What are your due diligence checks?

I think it's understanding what are the big issues, red flags, "no goes" versus: "good to have", possibly "yeah its an issue but less of an issue x"
And some items are just checklist stuff to not forget.

 

Yeah that sounds like a practical apprach to me.

 

Fair enough and good point.

If buyers can get to the pointy end of whats important to them and know how to drill down on this, they're half way there.

 

Should we also check if there are any illegal constructions (e.g. granny flats not approved by Council, unauthorised partition walls, etc)? Sorry if this is already mentioned by others. Since the list is getting long, I may also add a weighting to the relevant items (e.g. vacancy rate will have higher weighting than property management cost).

 

Absolutely, that's what I meant by Council applications (DA's for the site) - sorry a bit jargony.

Many properties have illegal structures on them, mostly carports, sheds, decks and pergolas.

A weighting system sounds good. This would be a good place to survey buyers for feedback on whats important to them - and then you apply a weighting to each item accordingly. I.e. a weighting system will work best if the 'weighting' results from feedback from a good number of participants.

 

anyone know of any apps/sites that would allow you to load up these questions and then complete it via a tablet/mobile device as you walk through and inspect properties?

Just thought it would be a better alternative to carrying around a clipboard and pen.

 

How about Google spreadsheet?

 

Just thought of another.
Internet / NBN access.
A property i have has no adsl availability (5kms from perth CBD).
Options are mobile wifi or dial up. ugh.

 

This was my original intention, but once you start drilling down and putting it onto a spreadsheet a multi criteria analysis (weighting criteria) it gets very messy.. especially when trying to compare quantitative and qualitative data.

The weightings assigned should also change for each type of property/location you're looking at as well, which makes it time consuming to set up,

I'm sure it could be done, but from my attempts to date it will take a lot of time and get messy.

 

Love song dedications for @The Y-man



Lyrics may be quite appropriate to property investing

 

I don't need to walk away in hot markets - I don't show up in the first place . (i'll already be in another state snapping up deals while others are still deciding how hot the market is)

 

This is interesting. Please share if any of you knows a good app that can load up the checklist and tick them off as you go through the inspections. It would be really handy to get a snapshot of what we have seen during the inspections. I'm not sure about other investors. I, myself, tended to forget a lot about each properties after I went through 7-8 properties in one day.

I reckon an app would definitely help memorise all these items whenever we get back home and try to review the properties we went through throughout the day.

 

I love voice memos. I know a fellow who also uses this : http://www.ebay.com/bhp/button-spy-camera

not mentioning names.

 

This is interesting and better than app and any tool !!!

 

Is it legal to take a photo of properties without the owner's consents? Or does it depend on state to state?

 

I hope so, we take lots of photos of houses.....we try not get people in them though without their permission.

One of our guys was outside a property a couple of years ago taking photos and the police pulled over next to him and asked him what he was doing. When he explained he was a buyers agent, they just said..ohh ok and that was it.

I don't remember Google asking me permission to take a photo of mine.

 

Whatever tools you use, whether its voice recorders or cameras etc, just use them responsibly and maturely, and when you have your data transferred and or no more use for it - delete all footage. The key is to be responsible here.