So, a wholesaler with a large inventory is selling a fixer Im interested in. Very interested in. It is 3000 miles away from where I live. I have a habit of investing out of state because I dont like my own state for investing. Even if I was there though, dont I need a professional inspection done so I can do my analysis? How do you get proper inspections done on these before you own it, do you just pay that money out and you just lose that money if you dont buy it? How do you go about buying fixers without paying for inspections on properties you might never even own? (I have bought fixers before but never got proper inspections first, and it cost me dearly.) There's also an encroachment issue. I would have to talk to a lawyer about what can be done about that, so Im looking at a cost to hire a legal opinion and a structural/inspection opinion while this hot property might just sell to someone else in the meantime. How do you get it inspected and all checked out before buying without losing a bunch of money and possibly the deal for it taking extra time to do this?
PS Since it's a wholesaler that moves a lot of property fast, he does not take contingencies. So I cant say, contingent upon inspection.
Basically for your peace of mind you put in a contingency on the contract like Brenda stated. Then you pay for the inspections and attorney fees if the cost is worth the profits.
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