SMART Residential Real Estate Investor eGuide

3 Ways To Make Money

3 Ways To Make Money

3. SMART Property Search

Starting the Search
Working with your identified search criteria, we will start the property search using our SMART Residential Income Property Search Engine©. Other useful information we provide you:

  1. Comparative rents for area
  2. Heat Map
  3. Ability to Enter Total Investment Amount
Check out this complete description of How It Works.

Candidate Properties
We will come up with candidates, analyze them, refine them, throw many out, and identify those you may want to review. Then, you can analyze the Candidate Property Package (see below), and start the decision making process.

Talk To Listing Agents
Here are several things we go over with the listing agent on these candidate properties:
  1. Drive-by Only?
  2. Subject to:
    1. Offer presentation?
    2. Offer acceptance?
  3. Property condition?
  4. How long have tenants been in there?
  5. Good tenants?
  6. Paying on-time?
  7. Complaints?
  8. How accurate are the rents?
    1. Current
    2. Pro Forma (we will know the answer to this question in advance! by doing rent comps; it will give you an opportunity to gauge the knowledge and forthrightness of the listing agent)
  9. Optional:
    1. Condo: known restrictions?
    2. Why has it been on the market so long?

Candidate Property Package
We provide the following information property package for each search:
  1. List of Candidate Properties with Investment Decision Points Highlighted
  2. Map of Property Locations
  3. Each Property:
    1. MLS Listing
    2. SMART Opportunity Analysis Report
    3. Price Comps
    4. Rent Comps
    5. Recommendation
    6. Market Conditions

Client Review of Candidate Properties
After you review the Candidate Property Package, you will likely have questions, need explanations, discard some, select others, and then we go back to the drawing board.

We will refine help refine your search criteria along the way, and hopefully select one or more candidate properties to view and/or make an offer on. Here's what you can expect:

Preview/View Selected Properties
Since many income properties are "drive-by only", you should be reassured that you are under no permanent obligation when we submit an offer "subject to buyer inspection", and can back out of the offer with no penalty if you are not satisfied with the property after inspecting the interior.

If we can get into one or all units before submitting the offer, great. If not, you will have plenty of opportunity once the offer is either presented or accepted (usually the latter). When you do get in, get a feel for the property, the tenants (if you should meet them), the neighbors and the area. Some things a single family buyer may be unwilling to overlook (such as proximity to commercial areas) may be more acceptable in a rental situation.

Some specifics to look for during the viewing:
  1. Meters (usually gas meters are separate per unit; rarely electric; water virtually never)
  2. Common areas
  3. Unit separation/privacy

Information Accuracy
Here's a good thing to remember: The closer you get to completion, the better and more accurate the information will be.

Here's what you may or may not know before the offer or Close of Escrow (more on these coming up):
  1. Tenant lease terms/rents (or even if they have leases)
  2. Expenses
  3. Meters
  4. Property condition

Let Us Help

Feel free to contact us to get started on your path to real estate investing success.

We'll be glad to answer any questions you may have about residential income properties,

and guide you every step of the way:

(562) 208-9818

EZ Contact Us Form

We find good income properties that meet the investment needs of our clients