I know I’ve read a few topics that pertain to this subject, but I’m looking for those that have done inspections for rental investors. I was approached by someone that wanted to know if I was interested in doing inspections for an out of town investor. They are looking for rental properties but only want to know the major or costly areas of the home. It would not be a full inspection only about an hour at each house and several at a time. My worry is the liability area of this. Because it wouldn’t really fall under a “Home Inspection” and not sure my insurance would cover anything that’s not a Home Inspection by the SOP. Anyone that does this kind of inspections?
Greg, read the InterNACHI SOP: https://www.nachi.org/sop.htm
1.1. A home inspection is a non-invasive, visual examination of the accessible areas of a residential property (as delineated below), performed for a fee, which is designed to identify defects within specific systems and components defined by these Standards that are both observed and deemed material by the inspector. The scope of work may be modified by the Client and Inspector prior to the inspection process.
Make sure what you are going to inspect is in writing before hand.
But I would check with your insurance agent, too.
The best to you.
Use the same SOP.
Your agreement should clearly state what you inspect is very limited.
Suggest ~ major systems only, roof-electrical-plumbing-HVAC.
Good information here: Investor Inspection?
They’re being cheap and think they can convince you to do your inspection at a fraction of what it’s worth if they just twist words ever so carefully. Inspection is a process of discovery, if you exclude parts of the process you’re likely to miss something very important. Investors can be ruthless in how they deal with people… Always do inspection on your terms…not theirs. I don’t mess with people like that but if you’re comfortable doing it I guess it’s ok.
I have low self esteem and it is to humiliating to work with ‘investor’ clients. Like Ray stated, they are looking to get a cheaper price for a full inspection, and even with a contract stating a limited whatever, if you are sued, you are in court whether it is right or wrong.
I do not offer discounts to people on the make.
If you truly have low self esteem, just don’t work with those that want you to keep lowering your pricing, John Paul.
If you are joking, my apologies, but please indicate that some how…maybe with emoticons.
Baltimore County began a program a little more than ten years ago where Licensed Home Inspectors would do the Rental Inspections for County licensing. As a result I do many inspections just for rentals and have a large clientele of rental property owners (licensing requires a new inspection every 3 years.
Some of my clients are retired and acquiring properties for rentals. I do full home inspections for these people before their purchase and discount their first rental licensing inspection.
Make sure that you are aware of licensing requirements for rental properties (if there are) in your area.
Just because they’re buying a property for future rentals doesn’t mean the buyers inspection should be reduced (Maryland has laws for Real Estate Inspections).
Just a few thoughts on the topic and my experience.
I avoid the cheap investor clients like
Now ya got the hang of it, John Paul!