The Things You Find When You Inspect a Property in Person

Sometimes a property online can tick all the boxes online and look amazing, but when you get on the ground and inspect it you notice things you wouldn’t have seen otherwise.

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0:00 – Introduction
0:36 – Some things we noticed that weren’t clear online
3:00 – Something that you don’t notice from satellite views or street views
4:47 – Seeing a property in person can reveal opportunities you wouldn’t notice online
6:36 – Don’t just do one or the other, do both
8:33 – More information about the street that came from the tenants
10:03 – It’s so important to ask good questions

Transcription:

Ryan 0:00
sometimes when you’re looking at a property online it can tick all the boxes and look amazing at like getting on the road actually looking at the property you can start to notice things that you may not notice otherwise so today i’m here with adam buyer’s agent from pumped on property how’s it going great we are having a good day on the road inspected a bunch of properties about to look at one behind us and let’s talk a bit about what this property ticked in terms of online and then look let’s talk about a couple of things that we notice just arriving here now before we’ve even gone in and inspected the property that kind of some red flags for us

Adam 0:37
perfect yeah so this one in particular stood out because it is in a very good location as far as being central to a lot of key things that we would be looking for in a property so we’ve got the hospital not too far away from this farm which is going to be is a major employment center in the area as well as we’ve got the train stations are approximately three kilometers away and a major shopping center approximately two kilometers away so we’ve got a few items in the area as far as talking about the suburb the property in itself like we can see that it had drivable side access a nice large open backyard which as far as dual income potential goes that’s fantastic for us to see which all looked good looking from above i guess a question mark for us with being so close or being so centrally located it’s just making sure that the straight reflects also what we’re looking for so as you can see behind

Ryan 1:28
as you can say this street is actually it’s not a super wide street and it is currently chock a block full of cars you’ll see this car coming through right now there’s actually only space for one car to get through obviously because people are parking here for the hospital and so this is something that we kind of looked at street view it wasn’t as congested when obviously google drove through here however many years ago that might have been by getting on the road here we can start to see okay this is something that we need to consider it doesn’t necessarily rule out the property it’s not a deal breaker but it’s something that we need to add into our analysis to decide whether or not this property actually suits us

Adam 2:08
that’s exactly right and so like i touched on

Ryan 2:11
i was like totally they doing

Adam 2:15
yeah but like he said like it doesn’t rule it out for everyone so it’s if your goal is to have a property that’s always gonna have a tenant in it who’s can achieve a great rental income and has that option to forage jus income or granny flat into the back of it yeah it’s ticks all those boxes great and given its location we might not be competing with as many owner occupiers for this particular property so as far as the rental yield goes we might be able to get a premium rental yield from this property and i guess that’s what we’ll be focusing on for this one and making sure that it meets the client’s goals

Ryan 2:46
yeah so again it comes down to whatever your goals are as an investor so every property is so different and so depending on what your short and long term goals are from your investment will depend on whether something like this makes a difference to you or doesn’t another thing that you need to think about as well is something that you wouldn’t notice by looking at the satellite view you wouldn’t necessarily notice by looking at street view either but if we turn around here sometimes you get tall things in the background that may be an eyesore or that you’re not really sure sometimes it can be powerlines that you didn’t really notice with that i’m

Adam 3:20
not exactly sure what that is i was thinking the same thing maybe some sort of chimney stack or perhaps it is to do with a water tower or something along those lines but you’re exactly right that we have seen things in the area where you might notice that there’s something particularly large in the area and it might polarize certain people now it’s not an issue for me i wouldn’t bother me one bit but i know that some other people might be a little bit more picky on those sort of things and that potentially ruling out future buyers for that property when you do eventually go on to sell

Ryan 3:47
yeah so when you’re on the road there’s going to be things that you start to notice that you wouldn’t notice otherwise and it’s just something extra to add into your analysis so we’re doing a lot of analysis of statistics of the area and things like that but there’s little things like this that you can’t really add into your stats okay how many cars are in the street at x time if you are close to hospitals if you are close to train stations or close to schools especially schools one where the street can fill out twice a day absolutely massively and get really congested it’s just something extra to think about and be aware of

Adam 4:22
when you are inspecting properties exactly and it also makes it i guess important to inspect the property before you make decisions about it like we hear it all too often that you can see something on paper that looks fantastic and you make that decision and then you get to the property and your expectations might have been too high and now you’re disappointed and you could potentially pass up purchasing a fantastic property just because you might have become emotionally attached before you even got a chance to see it

Ryan 4:46
yeah and then the flip side as possible as well that you may look at properties online where it doesn’t necessarily look like the best purchase and then you get there and it’s different to what the pictures are or what you thought it was or what the satellite View kind of showed because they’ve cleared some trees and made it a lot better or we had an irregularly shaped block that we looked at where a granny flats currently under construction. And so usually irregularly shaped blocks are harder to build granny flats on. But this one ended up being perfect in that it opened up to be quite wide. So we could fit a granny flat next to the property rather than at the back of the property. So this just allowed so much better side access for the granny flat private access for the granny flat made them so much more separate. So the the person’s not walking down the back of the house. It was just, it was something that you wouldn’t necessarily predict looking at their property online, but going and inspecting it. And seeing that opportunity means that that client who purchased that has been able to create a great granny flat product and will potentially even get above average returns for granny flats in the area. Yeah,

Adam 5:49
that’s exactly right. And we had made a call on that one before inspecting the property, we might have decided that it’s not worth seeing raisins. In fact, we knew that it was close enough. So we wanted to go out there see for ourselves. And yeah, that one in particular worked out very well. And we’re really happy with the result there. So it just pays off to get out on on the ground and actually have a feel for yourself of what the area’s like what the streets like, and even what the specific properties like to be able to figure out whether granny flats realistic or on top of that as well what renovations can be done, you can like like we’ve touched on, it’s really you need some imagination there. So yeah, it’s hard to do that looking at photos, because that To be honest, everything looks pretty perfect in real estate photos, you get there in real life. And you can see where there may be some room to improve the property or where you could personally add some value to it.

Ryan 6:35
Yep, so being on the road is very different to just looking at stuff online, don’t just do one or the other, don’t just go and inspect every single property because you should definitely be doing due diligence beforehand, ruling a bunch of properties out making sure that they fit into your investment strategy and your criteria. But then yeah, once you get on the road, you’ll start to see that there’s things that start to stand out to you. And the more you do it, the more those things become obvious, faster inspecting properties is a skill. And there is some intuition in it. And things you start to notice, the more you do it. So I do encourage you to get out there on the road yourself. If you can inspecting properties, or have a buyer’s agency team, like the team over Pumped on Property, they can help you out, they go through and do a massive checklist of the property. And the last property animals taking so many photos is crazy. And Simon’s currently doing the inspection on this one. And so you can really start to get a better feel for it and understand whether or not it’s going to suit you. So

Adam 7:33
Exactly. And obviously you have to lean on as well. And to discuss all those different options or where we can see there’s potential to add value or where there might need need to be some maintenance in the short term, or those things that you want to be considering when then looking to potentially attract tenants toward in the future and rent that property out. So

Ryan 7:50
yeah, so if you’re looking to purchase an investment property, and maybe you feel like you need some help, and you want to work with a buyer’s agency team, then to get to know the team at Pumped on Property. They’re offering free strategy sessions with you so you can get on the phone to them, talk about where you’re at, talk about what you’re trying to achieve. And they can help you complimentary design a strategy, they can see you, you can then go and implement that yourself. Or obviously, if you want, you can take out that opportunity to work with them and get them on the ground, like today for other clients. But we could be looking at properties for you. So go to onproperty. com. au forward slash session to check that out and book a time in the calendar that suits you. Thanks so much for sharing your knowledge, Adam.

Adam 8:31
My pleasure, Ryan.

Ryan 8:32
So after inspecting this property, we do get some more information about the street dinner.

Simon 8:37
Yes, I was talking to the tenants and his neighbor, the next door neighbor is going around over the last few months and selecting him getting heaps of autographs and signatures to put a petition into get rid of all the street parking. So what they’re going to do is allow it on just one side of the street and a certain amount of hours. Apparently, it’s super busy because the hospital which is really close by probably about three 400 meters away, is upgrading their car park at the moment. So staff, visitors etc need to find a place to park. So that’s why it’s a little bit busy out here. But the good news there is it’s not a long term thing. So hopefully this doesn’t last forever. But right now, it’s not ideal.

Ryan 9:22
And obviously they’ve signed a petition. But that’s not a guarantee that it’s ever going to go through Council and will actually get those signs, but it’s definitely a potential when you can see what this is like and other people are going to come and look at it just by talking to the agent to find out okay, that, you know, maybe in a couple of years, it could be a different situation.

Simon 9:41
Yeah. That’s why it’s so important to get through the properties like every single one because like just rocking out when you guys were doing the video. We didn’t really know any of this stuff, but you get through it. You get to talk to the locals, you get to a little bit of this insider knowledge which can change your decision

Ryan 9:58
and you were talking about today. a renter there

Adam 10:01
yeah as well and i guess what i wanted to highlight as well as just how important it is to ask good question so like obviously simon’s a very bubbly guy and everyone which which helps but not everyone is quite as outgoing as i am and even like just just still build up the confidence to ask those questions and make sure you’re asking what you want to know because if you don’t ask for it it’s a lot harder to go out and then try and find it for yourself whereas they might be able to point you in the right direction

Ryan 10:25
and even something about when you’re on the ground in inspections of the last property that will add they have offers over for 29 and she’s like you know really we should remove the offers over yeah you know low fours is good and if you’re just looking online you’re not going to know that sort of stuff but sometimes you do get lucky and the agents willing to share with you what the price expectations are for the client and then obviously you can adjust your financial figures around that to see if it’s going to be the best investment for

Adam 10:53
you definitely swing to bank co

Ryan 10:57
all right we are getting go to the next inspection now really excited it’s been a really good day on the road again if you want to book in one of those free strategy sessions head over to onproperty com au forward slash session to check that out really interesting one here with good granny flat potential as well so we’re definitely interesting to see how this one goes and if a client snaps it up or if they move on and look for the next one because as we said you know there’s so many good high quality properties out there if one’s not exactly right for you there’s going to be another one around the corner so i wish you the best of luck till next time stay positive

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