Selecting an Inspector
When you are learning how to become a real estate investor, you must not forget that you have your own business. You must interview other team members before choosing to use them for your deals. Selecting the right inspector is critical for your success. You will be interviewing people just like any employer would do for the success of his/her business.
Things to look out for:
1. How long have they been in business?
2. How many inspections have they actually done?
3. Do they have experience in homes that are similar to ones you will be purchasing?
4. How fast can they produce a report? (Critical for deals that need to be closed within weeks or days)
5. Do they have a copy of a report that you can review?
Your inspection could make or break your deal. There are just some things that you will not be able to catch that a licensed professional will. If your inspection report contains more problems than you expected, you can either negotiate a lower price with the seller or simply walk away from the deal. However, we always like to negotiate to make every situation a win-win deal. Remember, you get what you pay for. It may be tempting to hire the cheapest inspector, but you could end up paying for it in the long run if they are not evaluating your property correctly.
For more information on choosing the right inspector, please read Jay Redding's article below: