Would you buy a car without checking the engine, tires, brakes, or interior? Would you marry someone without learning all you can about them and knowing their flaws and good things before you take the plunge?
I hope not!!
Then why do so many real estate "investors" buy a property without doing the proper due diligence before they fork over the cash?
Answer : Simply a lack of knowledge and tools to do so.
Before you ever buy a piece of real estate you should check it out from top to bottom so you know exactly what you are getting into. A little bit of work upfront will save you huge headaches and money down the road.
One big question that I am asked is "What should I look for when buying a property?" Well, here it is. I have gathered a couple excellent due diligence lists that go over a big list of things that you should check out before you buy. The residential real estate due diligence checklist is a little shorter than its commercial real estate counterpart.
Download the real estate investing due diligence checklist that you need and use it from top to bottom. Don’t get lazy and leave out some of the items because those items could be the difference between passing on a lemon property or walking head first into a real estate investing disaster.
Also, browse our articles on Due Diligence to learn more about what you need to do BEFORE you buy your next investment property.