Do you get home inspection for properties that you wholesale?

[Daniel Pitta]

I have a buddy that wholesales properties in VA, and is telling me that it's a good idea to network with home inspectors to check out the property after you've gotten it under contract. From there he forwards the inspection report to a contractor to get an estimate on repairs. Depending on the estimate, he may revise his purchase price with the motivated seller. Is this customary for wholesalers to do? I've read a lot on this site and watched several YouTube videos re: wholesaling and never heard about anyone doing this, but it does sound like a good strategy. 

[Karen Rittenhouse]

Daniel:

This strategy certainly adds to the cost but, until you can walk through a property and estimate repairs and repair costs on your own, you need someone who will help you.

Until you know what repairs a property needs and what they will cost, you won't know how much you can sell it for so you won't know how much to offer to buy it in the first place.

Your buyer is certainly going to want an idea of needed repairs and repair costs before they will buy and, ultimately, it is up to your buyer to figure these numbers for themselves before they decide how much they can pay you. If you don't know the numbers, you will overpay and not be able to sell it.

You have to start learning somewhere so your buddy's strategy works or you may find an experienced rehabber in your local investor meetings who is will to help you out for a price. Once you've done this for a while, you'll no longer need a professional to do it for you.

Good luck!