Fix & flip inspections

[Jeff Schneider]

Anyone waiving inspections on flips? Talking about normal cash deals or off market deals where you are the only one talking to the seller, not super hot properties/multiple offer situations. I can see if there's a huge margin built in but anything normal or a somewhat margin may be risky.

If you waive inspections on a regular basis, do you have your contractor walk the property before turning in an offer?

[J Scott]

You shouldn't waive inspections if you're not comfortable with doing an inspection yourself and being able to determine rehab costs on your own.  

Personally, I haven't done an inspection on a property in about 6 years -- but that's because I got inspections on my first 50 or so properties, and learned what to look for and how to estimate the cost of repairs. 

That said, I'll still bring in specialty contractors/engineers when there's something beyond my level of knowledge -- but never a general inspector.