I'm a newbie investor in the Midwest with a little experience in both land lording and rehab repair work. I've completed two rehab to rent projects and done 90% of the work myself, so I do have a decent understanding of what I'm looking at when I "inspect" a prospective purchase. That being said , I'm very open to learning all that I can about this business.
My question is: what is the value of obtaining an official inspection? What will I get for spending $300-$400? Where will they look that I might overlook?
Thanks for any input you can share!
Here is my two cents. I've bought properties without inspection ... probably 10 of them. And I would say each of those 10 cost me more in things I didn't realize than the actual cost of the inspection.
Unless you are an amazing detector of all things necessary in an inspection, I fully recommend this as your second step to buying. One, deal works on paper. Second, deal works as expected with inspection.
I work with an inspector who does the full inspection but doesn't do a written report, $150. Best money I have ever spent.
And I can write a book on the deals I have not spent the money on and gotten completely screwed.
Seriously. Unless you are as good as the inspector, spend the money. I've never, not once, regretted it.
Thanks for your response!
I just checked your profile and saw that you're a worship leader, father, and husband. That's awesome! I'm a Christian myself and also a husband and father of a beautiful 1 and 1/2 year old daughter. My broad goals are to invest wisely in RE and set my family up for a better future.
My wife and I currently own 2 SF rentals and are working to convert our current home into rental #3 as we move into our next home.
The home we're moving to is only 15 years old and appears to be in great shape. This is not a foreclosure as our last two purchases were and I was considering waiving the inspection, but you think that'd be unwise?
Think about liabilities you get into, if accidentally you miss few things. Its always great to have second opinion in our line of work
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