Why we NEVER skip inspections, what real estate investors should look for in the inspection reports.

by | Indiana real estate, Indy Anna, Real Estate Investing

Why you should NEVER skip real estate inspections and how (and why) every investor needs to be an amateur inspector.

Recently somebody asked me why it is so important that we do the inspection before buying our houses.  No matter how experienced you are there is NO good reason to avoid doing the inspection, the cost/time goes way down the more deals you do so you (and/or your team) should be able to get these done quickly and easily.  Here are some red flags that have come up recently for us that you can learn from you. 

First of all, THANK YOU again for making this channel the number one channel for Indiana real estate on YouTube according google analytics and SocialBlade info for BigReia.com.  We’re also building the world’s largest organization of Special Needs Business Owners and Real Estate Investors.

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My mission is to make lifelong friends helping folks around the world create generational wealth with a passive income of $30,000 a month with Indiana real estate (without leaving your house) while we’re also building the world’s largest organization of Special Needs Business Owners and Real Estate Investors.

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We are creating the world’s clearest instructions to empower any human being on the planet can start from zero and create a passive income of at least $30,000 a month.

Our mission is to make lifelong friends helping folks around the world create generational wealth with Indiana real estate and business building.

Now for today’s class on paying off rentals in 2-3 years or faster…

Why all real estate investors should ALWAYS do inspections and what to look for so you stay safe while doing deals.

We usually do 3-5 “Closer Looks” during “The Shopping Phase” as we zero in on deals.

Indy Anna Explains:

Inspections gone wrong, but right – as we knew exactly what we needed to

Why we never skip inspections and whey the are SO vital

What to look for in an inspection report with examples

Now, this class is going to be a little bit different than some of our others- and we’ll have fresh Deal Dissection videos next week, but this issue we need to cover first.

Why?

It’s really simple, some of our Heroes are new to the world of REI, and we need to make sure that EVERYONE wins, part of that is the education process.

We get a TON of leads.

The process of doing a deal involves an inspection, SOW (Scope of Work) and usually an appraisal. When we first get leads though we just do an initial inspection but as we move forward and begin to purchase we do the FULL thorough inspection.

Our process is ROBUST (af lol) and this is why we can do so many deals and have so many WINs, but it also means that we have to go through the “Closer Looks” about 3-5 times before we find a solid deal that we are good to run with.

To be clear on one thing, when we say, “3 – 5 deals” before one sticks, what we mean is 3-5 in process deals. 

Remember, we go from an offer to the inspection to the SOW, then onto closing and the rehab work. 
Now, to be clear, part of our team here in Indy includes inspectors. These range from home inspectors, to sewer inspectors, to mold etc.

We make sure we have the right and fully licensed individuals on each deal so we can make WINS with the most accurate predictability. This is just one part of getting to each of our Heroes’ Forever Fund- and if you and I have talked on the phone already, you know what I’m talking about.

If we haven’t yet spoke on the phone, remember you can text me at 317-969-5619 to see if you’re a good fit, but please text me first- that’s my real number and I do answer 

So, instead of just telling you about these inspections, I’m going to walk you through a few right now.

It is THIS level of detail and “Remarkable Hustle” that creates immunity from take Ls or doing bad deals:

Now in some cases, we can make these deals still work IF the repairs that are needed are still within the rehab budget.

In some cases however, what is really going to end up being the offer we make if we proceed forward in a counter is going to be enough to cover what the bulldozing would cost – we are buying the lot alone.

Here’s where it gets REALLY scary for some folks,

Bypassing the inspection and these are issues not found until it’s too late

Not working with a team here in Indy, or anywhere that you’re investing, that doesn’t get all of your due diligence checks, the right pros for the exact issue in question 

Not realizing there are more steps involved in some rehab or deferred maintenance fixes that eat away not only at money but time, which means more money

So again, here’s what to expect if you’re one of our Heroes and we are in the shopping phase of the process…

We are going to cover a few deals to make an offer or offers on, or pending offers that we are already working on we don’t need that many to find great ones from the start

We are going to have not only a home inspection after offer acceptance, but any specialists out as well that we may need, this is the “Closer Look” where we go deep on the property to avoid surprises later

Now, if it makes sense to the seller to unload the property after a bad inspection basically if there’s no other option than to bulldoze, that’s what we’ll do

To be clear, we always do whatever it takes to help the seller, but if they are difficult or unreasonable and all they is a ‘lot’ here’s what they likely have in mind…

Finding the bigger fool that will come along and buy up the property anyway, endearingly referred to as a money pit.

If it’s rented and will remain rented, pulled off the market as not sellable- this is the definition of a slumlord 

In some cases, this is for money shuffling and it’s fine to them to hold it. There are foreign bank backed loans whose interest rates are so low, it’s worth the holding until the value of the lot appreciates in time, simply paying the property taxes on as they often go uninsured.

So in summary….

Inspections gone wrong, but right- as we knew exactly what we needed to 

Why we never skip inspections and examples of issues we found

What to look for in an inspection report

So if you’re one of our Heroes you’ll see all of this process reach your Forever Fund here in Indy and as always if you have any questions or if you want to see if you’re a good fit to do deals like this and create passive income of $30,000 a month over the next 3-5 years, then you should have at least 100k and good healthy income to start with. 

Here are some example pictures below.

If you want to talk more about that and see if you’re a good fit just text me at: 317-969-5619.

Upcoming we’ve got our always free printable download and the adventures of our BigREIA friends. If you want to do deals like this here in Indy, we can set up a time to chat and see if we’re a good fit to work together- make sure you go to BigReia.com and get the most complete training in the world on creating passive income of $10,000 – $30,000 a month, go there and you’ll:

Make the Universe Smile.  = )

Want more (brilliantly) EPIC posts of real estate investing and bidness badasssery...?

There is a great post and class on the 38 Ways to Buy Apartment Buildings Zero Down with Pet Policies, and here are some other helpful and EPIC posts... for starters as a real estate investor if you ever want to build a business that makes you 30 grand a month then you MUST do this...

Wanna Create Generational Passive Income Buying Real Estate and Small Businesses?

Here's a class on exactly how to make $30,000 in passive income as an out of state Indy landlord.  Exactly how many Indiana rental properties do you need to make 30 grand a month.  Anna can you help me invest in Indianapolis turnkey real estate investment properties?

There's also a great class Azam did on how anybody can retire in the next 1-2 years with $30,000 a month in passive income by buying and selling businesses zero down.  What about Micro Flipping?  We have a great class on how to start micro-flipping real estate zero down from your house and make $500/day, speed wholesaling 101.

There’s also another great class on how to buy apartment buildings zero down that you can check out as well.  This relates directly to growing income on rental properties.  Speaking of which make sure to check out our epic page on 14 ways to avoid tenants from hell.  Also we have a great post on how to make build a "six figure a month" real estate wholesaling business.

Also here is a post on how I did this and I flipped a house off Zillow for 30.  Also you can check out the post on five steps to flip a house right off Zillow for 40 grand.  You can also check out our other epic post on 57 ways to make money with vacant land.

Here’s another post on how a Hero flipped a house off Zillow and made 40k in a few weeks while he was learning to read.  Also you want to check our post on the EPIC $25 million letter and the copy writing lessons for real estate investors, you'll love it.  Also you can see how ONE letter is making me $9,000 a month.  Also you can check out the post on 101 FREE places to advertise your houses.

Also check out the "SA" class and your REAL chances of create social mobility and income ascension with your real estate business.  Brilliant stuff.  Also there is a great post on the ONLY way you'll ever make 30 grand a month as a real estate investor and/or business builder.  Another brilliant class with a free downloadable Investor Guide is about 19 Ways to Make $10,000 a Month by Helping Tired Landlords.

Plus make sure you check out Azam's post on how to hire a realtor that makes you $10,000 a month... while you sit back with your shoes kicked up on your desk and fingers folded behind your head.  Also there is a great post on how to make five grand a week from putting out signs.

Also we have some great posts on 30 ways to buy real estate with no money down.  That is a two part series so make sure to watch the second part on the 30 ways to buy real estate zero down and with no loans or credit.  I also get questions about our "Epic Flipping" and how to turn $1 into over $25,000 by flipping ordinary items for exponentially high ROI.

And don’t forget our EPIC page on 100 FREE ways to find motivated sellers, we are making the number one page in the world on FREE ways of finding motivated sellers.  Also check out how I find motivated sellers from code violation properties, and also how I make over $1,500 a week giving investors access to that list.  Speaking of lists, for a list of the "Good People" and My Indy Anna Homeys you can go to our People Page at https://www.BigReia.com/people.

You can also get a LONG list of every contract, piece of paperwork and legal document that you'll EVER need for your real estate business all FREE to download: https://www.BigReia.com/Contracts.

Also perhaps the most important class Azam has done is on the "Frequency of Thought" and how to use the laws of quantum physics to rewire your brain, attract brilliance like a lightning rod and be the best version of yourself.  Check out this epic 3-hour class on Quantum Real Estate.

Also make sure to check out our “People Page” for a totally FREE list of every possible contact you’ll ever need to build a real estate business in Indiana or the Midwest:

https://www.BigReia.com/People

Stay here at BigReia.com and you’ll become allergic to being an LC and addicted to improving the world and creating Income Ascension and Social Mobility for you and yours… 

Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
(YES that's my actual Direct Line and I really do answer lol, so please text me first Thx!)

Free Comic Book Reveals:

100 FREE ways to find motivated sellers.