Physical Inspections – Friend or Foe? | EREI 72

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Physical Inspection Friend or FoeWhen purchasing real estate, it’s never a bad idea to have a property inspection done, but should you always do it? How do the costs weigh against the benefits of paying for a professional inspection?

Today Matt offers up his strategy for inspecting properties, answering the question of whether investment property inspections are a friend or foe. He also lifts up the veil on the inspection industry so that you can better understand how inspections work, who does the inspecting, and what their reports are like. Matt guides you through his way of reading a report and explains how he uses the report to get price reductions. Experienced investors and newbies both will find lots to learn in this episode!

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What You’ll Learn:

  • The licensure process of a home inspector and the extent of their duties.
  • Why it is important that you understand that not all home inspectors are created equally.
  • Who the home inspector discloses inspection results to.
  • The liability considerations that home inspectors must respect; and
  • How those considerations will affect you, the client.
  • Why good home inspectors will typically report everything that they see; and
  • Why a long property inspection report doesn’t necessarily indicate a more distressed property.
  • When Matt recommends that you purchase a professional home inspection.
  • Why Matt doesn’t always perform a home inspection.
  • Where to get an inspection that offers more value through detailed repair assessments.
  • The four major components that you should review on a property inspection; and
  • What exactly to look for in each of these components.
  • How a property inspection can be both friend and foe.
  • How to use the inspection report as a negotiation tool.
  • What your duty as an investor is in terms of negotiating price.
  • Why it is crucial that you keep the property inspection in perspective.

 

 

Recommended Resources:

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  • Need training? The ultimate training environment for real estate investors: Version 3.0 of The Epic Pro Academy!  New look, new lessons & new content – we’ve got everything you need to know to get your first paycheck!
  • Need someone to do it all for you? If you’re an Accredited Investor, you can diversify your portfolio by hitching your wagon to our train and share in the profits. Go to EpicWealthFund.com to download the executive summary.

 

 

Infographic - Physical Inspections Friend or Foe

 

 

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