Real estate wholesaling walkthrough checklist for inspecting a property

When you have a seller who you have properly screened and they are ready to speak with you, use the following real estate wholesaling walkthrough checklist for best success:

Real Estate Wholesaling Walkthrough Checklist | YOU

Before your leave your house, what image are you projecting?  Are you a professional, wearing a nice suit, an ironed shirt, and freshly polished shoes?  If so, take off those close and put on something less prosperous.  My goal is to have the owner think that I work for someone else, not that I am a rich millionaire.  Giving off this image will help you negotiate if the seller thinks you’re just one of the guys.  If you have a good feel for the seller by talking to him over the phone, you may know that it’s safe wearing blue jeans and a T-shirt.  If you’re not sure, wearing khaki pants & a collared shirt is a safe, neutral style. Bring with you business cards, a pen, paper, clip board, and a camera.

Real Estate Wholesaling Walkthrough Checklist | The Outside

Once you arrive at the property, check out the curb appeal.  You will be able to garner quite a bit about the individual’s personality and how much work needs to be done to the property from the outside.  For example, do you hear pets?  Do you see kids’ toys?  Chances are we need carpet and paint.  How are the screens and windows?  If poorly maintained, chances are the rest of the house is poorly maintained.  How does the roof look?  Is it in good condition?  Is it slanting (foundation)? Is there a garden or plant life in the front of the house? This information will give you a better handle on what type of person you are dealing with and what types of expenses to forecast.  Also, keep a look out for things in which you can find commonalities with the seller.  For example, if you see the sellers’ car in front and they have a team bumper sticker, then you can use that to build rapport.  The more commonalities you can find with the seller, the easier it is to get the property under contract.

Real Estate Wholesaling Walkthrough Checklist | The Inside

I like to have a piece of paper that lists everything I need to look at when I walk in the house.  I call it my real estate wholesaling walkthrough checklist, and I print it out every time I visit a potential seller.  I keep it on my clipboard and look for everything that is on that list.  I follow the same method or style of looking at every house:  when I walk in, I automatically go towards the right, look low than upwards, and take notes.  NEVER be critical of the property!  Never pass negative judgement on the seller for the condition of the property.You will lose rapport with the buyer.  If you see a stain on the ceiling, instead of making a face or negative comment, simply stop what you are doing and stare intently at that spot.  The seller will always volunteer information.  Continue through the property, the garage, and the outside of the house in this same manner.

Real Estate Wholesaling Walkthrough Checklist| Final Tips

When making an offer, I like to take the market value after repairs and multiply by an automatic 70% discount, deduct repairs, and deduct my profit for assigning.  Therefore, understanding the expenses is an important part of that equation.  To ensure that I do a good job, I like to have my create and use my real estate wholesaling walkthrough checklist and use the same style of inspecting the property every time!

Image: Rawich / FreeDigitalPhotos.net

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