Tyler’s Mistake of the Month Newsletter
Monthly Solutions FOr Real Estate Investors
Vol.1 Issue 1
How it happens…
When you buy an investment property, it is important to have it inspected by a professional. This will help you find any problems with the house before you buy it.
You should not use just anyone to inspect your house. You should get a recommendation from someone you trust. The inspector should be licensed and have experience inspecting houses.
If the inspector finds a problem, you should not just take their word for how much it will cost to fix. You should get an estimate from a licensed contractor who specializes in that area.
The inspector should spend enough time inspecting the house. If they are only in and out in an hour or two, you might not be getting a thorough inspection.
If there is a crawlspace or attic, the inspector should check those areas too. If you have any questions, ask the inspector. They are being paid to help you, so don’t be afraid to ask.
Here are some additional tips for getting a home inspection:
- Get multiple quotes from different inspectors.
- Be there for the inspection so you can ask questions.
- Read the inspection report carefully.
- If you find any problems, get estimates from contractors to fix them.
Buying an investment property is a big decision. Getting a home inspection is an important part of the process. By following these tips, you can make sure you are getting a thorough and accurate inspection.
Ways to avoid inspection related mistakes:
Get a complete inspection performed by a licensed and well-qualified home inspector.
Thoroughly review the inspection report and ask questions about any findings.
If you are resistant to getting an inspection, pretend you are buying a home for your mother or daughter. You would want the best for them, so expect no less for yourself.
Leave well-meaning friends and relatives at home unless they will be on the deed. It is not uncommon for people to become self-proclaimed construction experts when they hear you are buying a house. Their advice may not be accurate and could only serve to stress you out.
Leave the inspection process to the pros!
How To Deal With Inspection Findings:
When you get a home inspection, you may find some problems with the house. Here are some things you can do to deal with these findings:
- Don’t be afraid to walk away from the deal. If you are not comfortable with the problems that were found, you can walk away from the deal. This is especially important if the problems are major or if you cannot afford to fix them.
- Try to negotiate a lower price. If you are still interested in buying the house, you can try to negotiate a lower price with the seller. This is especially likely if the problems are minor or if you are willing to fix them yourself.
- Get the seller to make repairs. You can also ask the seller to make the repairs before you buy the house. This is a good option if the problems are major or if you do not want to fix them yourself but insist on licensed contractors being used where applicable)
- Get a credit from the seller. If the seller is not willing to make the repairs, you can ask for a credit from them. This will give you money to fix the problems yourself.
- Get an extension. If you need more time to think about the inspection findings, you can ask for an extension. This will give you more time to get estimates from contractors or to find another house.
It is important to remember that you have the right to walk away from a deal if you are not comfortable with the inspection findings. Do not feel pressured to buy an investment property that you are not happy with.