Real Walkthrough of a Home. How to Determine Value

Video Transcription

Speaker 1: All right so we just got here to this house that we got under contract in foreclosure. North Miami, NMB Dawg, NMB. I wish I knew sign language, not sign language but gang signs. So, I love these little fucking things, they’re so strange but I love them. Anyways, so let’s check it out. We’re going to check this thing out together. Let’s go. Oh fuck, I almost fell. Okay, step number one, always check step number one. All right so, I’m going to kind of run you what I look for when I come in here. So first thing I notice is this, how can you not notice that? Look how cool, but it’s fake obviously, so that’s pretty cool. Let me see, so I notice that this is a little living room area, look at, look at this neighborhood. Duplex, duplex, that looks like a duplex. Duplex. I don’t know what that is. I don’t know if you guys could see, hopefully. And then that’s a duplex I think too.

I’ll have to walk over there later. First things first before I go inside, look at the curb appeal. Pretty decent. It’s a flat roof, it’s got that little thing, so that looks like it was an addition. That probably was a car port or a garage that somebody converted into it. First thing on mind is public records, what is this thing? It’s probably less than what it is, this is fucking dangerous man. Well anyways, let’s go in here. Okay cool. So I see this is like a little living area. Let’s check out the kitchen, it’s a nice kitchen. I don’t like this wall here, so an investor will probably think of breaking down this wall to have more of an open layout. So you already got to start thinking layout, so I’m just going to run you through it. Kitchen, looks pretty nice. Hold on, let me do this. Okay so, kitchen looks pretty nice.

I don’t like that wall, so first thing I’m thinking is that wall and then I’m walking over here. Oh shit, look at that. A pool, I brought my swimming trunks. There’s like a little den they made, okay cool. So now that I see this, yeah that wall has to come down. This wall is going to come down for sure. This is a really nice big kitchen. This is Micah, that can stay however you have to know, this house, the price point we’re buying at 215 I believe or 225 some shit like that, so the resell is about 320 to 350. Does really a $300000 dollar buyer want Micah? No. They want granite. So, you got to think of that. So yeah, although the kitchen’s nice somebody will say, “Oh the kitchen’s updated, you could leave it like that.” Sure, go buy a $350000 dollar house with your family with Micah, they’re going to tell you to fly a fucking kite. All right so, one room. Oh wow. You see? Notice this roof, I don’t know if you could see but I’m 5’11 and three quarters, I’m about six feet tall.

That’s an air handler there. This room is makeshift, meaning I’m 5’11 and three quarters and look at this roof, it’s a roof to be a legal I think has to be eight and a half feet. So this is one room, this looks like they built this as the master, the floor’s a little funky too. Look at the bathroom, look at how the roof angles. I don’t know if you could see it, look how the roof angles, so that is strange but it’s a big nice room. Let’s see here. See? Same thing, look at the roof. This was a car port or a garage for sure, for sure. Has a closet. For a room to be legit by the way, it has to have a closet and a window, like an escape route and a closet. Yeah, I would need to see what this is public records and this is a bank own, so probably has a CU or something. Let’s check out the other side, so these two rooms look like they were added on, it’s okay if they were added with permits that’s all good, but we just have to find out.

So let’s see, this is the other side of the house by the way. That was one side, there’s the entrance, one side. That’s the kitchen there now I’m walking to this side. Let’s see. So we got this. It’s like a little trampoline. So this is legit, look at this roof. Look at this room, look at this closet. This is a legit room, the floor is funky, sounds like there’s water. No, that’s not water, that’s just those things making noise. Okay so, let’s go here. Another air handler, so it has two air handlers. This bathrooms pretty nice, I would repaint it and change it up a little bit but it’s nice, doesn’t look like it needs a lot of work. This is the other room, this is a legit room. My guess is this house was a two one with a Florida room, possibly a three one and they converted it to a four. Okay, so right now let me run these. We got one, two, there’s no bathroom in here right? No, closet.

So, one, two-one, one air handler, we got a kitchen. We got three and four and that’s a second bathroom. [inaudible 00:06:13], yeah you know what? This is was an efficiency, this was it’s own apartment. This was the kitchen and that leads outside and they used to rent this and you see it has it’s own AC and everything, so that’s okay but you just have to know that, that’s not legal, so for not having stuff that’s legal there’s penalties and there’s fines and shit can get ugly pretty much. So let’s see out here. I’m just coming outside now. Let’s see what we got here. Something I always do is I always knock here on the outside, what I’m looking for is to see if it’s concrete. See this? Hear that? CBS frame. Notice that there’s a little gap here? This means that it’s probably CBS inside, they just framed the outside I’m guessing, I have to do a little more research. Actually the way to find out, let’s just find out right now.

We come over here. Oh look, Luis just got here. Let’s see, yeah this is frame. That’s an addition to the frame. And this is the backyard. This is the pool. Pool’s are not always good by the way. Oh fuck, look at that spider web. Look at that thing. Okay let me go under the spider web. So this is a nice pool, this is well done pool. Now, that’s just another rehab cost, so pool’s are nor good, nor bad. It’s just another rehab cost, so I would say it needs quite a bit. [inaudible 00:08:19] the man and the myth right there. What’s good about this, you can see the roof. You could see the roof, it looks like it’s patching over there. I don’t know if you guys could see. Let me zoom in, oh you can’t. It’s like patching and shit.

So the first things to look at is public records, what is this house for real, what was permitted what was not and that can make a better decision if it’s a legitimate four two, it’s worth more than a three one converted. And yeah, from what the house looks like it needs regular rehab, I would redo the kitchen counters, the floors, the bathrooms, I would see what we can make legal, what we can’t. Off the top of my head, I’m thinking this will probably take 35 to 40k in March 2019 costs, so I could write a little report on step by step, overall this how my brain works, this how I’m thinking about this house right away. So, that’s it. It’s got a nice little shed for a puppy or something, so yeah. That’s it right there, hope this helps.

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