Does anyone else elect no inspection?

[Brandi Baker]

Hello fellow BP friends!  I am a new investor in Pittsburgh but work as a plumbing fixture rep as my full time career.  As such I work with a lot of tradesmen.  Throughout the years I've learned a lot about the building trades (my father is also an electrician) and know how to do a fair amount of the work myself if I so choose.  Between myself and my business partner we own 8 properties and have yet to elect an inspection or home warranty.  Of those 8 half were secured because of the no inspection election.  Two were bidding wars the day they went on the market.  The other half were used to lower the asking price significantly.  I make sure to have a contractor view the property with me and we tally an estimate for necessary work so as to be informed. I am curious if anyone else employs this model as I've seen a lot of investors talk about always electing an inspection and often the warranty which through my contractor friends have only ever heard horror stories about.

[JD Martin]

I always have an inspection contingency (it's part of the standard contract unless you specifically waive it here) but I usually just do the inspection myself unless there's something I want another set of eyes on. It depends on what you're buying - if you're buying wrecks, and paying wreck prices, there's not a lot of value sometimes in inspections. If you're buying top-notch and paying accordingly, then it probably makes sense.

I don't see anything wrong in your approach. If it works in your market and you've been successful with it, there's nothing wrong with it :)