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The Purchaser’s Property Inspection | International Residential Real Estate Investors Association
Thursday June 29th 2017

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The Purchaser’s Property Inspection

Inspecting a property is a non trivial event.  The inspection has to be completed in a manner that thoroughly checks each building, each unit, each subsystem, parking, paving, amenities and grounds.

The inspection must note the condition of each item, required repairs, and an expected cost to complete (preferrably provided by internal sources who will complete the task based on actual cost estimates or via a bid from a contractor).

Additionally, the condition should note when these items are needed.  A rough may be aging for example but still have a year or two of life before repairs are required.

Additionally, the inspection should identify opportunities to increase revenue or reduce expense if the items are completed.

An organized list of items for inspection follows for our free members (signup at www.irreia.org/signup):

The items to inspect segregate into the following areas:

  1. Units,
  2. Buildings,
  3. Grounds & Common Areas,
  4. Paving, Streets, Drainage,
  5. Lighting

Unit inspection should check the condition, identify repair needs and estimate cost for:

  • Kitchens including sinks, plumbing, cabinets, flooring, appliances, and electrical.
  • Drywall, windows, flooring, electrical outlets, doors, and ceiling throughout
  • Bathroom sinks, vanities, tubs, showers, and plumbing throughout

You can access forms for inspecting your property by  joining our premium membership.

These forms give room by room, building by building, acre by acre, street by street tables to collect a full inspection.   Further, the forms give you a structure to identify room by room, building by building, and acre by acre improvements, and to complete cost bids for those items.  This in turn provides a strong foundation from which you can develop essential components of your improvement capital and maintenance budgets for the project life.

This information will help you organize a more thorough inspection, provide detailed information for investors, and provide detailed support information for lenders.  Without question using these forms will increase your ability to successfully plan for and close a residential investment by making your presentation more credible and your self confidence in your facts greater.

You can sign up at www.irreia.org/signup.

Good luck and good investing.

Blake Ratcliff the Real Estate Investor

“The IRREIA - Making residential real estate investing more fun and rewarding
through better education, tools, information, and networking!”

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