Do I need to actually visit the property?

Im a Canadian and im one of thousands of D G members who are not planning on seeing the property in USA

How do yo do it though?

I would think one would go and see the property you may want to use the Real Estate Analysis System as a start for Comps and rental for the area
to get as much info. as possible if you are just starting out as for as the agent your car should not matter to them if so get another agent.

Hope I Could help,

You still need to know how to estimate repairs otherwise you will probably end up paying too much to a contractor if/when you do your own flips, or you will give your buyers a wrong estimate, which could cost you losing credibility. Join a rei club in your area, and learn from other investors.

Initially, I suggest that you look at the properties once you have them under contract... and once you become good at it, and you have your A team in place, you won't have to go to your properties so that you can use your time in more productive ways...

I would always encourage buyers to see the home they are making an offer on until they are such an established investor that a bad purchase could be used as a good write off. Most of us are not in that league.

If you have a good experienced agent, then they will help you inspect the property. They will point out good features and not so good ones. Generally everyone can tell the basic condition of a home from a visual inspection.

You need to get experience in this area and the only way to get experience is to jump in. Viewing a home will only offset risk - not increase it.

I recommend if possible go see the place, that will give you best and better idea what you in it for. Good luck and enjoy the journal.

Thanks for all the responses! I will be going to see my first property next week but is there any guide or anything in particular I should be looking for when I go see it? What should I look for that would justify a lower cost? I remember Dean or Matt recommending to offer slightly below the foreclosure prices of similar properties in the area, would anyone recommend just doing that instead of seeing the property?

I think as a newbie it is best for you to go and actually see the property. There is a lot to be learned from the process as well. If you are a much more experienced investor or trusting the source of the property then you do not need to see it.

If you are doing the 25:1, there is no way possible for you to go see every property that you make an offer on. Also, you would be wasting a LOT of time because, per its name, 24 of these sellers will not be interested or motivated enough to make it worth your while.

When making my initial offers, I DO NOT go to look at the properties. If a seller accepts the initial offer or is willing to negotiate, THEN I will go look at the property to see if there are any major problems that will make it necessary to adjust or withdraw the offer.

Karen

If you have a contingency in your contract i.e. "Offer contingent on a 10 day acceptable inspection" then you have 10 days to inspect the property with your Contractor, if you have one. You can back out or re-negotiate the purchase price if the repairs are too much. Hope this helps.

and Tom. You have to learn to look at the properties, but wait until the time is right. Put in the offers, but you still have to do due diligence before making your offer, and even have owner send you pics, or contractor preview and give you pics of repairs needed. You don't want to run and look at every single home as you will be spinning your wheels and wasting lots of valuable time that could be spent finding BUYERS!

When I put in my initial offers (if doing mass offers), I don't have anyone look at them. I just use the numbers and usually figure in roughly $20k for repairs (depending on the sq ft). If your seller is not motivated and turns you down flat in the beginning, just move on.

You don't want to wear out your contractors and have them going and looking at props that are absolutely NOT going to be deals. If you do, they will be moving on very quickly. Their time is also valuable and you have to respect it.

Karen

If you decide not to initially inspect the properties that you are going to make an offer on, then make sure that there is a contingency in your offer. They should be subject to a satisfactory inspection within x days. In this way, you are not wasting time but can still offset the risk.

As to what to look for. Watch for indicators of big ticket repairs such as sagging roof joists, cracks in the foundation, water in the basement or crawl space, a smell of mold or termite evidence. Examine the electrical system to make sure it is relatively up-to-date. There are others but this is what I can think of off the top of my head.

Another little trick I use is on my "Inspection Contingency" clause, I say "14 business days". Just have it typed into your contract and it slips by easily, but gives you almost another full week to inspect (or ultimately find an end buyer)!

Karen

sure knows a lot of tricks to be successful. Great ideas.

Again I appreciate all the advice. I am doing the 25 to 1 and couldn't wrap my head around how I would have time to visit all the properties I want to make offers on and these days the money spent on gas to visit them would probably eat up any profit haha.

How do you all go about making your initial offer?
I have an agent that I am working with and am interested in a few properties from the mls. Do I start out sending a formal contract offer to my agent with the contingency clause with "and/or assigns" or do I just simply tell my agent my offer amount then see if it is accepted?

Sorry if these are dumb questions, I really want to get my first deal complete by the end of July so all help is greatly appreciated!

I have put in a contingency of inspections within 14 days, I have also put in upon inspection of my partner.
And yes that works.
But if it is close, at least drive by and I window peek. Have had neighbors also come over and talk to me about that house.
But a good agent will work with you and protect you. Mine would tell me what to put in the contract in case I needed to back out.
I personally have gotten out of one contract because of mold and rot after the contract was written and I went with an inspector.
Your agent doesn't care about your car, and if they do, move on to another one. But you need to at least show up looking confident, and professional.
I have learned to go with shoes that can walk through anything, and I even sprayed some OFF on me if I see it is really filthy inside or outside. Don't laugh, I know someone who left a property full of ticks and fleas.
But it may help to take a friend along who will help you see things. And take the work sheets people put on DG for checking off things that need to be done.
I also take tons of pictures, which show me later what I may have missed. Such as under sinks, ceilings, foundations, and roofs, things like that. As we normally look at the overall picture. Look deeper to catch it all.