How to have low inspection cost when inspecting Multifamily?
Hi, i'm looking to purchase multifamily apartments in the next few months ranging from 5-40 units. One of the issues I have come across is the inspection cost for the building. Even if I do find a good deal where the numbers line up inspections will cost anywhere from $500-$3000+ for a professional evolution. I'm wondering if there are any strategies pros employ for multifamily inspections where it can be either done using other people's money or if a cheaper solution would work such as hiring a local property manager/agent to do a walk through. What strategies are you guys implementing to optimize this cost?
Most Popular Reply
You are being penny wise and pound foolish. For the kind of money you’re talking to buy multi-family, you need a great inspector and great inspections. Those ain’t cheap, and one good catch by the inspector saves you all the money you spend on all the inspections.
There’s an old saying: “Life is hard. It’s harder when you’re stupid.” Not having thorough inspections by great inspectors is stupid.