Inspection Advice for New Wholesalers
In the process of learning as much as I can about wholesaling before my first deal, I've researched the est. for inspections and found that they can be a little costly. Of course, the value they provide can be great for buy and hold, rehabbing, etc. However, is there any advice for wholesalers. At an estimated $400-$500 a pop, this can be a chunk out of the assignment fee or expense in the regards of a double close.
I know some wholesalers do their own inspections but do investors typically rely on the confidence of a wholesalers inspection, or is it required to get a professional's point of view.
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The Brilliant thing about a "Good" Home inspector is that they provide you with a detailed report on what should be fixed. For instance, I take on minimum, 300 pictures of a <1500 sqft house. Every paint scrape, mis-aligned door, torn up carpet corner. It quickly becomes your scope of work.
A contractor on the other hand is going to tell you what they think needs to be done, but is going to do a visual walk through with you listen to what you want to do, and not worry about the smaller finishes or try to figure thing out.
For instance last week I did an inspection for a local flipper and found moisture in the framing of all the windows. Is the contractor going to tell you that? Nope. Is the contractor going to flip on every light switch and check the outlets to make sure there isn't something funky with the electrical? Probably not. They'll benefit by having a change order when they are in the middle of construction.
A good inspector flushes all the toilets, test all the handles, crawls through attic and crawl-space to see if there is hidden damage. A contractor who is doing a walk-thru to give you a bid, is not going to be doing that.