Business & Finance Renting & Real Estate

Real Estate Rentals and Profit

Is an Inspection Really Necessary? One question that seems to be commonly asked among those who are interested in real estate investment, particularly in flipping properties, is whether or not a real estate inspection is really necessary. The long and short answer to that question is absolutely and I will do my best to explain exactly why this is so. First of all, a real estate inspection is the act of having a qualified (and in many states, licensed) professional take a look around the property you are considering and informing you of obvious and potential damage or problems with the property. This is not something you want your uncle Bob doing, unless of course, good old uncle Bob has had the training and experience to know what to look for in an inspection and know what those things could mean. A bunch of people who are planning to flip properties enter into the situation (particularly first time flippers) with the attitude that they know there are problems with the property and that is why they are purchasing the property. That is really why you need to get a inspection. The problem is that the untrained eyes may miss some problems that should be addressed before moving along to other problems. Case in Point, if there were obvious signs of plumbing problems that could result in a leak behind the wall, you wouldn't want to paint that wall or replace the floors until you had the possible leak checked and either confirmed or denied and repaired if necessary. That's what an inspection can help you with. You would likely need to undo the work (wasting both time and money) that had already been done by the time you found out about the leak that a competent inspector would have told you about before you even began working on the property. Inspections are excellent before placing the bid on a house because they actually give investors a bargaining chip. For the true (at heart) investor this is a fact that simply cannot be ignored as it directly affects the bottom line price. If the roof needs to be replace you are justified in offering a lower amount. What if the electrical system needs to be updated, well then this is something that should be adjusted or amended in the final offer. These are also things that are easily identified by a qualified and competent property inspector.
CLICK HERE FOR A FREE MINI COURSE HTTP://WWW.REALRENTALINCOME.COM Any thing that can save time and money is great when investing in property and an inspection can do both. Let's make money not waste it. Another great thing about a good property inspection is that it often sheds light on the amount of money that will be needed in order to get the house in good working (or flappable order). Knowledge can be very important in this line of work and can mean the difference between taking on a project (if the repair budget won't exceed the eventual value of the property) or walking away if the expenses would be too great to turn a decent profit. As an investor you should never take on a property that is pretty much guaranteed to be a failure, it is simply not a wise financial move to make. It doesn't matter how much the property calls to you on a personal level in the business of investing the bottom line is the only call you should be taking. More or as importantly however than any of the things mentioned above, a proper home inspection can inform you of potentially hazardous conditions within the home that the untrained eyes may not take notice of. There can be many of these Some of these things include toxic mold, which can be financially disastrous as well as hazardous to your health; foundation issues, and structural damage that is threatening the integrity of the property. An inspector should also notice the structural integrity of homes that could affect your home if they are weakened or fail all together.
GET SOME GREAT INFORMATION ON INVESTING ON THE RIGHT REAL ESTATE AT
HTTP://WWW.REALRENTALINCOME.COM While these things seem so simple, it is often the simple things that lead to the greatest disasters. Whether or not you realize it, a good home inspector is one of the best tools you can have in your arsenal when it comes to flipping real estate as an investment venture.
SHARE
RELATED POSTS on "Business & Finance"
Stamp Duty Mitigation
Stamp Duty Mitigation
Real Estate 101 - Understanding Mortgages
Real Estate 101 - Understanding Mortgages
I Sell Real Estate, Why Do I Need Technology?
I Sell Real Estate, Why Do I Need Technology?
Why My Retirement Is on Par With Property in Turkey
Why My Retirement Is on Par With Property in Turkey
Which Is Which? Buy or Rent?
Which Is Which? Buy or Rent?
Should You Pay Your Landlord If He is in Foreclosure?
Should You Pay Your Landlord If He is in Foreclosure?
How to Sell Your House Privately in 7 Days
How to Sell Your House Privately in 7 Days
A Guide to Going Bankrupt in Real Estate!!!
A Guide to Going Bankrupt in Real Estate!!!
Rooming Houses
Rooming Houses
Estate Planning 101: What Should You Include?
Estate Planning 101: What Should You Include?
Australian real estate reign to end?
Australian real estate reign to end?
Southend Builders: Your Home Our Responsibility
Southend Builders: Your Home Our Responsibility
How to Live Away From Modernity
How to Live Away From Modernity
How To Recognize A Good Laguna Beach Real Estate Agent
How To Recognize A Good Laguna Beach Real Estate Agent
Using Recycled Boxes During Your Move
Using Recycled Boxes During Your Move
Thinking of relocating to Glasgow? Well here are some of the things it can offer to your company:
Thinking of relocating to Glasgow? Well here are some of the things it can offer to your company:
FHA Roof Protocol
FHA Roof Protocol
Buy to Let Mortgage Quote
Buy to Let Mortgage Quote
Selling in Summer? Don't Forget About the Backyard
Selling in Summer? Don't Forget About the Backyard
Home Buying Grants - Free Money
Home Buying Grants - Free Money
Denver Decor - Sunrise Fresh Home Design Staging For Your Mile High Home
Denver Decor - Sunrise Fresh Home Design Staging For Your Mile High Home
Advantages You Get By Getting House and Land Packages in Perth
Advantages You Get By Getting House and Land Packages in Perth
Customized Long Distance Moving Solutions
Customized Long Distance Moving Solutions
Find Your Dream Home at Geotech Blessings
Find Your Dream Home at Geotech Blessings

Leave Your Reply

*