For the latest episode of this bonus series of the property investing journey, Mike is joined by Adelaide based Buyer’s Agent, Jess Ellam, to talk about the best approach to inspecting potential investment properties, and what red flags to look out for.
This highly practical conversation provides a great insight into the steps Jess takes when ensuring the property she is looking for, either for herself or for her clients, checks all the boxes. From initial due diligence and taking a checklist to the inspection, as well as recording a video tour she can refer back to later, the advice provided by Jess will put you in the best possible position to make a well-considered purchase.
When it comes to putting together the checklist, Jess has some tips for items to include, such as maintenance issues or structural concerns, and also explains how to get more information on the area you are looking at and the demographics. Mike and Jess talk about the flow of the property and how important it is to be aware of the type of market you might be looking at, whether it’s families or young couples or singles, and how that changes the demands for the property.
Jess also explains how to communicate with the sales agent and why it’s important, as well as understanding the seller’s motivation.
If you’re in the market for an investment property, or simply want to build up your investing skillset, you can’t go past this how-to guide for inspections.
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Mike is joined by Adelaide based Buyer’s Agent, Jess Ellam, to talk about the best approach to inspecting potential investment properties, and what red flags to look out for.This highly practical conversation provides a great insight into the steps Jess takes when ensuring the property she is looking for, either for herself or for her clients, checks all the boxes.
What we cover in this episode
- The pitfalls and red flags to look out for when inspecting
- Putting together an inspection checklist
- The power of a walkthrough video
- Properties that appeal to families
- Finding out the demographics of an area
- Jess’s dealbreakers and top tips for a property inspection
“Just really being prepared and going with the checklist is my first recommendation” Jess 2:06
“The initial research is more around pinpointing the area that you’re interested in and then of course the property type, whether it’s a house or a unit, looking at the recent sales of the area and any of the online information that you can see that the agent’s given you” Jess 4:05
“As much as the flow is ideal I definitely look to make sure that the rooms are a decent size especially if we’re looking at a house, you want it to be appealing to family” Jess 8:08
“It’s very important not to look at the investment with any emotion in my opinion ’cause it’s not an emotional purchase, it has to come down to facts and figures and the property itself” Jess 9:11
“You can tell pretty quickly when you walk through a property if it’s going to cost my investor more than what his budget will allow” Jess 13:11
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