Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short-term rentals quick actionable items to acquire manage and scale in your portfolio I’m your host Tim Hubbard.

Welcome back to the short-term rental richest podcast really excited you’re here again thanks for joining us I just got back from the kind of hectic trip in the US I would say I was in 7 different cities and are less than 3 weeks so I was running around quite a bit I think I was in 12 different airports so it was a bit hectic but a big part of that trip was looking for new properties and he found some then I’m a contractor for and also expected some of that I decided to pass on and during that process and that was some inspectors so I want to tell you about that I got to say it was really nice to be back in the U. S. so many good friends and spread out all over the place US is really really spread out his. I was good to see family I am back here in Brazil now. On my way back John this is interested in the much get right into it it was the first time in an airport that I didn’t have to show 40 pass we just scanned my face and it was super fast super fast I need my son at what seemed like a millisecond in a recognized me and said Timothy Herbert yeah gonzo I feel like we’re in the future a little bit so anyhow all right enough with my tangent backstory I do quite a few properties and I wanted to get into. How I go about doing inspection first of all hopefully you’re doing inspections now it’s a very competitive market out there there are times where people are put in as it is offers in and that is an offer which basically says you’re gonna take the property as it is so unless your offer what’s right that if you had a normal offer that wasn’t asking then you’re going to be doing inspections and actually either way it would still be doing inspections you want to know what you’re getting into right if you did make an **** offer you’ve got to be prepared to pony up a lot of money is something. Was wrong and inspections are the way that we find out what’s wrong with the property so there’s a lot of different types the normal home inspection is what most everyone does but there are other inspections to an all mention this briefly cell in your normal home inspection. Do you mean this factor there I like to I just happened to find this apartment buildings actually 8 units and not local the city were already have properties and I was in Dallas which is nearby so I drove 3:00 hours away it just happened like I was only down for a day so it really worked out well now I don’t think you have to be there to see inspections as long as as long as you have someone that you really really trust their so had I not been able to go there I do have someone that I really trust there and that would be okay for me to do remotely in that city now but NO anyone I would want to dig a little deeper and preferably either first so since I was able to be there in person reminded me of some of the things that I used to do walking the unit’s first fall I like to see all units now if it’s a single family home there’s only gonna be one unit right football tight family one this one had 8 apartments I went into every single unit the bigger you get with apartment buildings the war units are are. The better the chances are that someone just want to show you the worst units really if if they’re showing you 5 on 8 on the other 3 could be bad so you want to check out everything not just the units that are available now sometimes you go in these units there’s tenants on there can be a little awkward right you’re right in their personal space they have food in the kitchen they have their debts and stuff like in there they’ve got all their stuff there and you see all the space right now I wasn’t lifting covers you know anything like that actually I got there after the inspector had already left so I met with my property manager we walk the units together and she pointed out the things that she saw when she was with the property inspector so we did a walk through all the units was very quickly was very brief but it can be a little awkward. But you want to know really good track if you have a tenant in there they are a fantastic source of information and untapped resource that I don’t see a lot of people talking to when they’re considering a property so for example there was one unit I had a tenant that lived there for 10 years 10 years now that is a lot of history and so simply ask her some questions how would you like to live in here you know you want to be polite and not intrude their space if they don’t want to talk to try to get that vibe to it you can leave but this time it was very friendly and open so I talked with her as long as I could and found out about the property if there were any major issues or anything that had been there did you want to know about she had good things to say about the property there were a few things that we already knew about like some basement leaks for example and so I asked her about the jets and flooding in the basement recently the roof was replaced have you noticed any roof leaks on some property was in great shape I think it’s really cool I hope it goes through these things take a little longer especially with the commercial properties but we’ll see how it goes and I’m excited to added to the portfolio it is an area that requires the short term role permit so that’s something I’m going to have to apply for but if you can muster most podcast for awhile you know that I like to purchase properties that makes sense long term rentals as well this one does its cash flowing with long term tenants so worse comes to worse I can do mark long stays or I can run as a long term rental so I don’t see any issue getting a permanent but just a quick note on that so another reason to do your inspections right you want to know what you’re you’re paying for it there was another property that I was looking for in the same area I never saw this one personally and in person but the description said gutted to the studs for renovation and I’m on my property man. Your walk through properties for me. She said this property it was not gutted to the studs you could tell I had old plaster walls and **** store property as well so one of the reasons for doing your inspections is major getting what you’re paying for and if you don’t do the inspections well then you also don’t have that negotiating right now if your offer was asking is which somebody offers lobby offers these days or are you just shopping and but if it’s not and I would not recommend doing and as it is for an unless you’ve got a lot of experience real estate or you have a huge budget you’re prepared to to take on expenses G. might not nor there so I would recommend doing it and do it on the spot and one of the things that during these inspections gives me is negotiating our not we did a termite inspection we did a sewer inspection where we actually have the video cameras go down the drain lines and we did find one of the 2 drains was blocked so that’s something we’re gonna talk to the current sellers about negotiating we found a little bit of termite chose another inspection we did so we did a general home inspection or withdraw the units termite inspection would drain sewer line inspection and I’m going to have another roof inspection done as well because the home inspectors we’re not able to get up there you may find that that’s common with home inspectors you’re not concerned about the roofers it’s a large building where it might be a really large expense you might want to consider getting a roof inspection as well all of these things how you to negotiate on the property now you might be thinking what this arc it’s crazy there is no room for negotiation but just remember if you want cover some issue with the property and you disclose that the seller which you definitely will if the deal doesn’t go through with you well they have to disclose that to the next buyer and their disclosures if it’s a big issue just remember that it’s much better to bring into the service. Indigo shade and hopefully after doing all this inspections you can verify that you’re getting what you paid for I hope you guys are doing really well there and hopefully you’re finding some properties out there in this market they are out there this one was listed publicly so there are properties out there she added I hope you’re enjoying the podcast and until next time I hope you have a wonderful day shall. Want to get on the fast track to financial freedom for short term rentals what all searching the properties you choir you want to make sure that you acquire the right properties I want to give you my you doctor will show you how to do just that there is no charge to my gift to you for being one of our subscribers just go to rest methods.com that’s R. E. S. T. methods.com.
 
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