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I don’t care if you are a rehabber or an experienced investor

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.

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 7 commentsRespect Realty LLC • August 28 2007 10:34AM

Comments

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. 

Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) over 11 years ago
Jeff - Can you get my investors some overalls? I've seen to many things missed by investors who just see dollar signs after watching A&E.
Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 11 years ago
Rehabbing and Investing is a different world than Residential ... it is more like Commercial.  Since it is "all business" you must insist on inspections to protect yourself from mistakes your client makes.
Posted by Larry Wright (nwRealty.Com) over 11 years ago
Ah, those kind.  You know, 99% of those types who contact me never get to the point of actually making a purchase?  The ones who do are the sharp ones too.  I imagine you do more investor business than I, though, given your blog focus.  Cheers!
Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) over 11 years ago

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.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 11 years ago
You know, even if I'm the listing agent, I want the buyers to get the place inspected.  I think it's really, really dumb, whether you're an investor or buying your future home, to purchase without an inspection.  Good advice!
Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 11 years ago
Patricia - There are a couple houses that my investors have remodeled and I tell them to pay for the inspection themselves. It shows the buyer how confident you are in your work! Most do!
Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 11 years ago

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