How to have low inspection cost when inspecting Multifamily?

[D Kirk]

Hi, i'm looking to purchase multifamily apartments in the next few months ranging from 5-40 units. One of the issues I have come across is the inspection cost for the building. Even if I do find a good deal where the numbers line up inspections will cost anywhere from $500-$3000+ for a professional evolution. I'm wondering if there are any strategies pros employ for multifamily inspections where it can be either done using other people's money or if a cheaper solution would work such as hiring a local property manager/agent to do a walk through. What strategies are you guys implementing to optimize this cost? 

[John Clark]

Quote from @D Kirk:

Hi, i'm looking to purchase multifamily apartments in the next few months ranging from 5-40 units. One of the issues I have come across is the inspection cost for the building. Even if I do find a good deal where the numbers line up inspections will cost anywhere from $500-$3000+ for a professional evolution. I'm wondering if there are any strategies pros employ for multifamily inspections where it can be either done using other people's money or if a cheaper solution would work such as hiring a local property manager/agent to do a walk through. What strategies are you guys implementing to optimize this cost? 

 You are being penny wise and pound foolish. For the kind of money you’re talking to buy multi-family, you need a great inspector and great inspections. Those ain’t cheap, and one good catch by the inspector saves you all the money you spend on all the inspections.

There’s an old saying: “Life is hard. It’s harder when you’re stupid.” Not having thorough inspections by great inspectors is stupid.