Home Inspector

[456theories]

Hey everyone i have a question i need to know if becoming a home inspector sounds like a good idea as job to start off my investment career i am 20 currently working but i am having the gov pay for the course all i have to do is show up for 140hrs and i get my lis... does anyone think this is a good idea if yes do you have any idea how much they make to see if i can do it and still make some money... any feedback will be very much appreciated........  

[fadi]

My inspector charges $200-$400 for 2.5-4.5 hours worth of work depending on the size of the house, but he also pays for an office and secretary. Now that doesn't mean you can start making that much right off the bat.

[reiauctions]

If it's something you're interested in, it's definitely a good idea.  You could specialize in helping investors who prefer to pay less and maybe it will lead to deals.

[kdhastedt]

I use one of the best inspectors in the state -- he wrote the state inspection certification course manual and teaches the course.  He told me the big expense is the liability insurance (it's like a doctor's malpractice insurance) that he has to carry -- it's like $6K!
He also does 10-12 inspections every week at a minimum of $250 (more for larger/more involved properties)...so do the math!  He's grossing over $130K a year (and this is Louisiana!)..

Keith

[Infowell]

I went from the Trades, to Home/Pest Inspection, to Appraisal, to Real Estate Broker.

Every step has afforded me an unparalleled advantage when it comes to real estate investing.

Being a Home/Pest Inspector can be feast or famine. Most of your leads will come from Real Estate Agents, and I'd recommend you learn NOT TO alarm their clients right from the start. Cover your behind, but learn how to write & get your point across without being an alarmist (alarming Agents clients will kill a referral business faster than anything I know).

E&O Insurance IS expensive. Home/Pest Inspection is a VERY litigious business. People move into a home & 6 months - a year later wonder why you didn't uncover hidden defects during your 3 hour inspection. They expect you to have X-Ray vision & see into wall voids, and through insulation in the crawl space or attic. They can't understand how you didn't know the exact time & day the roof would fail, or the furnace would quit. When you embark on this path...you become everyone's insurance policy.

I know many former Home/Pest Inspectors who couldn't make a go of it, but for those that do...$75,000-$125,000 a year was their income. It's tough getting started...I'd recommend living below your means & being prepared to build a business over a period of 2-3 years. You'll also want to get your Pest Inspectors license as well.

Best of luck,

-Infowell

[JeffInCT]

No, it does not sound like agood idea but I doubt you would just trust me without an explanation.

[456theories]

thats true jeff can u explian because i got so far alot of good i want to be able to weigh the difference negitive and positive and what has the best oppurtunity for me....

[JeffInCT]

If you want to be an investor, be an investor.  

I became a real estate agent after I bought 4 properties so I was already and investor.  Instead of picking a real estate career to help me with investing.  Investing helped me pick being an agent.

I just think trying out a real estate related business might just help someone postpone being an investor.

So I say, if you want to be an investor be an investor.

Maybe I got it backwards but I am very happy with my progress so far.  I put my focus on investing and that's what I did.  

I see people focus on other real estate areas and they never buy a property. Then they lose interest.

Sorry if this doesn't make sense.

 

[ctguy]

I would have to agree with Jeff. Becomming an Inspector would make your investing much easier, not neccessarily the other way 'round. You would be able to more accurately evaluate your potential investments, epecially if you don't have a background in construction.
Think about it this way, would you like to make 20bucks an hour, or 20k a month?

[Infowell]

"I just think trying out a real estate related business might just help someone postpone being an investor."

How many people starting out can afford to quit the job they're in & become a full time investor?

If you've got to work...a real estate related business  (more specifically, home/pest inspection) will pay your bills, educate you as to a home's true condition, and familiarize you with repair costs.

If I've got to work while I learn to invest...I'd rather be involved in some sort of real estate related business (inside track), than say...a hot dog vendor!

-Infowell

[mtnwizard]

456,

Do it.  Especially if you're in good shape because an inspector has to climb and crawl.  It's a great way to get your feet wet in a business where the knowledge you obtain will be very helpful down the road.  Good luck.

Da Wiz

[Straightup]

I have a buddy who is also a moldmaker who got his State Inspectors license a while back.  He really enjoys the side work.  He is also an investor, but is downsizing some.  His rate is $275 and takes 4 hours regardless of size.  

[JeffInCT]

I feel a nagging urge to re-iterate my point.

Why don’t you become a closing attorney so you can close your own real estate deals?  Why don’t you become an insurance agent so you can sell yourself property insurance if you buy a property?

The original question was:

i need to know if becoming a home inspector sounds like a good idea as job to start off my investment career.

My answer was No. Find a job you love and work at that job. You can become an investor without a real estate related job.

Sure, home inspection may give you an inside edge on a property condition but you can hire an inspector for that.

Especially since investing is NOT a get rich quick adventure, you may be working that job for some time so make sure you love it.

Once I started owning properties, I could have chosen any sideline to compliment that or no sideline at all. The experience I got investing told me real estate agency was a good match for me.

So what I am saying to 456theories is: Do what you love because you might be doing it for a while.

It would be sad to become a home inspector to help with investing and find out you didn’t want to be an investor after all.  It’s not for everyone.


Re: Infowell
My prior post made no reference to quitting any job or not having to work.  Some will most likely will have to work even log after they begin investing.  Also, my mother had a hot dog stand and made 75k/yr NET.  and a great tan.

 

[Infowell]

"Sure, home inspection may give you an inside edge on a property condition but you can hire an inspector for that."

I don't

Nobody does as thorough a job as I do on my own properties, and I save the inspection fee (not to mention...real estate commissions).

"Especially since investing is NOT a get rich quick adventure, you may be working that job for some time so make sure you love it."

It's the quickest (legal) get rich scheme I know. Each...repeat...each of my investment properties has made me more than the annual average household income in the neighborhoods in which I've purchased (apples to apples). That means; Jack-n-Jill made me more by renting & taking care of one of my properties than they made (combined) working for the year!

"So what I am saying to 456theories is: Do what you love because you might be doing it for a while."
 
Not bad advice. I'd add...develop a thick hide...it's not all fun-n-games. There are definately problems that will arise...tell yourself it's all part of doing business, and worth the financial rewards.

By the way...I can afford to "do what I love" because, of my my chosen profession combined with investing. I love leisure & travel, and was never able to quite figure out how to make the money I make relaxing, and snorkeling

"Also, my mother had a hot dog stand and made 75k/yr NET.  and a great tan."

WHAT? Another weenie pusher? You guyz need a jingle? (No disrespect...just for fun...Robb'd like it!)

'Weenies, roasted weenies. What kinds of investors wanna roast weenies? Failed investors, ninny investors, investors who live under a rock, huff-n-puff investors, SISSY investors, especially investors from Hard Knox...love weenies. Roasted weenies, a job I'd think reeeally bites!'

'Would you like fries with that order?'

-Infowell

[kdhastedt]

I'm gonna be a firetruck...

Keith