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Pays to Hire an Inspector
I was tempted to remove my post about God's persistence on this deal. I don't understand everything he does in my life. But the inspection today revealed a building with several large problems, one primarily being a heating unit needing total replacement, and venting carbon monoxide into the building. The repair cost to fix that building would have been 75K, and while some investors roll dice on something that large, we don't. So we canceled our contract. The inspection fee was $615.00, well worth the money, but the tenants will benefit, because the inspector is required to report the failing furnace to city officials, who will red tag the furnace, and save the tenants from more exposure to carbon monoxide. So our investment play did not pay off for us personally, but will benefit someone else in the end.
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