In this long series of short Video Diary entries I show you what I mean by how I look (and so should you) for problems and NOT properties! See if you see what I do, which is lots of opportunity.

A few of the apartment units I show you in the first few clips are in topsy-turvy condition. I thought it appropriate to shoot a few upside down. (Not really. Sometimes I make mistakes, too, and I shot a couple of these pieces upside down and sideways as I was walking the property. Sorry. Watch them anyway.)

I start out looking at one pretty interesting apartment complex with a number of buildings, a laundry room that shows promise, a pool that I wouldn’t keep but could create something better that could create cashflow, overgrown grounds that would need to be mowed and weed-whacked big time, and some trees that would need to be removed. (Yes, I’m not known for being a tree-hugger. I’m more of a tree-remover.)

Take note that all some of the units would need is a really good cleaning, new carpet or flooring (could be simply to remove carpeting and then painting the concrete) and minor repairs. That could also mean more immediate tenanting of the property while my team is rehabbing the other units.

Why would I want this property or any of the properties I show you? In the first property, it’s just the way I like ‘em. This property fits my Investor Identity as the guy who invests in Wal-Mart areas. I understand this type of property and the tenants who would rent the units if I rehab them.

The units have obvious problems, but nothing so bad that they couldn’t be fixed. There is graffiti, a little water damage, no mold that I could see (though I don’t mind mold – it can create opportunity), wood damage, broken windows and some structural damage. That’s all just fine with me.

Listen to the questions I ask in the first few clips as I walk the property and units with the seller’s representatives. What types of questions would YOU ask? And why?

Shoot me an email and let me know: [email protected]