All Forum Posts by: Ryan Nelson

Love the feedback.  Thanks everyone.  Tom, I completely get the Rough Cost idea.  Unfortunately, that's something that's drilled into inspectors heads that we can't project costs because we don't have all the facts or latest pricing.  It becomes a liability thing, ultimately.  I appreciate the feedback!

That is a good question, Dawn.  I've thought about that in my head a bit.  But, I have not consulted my association on it specifically.  It's an important question.

Hey BP World,

So, I'm a home inspector in the Kansas City area (Olathe, KS to be exact).  I've been an independent contractor for other companies for a few years and am launching out on my own.  I've had a handful of inquiries from investors in the past that don't want all the "bedroom door does not latch" and "crack in the kitchen ceiling" stuff in a report.  They tend to want to know about the real issues:  Structure, roof, mechanical, electrical, and plumbing.  As an inspector, I have my bias that says people need to do inspections.  However, would any of you think an inspection that is discounted 50%, just covered those key areas, and only lasted 90 minutes to save you time would be a worthwhile investment?

Yes?  No way?  Depends on the property?

I want to know if this is a service I should promote,

Ryan

Interesting concept, Jason.  I am in Olathe, too.  I do home inspections.  Perhaps there's more we can learn about your business.  I'd be interested in exploring investment possibilities.

We're getting a good group from Olathe.  Welcome, Clara.

Joe, I totally agree. They are probably upside down in the property if they are wanting 100k.  I am wondering if it is worth taking the thirty minute drive to the property to take a look or if the numbers are too far apart.  I am encouraged that my numbers are not too far off of yours.  If you know what you're talking about then I am either learning or just got lucky.  Thanks for the feedback!

I just had a discussion with a young lady whose mom is moving out of her home after living there 35 years.  They don't want to do anything to the property and want to sell it as is.  She notified me that the deck is in disrepair, it needs new carpet and appliances, and she's not sure about the water heater or furnace.  I don't have the work history as a self-employed home inspector to get a loan in a traditional way.  I'm trying to decide how to, or if I should, move forward to evaluate and pursue this property.

If I pursue a flip approach it would require hard money.  If I do a rental property approach I would possibly need a partner.

What I know is that they are just hoping to break even on what mom owes after living in it 35 years.  They have about 100K in it and similar properties in the area are selling for around 130-135K.  I've already told her that it will be difficult to get that money out of it with realtors involved when they're selling it "as is."  There is no realtor at this point.  I have the opportunity to purchase it without realtor expenses if we were to move forward with it.

I'd love your thoughts regarding the process to explore this investment further.

I appreciate the perspectives.  I tend to think of my inspector eye as an advantage. However, I was wondering if it could create some blind spots because of the potential of being overly critical.  I think some of it is just the fear of jumping into the investment game.

Thanks, Mindy. My brother used to work at a church in Longmont. Small world.

I am excited about getting into the real estate side of investing.  I have spent most of my career as a pastor.  Two years ago I moved into the home inspection business.  At that time I was on the verge of buying my first investment property--a single family home.  The deal fell through at the last minute because I had a job change.  It was pretty harsh.

Since then, I've really been working on figuring out why and what we want to accomplish with this endeavor.  Short term we want to prepare for our kids education. We have 4 kids and the oldest one is 12.  Mid-term we hope to raise resources to invest in redeveloping a part of town that I have a real passion for in our community. This vision will motivate me to move towards commercial property in the future.  Finally, we want to look at these properties as a key part of our retirement plan. 

That's me.  Thanks for learning about me.