Do you get an inspection on you’re flip?
What if it uncovers something you unforeseen not in your numbers?
I don't, some do. Personally I can see what the inspectors see as I have a background in construction & construction management. If you have no background and aren't comfortable doing one, hire someone. Just be aware if you make an offer with an inspection contingency and I (or anyone else) makes an offer without one, the other offer is usually stronger (even sometimes for less money).
Starting out probably should. Once you do a few and get comfortable recognizing potential issues no. Just watch an inspector work a few times and you'll be able to do most of what they do on your own.
I agree with Peter. Pay one inspector to do one and watch him like a hawk. Learn his key points to look out for. Even if it cost you 499$, the lesson you learned is better than any history 101 class you paid for freshman year at the JC.
Happy investing and learning.
I do recommend to use inspection, especially since I am abroad investor.
In addition, the inspection report help me to make sure the contractor quote covered all major issues, and I also use the inspector to visit during the rehab to make sure the contractor finished each construction stage.
Investing ~$250 in inspection in compare to the money you invest in buying and rehabbing is not major and reduce your risk.
Depends on your knowledge of home repairs, etc. and what to look for as potential problems or high repair costs. Also, I have found it to be very beneficial to get a home inspection after rehab and before listing so you know what to anticipate from a buyer's home inspection after you receive an offer.
The inspection uncovering an unforeseen issue is the exactly reason to get one. For some buys it may not make a difference but if you are on a strict budget it could be the difference in turning a profit or coming across a big issue and breaking even/losing money.
It's not a bad idea to have an inspector on your team that can be your second set of eyes, to understand what your buyer's inspector will be looking for. You can pretty easily learn what they look for, but I personally like the second pair of eyes that's not close to the project.
Just don't use an inspector to come up with your scope of work for you.
Here are a few reasons why you should get an inspection
If you don't know anything about building codes it's a good idea to hire an inspector who can provide a list of items that don't meet current building standards that may need to be repaired/upgraded. Your inspector will look for structural integrity issues, life safety issues/fire hazards and inspect your MEP Systems to make sure Electrical panel, wiring, piping, hot water heater & HVAC systems are acceptable/good working condition.
If you are afraid of heights and don't want to get on the roof, crawl around in a dirty creepy crawl space or climb around in a haunted attic, an inspector can inspect these areas.
Your inspector can tell you if your roof needs to be replaced, get in the crawl space and inspect the foundation/piers for damage or water issues. They will also get in the attic & look for water damage, electrical junctions not in a box or even find dead animals that need to be removed.
Helps You Create a Scope of Work
Now, an inspector will not tell you what rooms need to be renovated or what finishes to use on your rehab, but they can at least provide a list of recommended repairs to the property.
Review the Inspector's list of repairs and selectively add the items that you want your Contractor to perform to the Scope of Work.
Minimizes Buyers Inspection Repairs
Your home buyer will be getting an inspection when you sell the property. If you didn't get your own inspection and make the inspection repairs during the rehab, the buyer's inspector could find a hefty list of inspection repairs that need to be fixed and repaired.
If you don't have these repairs in your original Scope of Work this could result in an expensive Change Order from your Contractor.