One can buy a property without ever looking at it. It's easy and is done every day - by experienced investors. It takes quite a while to become "experienced".
I suggest you go look at properties at every opportunity if you want to become a well-grounded RE investor. After a while you'll notice some interesting patterns. There is a relationship between what's written in an MLS listing and what a property is, but it's tenuous. Realtors want us to feel excited about their listings. I want you to see it for what it is.
To understand a property's worth, one has to use one's senses and discover these things:
how does it smell, look, feel
has it been kept maintained
how much life is left in it's systems
how can it be changed to add value (this is a big one)
We can pay an expert to report all the above but the last one is our responsibility because that's where the money is really made.
Here's what a personal inspection reveals: what needs fixing, what can be improved and/or brought up to date and who should I talk to to help figure out how much all that will cost.
If the roof / furnace / electircal / kitchen / bathroom / paint / rugs / floor etc looks old then if I fix them, how much will I increase the value of the property for re-sale? Or, if I'm going to rent it, what do I have to fix so that it's liveable for tenants?
Inspection Checklist
Roof
Exterior
Plumbing
Attic
Electrical
Ventilation
Heating
Cooling
Interior
Garage
Appliances
Basement/Crawlspace
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