Who uses home inspectors?

Question

I recently listened to Rookie Podcast #85 with Justin Munk and he said he gets a home inspection on every deal/offer. Justin is a long distance investor and buys mainly BRRRR's, but I was trying to gauge the amount of investors using home inspectors.

I'm an investor as well as a home inspector. After listening to the podcast I got thinking how I could attract long distance investors to my inspection business in WV. I'd love to work with fellow investors while providing a custom tailored inspection service. I know WV isn't considered a hot market, but property is still cheap and the state is implementing many perks to attract new residents and increase tourism.

Any input is appreciated. Thanks!

Eliott Elias · Answer

After walking so many properties, I have found that inspections are a waste of money. All they do is recommend hiring a professional. The only reason I would hire an inspector is for negotiation purposes. I can pretty much tell what a house needs after walking it once.

Alecia Loveless · Answer

@Damon K Verellen I attempt to thoroughly vet a property first to decide if I want to look at it. Then I take my contractor to the initial showing. If it passes both our criteria I make an offer and once it’s accepted I ALWAYS get an inspection but there’s only one inspector I will use. He’s thorough, nit picky, and only recommends getting an expert in rare occasions if something is really beyond his scope. His reports have paid off in spades saving me $100K on two separate deals that started out list  price under $300K. So the $500 inspection report cost is well worth it to me.

Travis Biziorek · Answer

BOOM! You said exactly what I was thinking.

I do it when buying my primary, largely just to have a "professional" document something that I can use to negotiate.

But when I'm buying investment properties it just doesn't make sense. I'm already buying somewhat distressed properties, generally off-market, and sellers need to sell. So negotiating isn't too tough :-)

Bill B. · Answer

Almost useless in vegas, at least for my target properties. They’re all less than 20 years old. I did for an out of state purchase and when I first started. But I’ve never had them discover an invisible problem. Only problems a first time homebuyer would see.

Terrell Garren · Answer

Never use them. My offers are "as is, close in 10 days, good for 12 hours."

Damon K Verellen · Answer

I guess long distance investors would be more likely to employ an inspector. It's true that we recommend a professional, but if you're buying sight unseen, you'd at least have a detailed repair list to hand to a contractor. Now the trick is figuring how to market to long distance investors buying in WV.

Who uses home inspectors?

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