The most common question that gets asked by new mentoring students getting into the property market starts off with something like this… “I’ve just got a silly question…blah, blah” … and do you want to know what the answer always is?
There’s no such thing as a silly question! Not asking the question of your mentor is sillier. 😊
So in this article, I’m going to look at Building Inspectors, and give you examples of questions worth asking.
Building reports should always be obtained as part of the purchasing process of an existing building/property and form part of your risk mitigation strategy. By getting a pest and/or building report, will give you an insight into what you are pouring your hard-earned dollars into.
Here’s an example of a report that was provided to an investor by a building inspector.
What do you think?
My opinion of this report when I read was that this building inspector should not have charged for it. This report was woeful and of no benefit to the purchaser.
Reason being was that it was hard to read, had no summary, no recommendations on actions to take, and most importantly … it had no photos.
Seriously!!!
So even though this building inspector may have had lots of building experience, in this case, he was not the best inspector for the job. So always ask the question of the property inspector – how will I receive your findings/recommendations and how many photos will be included in the report?
By asking this question, will ensure you receive a proper inspection report with photos and recommendations on what steps you may need to take to rectify any issues that may need to be resolved with the property.
The next example occurred for another investor - weeks after the building inspection had been carried out.
The initial report came back very favourably, with no issues in the bathrooms. However, when the new tenants moved in, complaints came back straight away that both shower recesses were leaking.
The investor called the inspection company to ask the question why this was not picked up in the report.
The result… ?
The building inspection company repaired the leaks - free of charge!
If you think you can’t ask, think again… it’s always worth asking the question.
I am passionate about educating investors the unique strategies for potentially achieving financial freedom through property investing faster than you may have thought possible.
Grab a FREE copy of my best-selling book "59 Biggest Mistakes Property Investors Make and How to Avoid Them". I am going to mail it out to you.
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Happy investing!
Helen Collier-Kogtevs
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Helen Collier-Kogtevs is the Managing Director of Real Wealth Australia, a leading education and mentoring company for real estate investors. Not only is she a highly successful property investor and an educator, but also a best-selling author, and a philanthropist.
Helen is particularly passionate about helping people, especially people who are keen to create wealth and make a difference in their lives, and she has been mentoring thousands of new and experienced investors in their pursuit of wealth creation through property.
She founded Real Wealth Australia to mentor investors create wealth and financial freedom by focusing on helping them build an investment strategy to fit their individual goals, rather than focusing on one particular investing method using her successful “10 Properties in 10 Years™” system.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
