Should I get a professional inspection

8 Replies

I am new to real estate investing.  I have an offer on 2 Fourplexes right now and am wondering if I should pay for professional inspections.  They are approximately $1000.00 for each.

My agent has gone with me to inspect the properties and they look pretty good.  

Thanks in a advance.

Originally posted by @Nick Vorves :

I am new to real estate investing.  I have an offer on 2 Fourplexes right now and am wondering if I should pay for professional inspections.  They are approximately $1000.00 for each.

My agent has gone with me to inspect the properties and they look pretty good.  

Thanks in a advance.

 Yes.  I own 30+ properties, and because I am an agent I have been on hundreds of inspections.  It is pretty rare for the inspector to find anything I have not already pointed out to the client.  But I still get inspections and I still recommend all my client's get inspections. 

I just had one this week, the previous buyer fell through and the agent gave us the report that buyer did from a few weeks ago, I encouraged my client to still get his own (which he did)

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

I absolutely get an inspection every time.  Some things they have found that I wouldn't have known about is improper grading in the front yard which is causing water intrusion issues and foundation shifts and the electrical being out of code due to it's age.  I wouldn't have known about either if I didn't have an inspection done.

Originally posted by @Nick Vorves :

I am new to real estate investing.  I have an offer on 2 Fourplexes right now and am wondering if I should pay for professional inspections.  They are approximately $1000.00 for each.

My agent has gone with me to inspect the properties and they look pretty good.  

Thanks in a advance.

 If you feel an inspection is too much, get a contractor to go through the basics like roof, plumbing, electrical, foundation, HVAC, and windows and give you a quote on what it would take to replace the existing and why. That would cover major problems. You will miss things like insufficient insulation, underrated electrical, rot in the soffits and things like that but the question always becomes how perfect do you want the property to be for the amount of money you are willing to spend. 

Yes I would get an inspection done but be careful with who you hire...I hired someone just based on a google search and reviews and 2 months in I am finding a lot more problems that were not caught originally...

Ask friends, family, co-workers, BP members for recommendations/referrals before hiring.

Good luck!

@Nick Vorves Simple answer, yes.  I've never had horrible things come back in an inspection but I get them all the same.  During my last purchase they didn't have a rail installed on a balcony on the first floor and it was deemed a safety hazard because of a slight drop off.  I didn't notice it, my agent didn't notice it, and it never crossed my mind that it would need one, even if just for insurance purposes.  Sometimes you don't know what you don't know...   

Can you give me some advice on what would be red flags to look for on the inspection reports?

Thank you all for your advice.  I paid to have it inspected and the inspection essentially paid for itself.  It was discovered that the Septic Tank was full and would soon start backing up into the units.  In this area septic waste is expensive to dispose of.  Other things were discovered as well.  If I end up closing on the property then the inspection will have paid for itself and saved me a considerable amount of potential grief.

Many Thanks.

Nick

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