Now that I have your attention, I am serious! I don't care if you are a rehabber or an experienced investor, I still want you to get an inspection! An inspector is a licensed and bonded professional whose job it is to find problems with a property that most investors are not looking for.
To this day, I have yet to see an investor get into a crawl space, or an attic, looking for problems. This is what an inspector is paid to do and he may find very expensive problems that are not seen on the surface of a property.
So, to you investors out there, is it worth it to spend $350 to find a $10,000 problem that you wouldn't have seen while doing your walk through? As an investor myself, I can say, without a doubt, the best thing I have ever done on some properties is to have an inspection done.
I almost bought one property last year, and when the inspector went in to the crawl space he found a lake, dry rot, mold, and even evidence of animals living in the crawl space. Had I bought this property it would have cost me $15,000 more in remodeling costs than I had estimated, and I would have lost money if I had needed to sell it! I could have still bought the property, and lease optioned and made a profit, but I decided to pass on that property and go for one where I could make me even more.
I truly believe I spent my $350 wisely, and I do suggest you spend the money on every investment property you look at also, or it could end up costing you!
For more information on buying and selling investment property for more money, please feel free to contact me anytime.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Whew - I don't know about this one. I can see your point about having the second set of eyes. However, I have yet to meet an inspector who knows much more than me (and I'm just the realtor). They have their training and apply that to create an actionable report which is of value to an nonskilled homebuyer. The investors I've worked with, on the other hand, are operating on a higher plane. One area I think of that an inspector might help an investor would be advising about current trends in hotbutton situations - investors have a one-track mind on resale and don't often take the time to consider whether that piping was asbestos, etc. On the other hand, inspectors have a full-page disclaimer on every job that incapacitates them in making tough calls to the buyer. My investors (me included) have not been afraid of poking into every last cranny on the property, in my experience.
Good post, thought-provoking.
Larry - I want to protect my clients as much as myself. The more the make the more they can buy from me in the future.
Jeff - I do get a lot of these people to get off the fence. My job is to coltivate them into serious investors and then have lifetime clients.