoy it while doing it, what is the point.

Jill Addison · Answer

Thanks everyone for your input. Yes I definitely learned that about not introducing yourself as the owner. I went with my property managers and if the tenants asked I just said that I worked with the property manager. Regarding taking video and pictures, several property managers warned me that it's actually illegal to take pictures or video of the tenants' personal items. But you can take close-up pictures of appliances, flooring, fixtures, lighting, things that don't belong to the tenant. But video is kind of out if the tenant is there. If it's vacant of course you can do all that. And possibly if the tenant just isn't home as long as you're just going to use it for personal use. But apparently tenants freak out if you take pictures of their stuff. Which is understandable. I did take this opportunity to meet three different property managers that I had already interviewed by phone in order to replace a really bad property manager I had in one town. That was invaluable. All three looked about the same on paper, but when I met them in person it was very clear there was a low medium and high option, so I obviously went with the high option. you can get such a good feel for people just by meeting them in person. Another thing I did is before I went to the properties I put notes on my phone so that I could easily pull up data about each property. Here's the data I included: when the lease expires or if they're month to month, what they're currently paying in rent, what repairs have been done so I can double check that to make sure my property managers are being honest with me, any outstanding issues that I've had questions about that I needed to see the property for, and then after I viewed each property I asked the property manager what they thought it would rent for at current market rates, and strategized about whether to vacate tenants at the end of their leases. Also I wrote notes right after each property on everything I learned including a few details that could call up the full picture of that memory for me. I made sure to do this right after each property because they very quickly all blend together. Overall I was so pleasantly surprised at how great the properties were, how much the rent is increasing, and the really nice neighborhoods that they were in. I feel very fortunate that my out-of-state sight unseen investing turned out so well. One other thing I did was visit a nearby town since it was drivable from my other towns and I had heard good things about it. In retrospect I should have done more research before I made the trip. I couldn't get the cash flow I wanted in that town and I could have known that without even coming here. I made the trip with a friend from high school who's also a real estate investor, and having a friend along made it really fun. We went to some really nice restaurants at night and stayed at nice hotels that were a treat.

Jay Brand · Answer

real estate investment is all about your team. build a teamAnd when you visit a property never introduce yourself as the owner of the property. best to introduce yourself as working for the owner.

Santiago Chuck · Answer

Exactly what @David Lee Hall, III said - you're going to be in a huge rush of emotion (I know it's a business but we're all human) and you're going to forget things when you get home.

Document every little thing cause you'll have questions later.  If you're not managing them yourself, you're going to want to be able to describe the outlet with the GFCI that's to the right of the kitchen sink above the counter... or was it the left side... wait, no, that was the switch for the light above the oven.... you get what I mean.

And absolutely enjoy your time visiting.  I ended up with a t-shirt from the local taco shop after dinner and beers one night ;)

Jill Addison · Answer

@David Lee Hall, III thanks, David!

Jill Addison · Answer

@Jay Brand Congrats! Anything you learned from doing your trip that you could share?

Jay Brand · Answer

wow, just did exactly that about a month ago. good luck!

Seeing properties I bought for the first time. Advice?

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