Home Inspection

Home Inspection - Inspection

Home Inspection

 

Hi friends
We want to pass you through a very important part in the process of purchasing an asset, and this is the stage of exploration. Checked the house.
In the US there are companies whose specialization and all they do is a home inspection for the buyer. They come to the property and give us a detailed report with pictures and information about the state of the property. From the foundations / basement, through mechanical systems, boiler, electric oven and plumbing, through the kitchen mode toilet, gypsum paint, floors, ceilings and roof.
I personally had a problem with these companies that the status report shows a situation. They did not give me the completion of how much it would cost to repair, replacement and redevelopment of this thing.
What I have been doing in recent years, it sends the contractors with whom I work to do the report for me. Why ?
The contractor on the one hand knows the rental laws and the requirements of the municipality to fix rent. In other words, he includes in his proposal everything that must be done in the property. On the other hand he will give me a recommendation what to do in the property in order to be attractive to the tenant, will be rented quickly and at a high price, and last, gives me a price estimate of the renovation. That is when I come to buy the property, I already know how much the property will cost, and how much will the renovation cost.
Recommendation: The contractor can bring plumbing personnel to bring in the main Leviev camera that goes from the house to the street. Invest a little money in it, and it can save you a lot later. Recently I had one of my investors sewer back up, meaning the sewage is blocked, and it turned out that the main sewer baby from the property to the street was cracked and talking. It's already a matter of thousands of dollars.
The second thing is the roof. Do not give up. Get accurate information about the roof condition. How old is he. Make sure of the integrity of gutters and down spouts, do not spare it. You must know that the roof is normal.
Foundations and basement. Make sure the cellar is dry, it does not smell like mold or moss. Make sure it has no cracks, that the walls are not crooked.
I personally like problematic cellars, because then I know that I am a strong cut in the price of the acquisition, bringing cellars into the property, reinforcing the life-long warranty, and thanks to this I am able to buy a property with a renovation at a total price lower than the market price.
One last thing, never give up. Not even at the delusional price of an asset. You do not know what's in there.
Good luck to everyone

Link to the original post in the United States Real Estate Forum on Facebook - Works on a desktop computer (To view the post must be members approved for the forum):
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Responses

  1. I also think it's best to send a professional inspector (and not just send a contractor, however successful)
    A. The renovator may not be such a professional and will not identify a material defect.
    B. Renovation gives a revised opinion on renovation rather than safety defects, for example.
    third. The professional inspector works systematically and according to a neat standard and is obliged to issue a neat report with pictures and reference every small component as large. And for every system
    D. If Flip and sellers to a local home buyer will in any case go through a professional insurer who is billed by the bank, it is best to be prepared for this standard and be attuned to it.
    God. It is always good to have an official document from an independent professional that presents the condition of the property, especially as we sell to others it is a kind of “proper disclosure standard” that I think is necessary in a market saturated with manipulations and inaccuracies.
    Successfully!

  2. Entrepreneurs or companies that buy houses wholesale (number of houses per month) have the privilege to purchase without inspection at all and manage the risk so that even if one house is priced high, the whole package is still profitable.
    For private investors who buy at a low rate or start, I would not recommend taking this risk.

  3. Prospecting is one of the spending with the highest ROI. Almost in 100% of the cases you find things that allow you to lower the price and sometimes there are also cases of profit very large as one of the houses that I have been in search of and found damage to the roof caused by a hail. I managed to convince the seller to sue his insurance and got a house with a new roof that was paid entirely by the seller's insurance. Do not give up on the prospect!

  4. The question that is asked is what is happening in the market, in my market there is no time for an orderly inspection, I usually, as you say, send a contractor or take into account that an all-inclusive renovation is needed and submit a price quote, houses are snapped up in hours, so the time does not always allow for an inspection

  5. Benny is an excellent question. So to speak. I'm referring you to one of my first posts. There I talked about making good connections. When you have a contractor with whom you work regularly, and in almost daily contact, I know that he gives me a fair price for excellent work with responsibility. I'm still checking every section and pricing it.

  6. Dear Shai - as they say, there is no one who is as smart as someone with experience, and in every post you publish, you see the experience erupting! Thank you for the excellent post and of course it will go into our world fame real estate under the Home Inspection Unit -> Is it advisable to use a home inspection contractor - inspection - so that every new investor who studies the field will be exposed to it for generations to come. Be strong and embrace and love you and your contribution to the community! Shabbat Shalom.