All Forum Posts by: Troy Fisher

3rd Monday of the month @ 7pm at the Lakewood Ram!

@John McDermon -- Gotta think outside the box!

@Chris T. gave the best advice, find a couple of ACTIVE BP members in the area and ask them if they have referrals.  If they give you the name of the same guy, probably an indication that they are pretty good.  The other option is to do a search for Real Estate Meetups in the area (on Meetup.com) and try to talk to the organizers to see if they have recommendations. 

homeadvisor.com is going to give you the low hanging fruit.  There are two ways that you are going to find the right home inspector:

1) Working with and Real Estate Agent who specializes in working with Investors, they will have an Inspector who they use all the time for their deals.  They will also understand better how to use that inspection report as a negotiation tool to get you a better deal.

2) Network with other Investors in your area and get referrals. 

Using online searches are good, but you are looking for someone to be on your team, someone trustworthy and with a track record.  You want someone that has a reputation.

 Some Inspectors who work with investors or in a really hot market often do a verbal report for a lessor charge, ensure that if you do find an investor who will do this, that they do a regular inspection, and then charge you extra for a written report if and when you get to a point where you want to purchase.  

Also, I always get a little concerned when people say something like, "I'm working on a tight budget", it is usually a sign that you aren't properly preparing yourself to be a successful investor. You don't say what kind of investment this is, is it a Rehab property, is it a rental property?  Each have their own "safety net" amounts that you should consider having before purchasing.

 There are a ton of things to learn.  The first is the area that you want to own rentals in, and learn what the renters you want to rent to want.  Make sure you are catering to your target audience.  And then make sure you learn how to calculate all the right numbers so that you can be successful.  BP has some good calculators to help you out.  But they don't do you any good unless you understand what the numbers mean, and what your goals are.

 Did you walk the property with the Inspector?  Or did you just let him do his inspection?  Did his inspection include pictures of the A/C with the panel taken off? All signs of a poor inspection if these things did not occur.  On the A/C replacement side, it sounds like you might have purchased a property and not properly budgeted for unexpected repairs and are worried that the purchase is now going to be a negative investment.  

If you are planning on holding the property for awhile I would definitely ensure that I have a quality unit installed that is brand new and is going to function properly with a great warranty for years to come rather than, go the cheap route and know that it's only going to work for awhile before I have to do the next round of repairs.

A great home inspection comes from understanding how a house works and how all the pieces fit together.  It comes from knowing that you have a hidden plumbing issue when the temp. of the hot water is different in the upstairs bathroom than when you take the temp of at the kitchen. 

@Donald Dickerson mentions the big 5:

1 - Roof
2 - Foundation
3 - Plumbing
4 - Electrical
5 - HVAC 

Which is true, but knowing whether they are cosmetically good, or functionally good is a big difference.  Depending on what you are planning on investing in: Rehabs, Wholesale or Rentals the need for you to know what to filter by condition of the house really depends on your budget and your location.  There are so many other factors to learn in real estate, that you should leave the inspecting, to the inspectors and learn the things that are going to further your business and your goals.

Lakewood or Bust!