Many people assume that they can simply 1) buy a house, 2) apply a fresh coat of paint, 3) trim some bushes, and then 4) resell the home at a profit. Unfortunately, this process, called “flipping” is not that easy. After all, if it were, everyone would be doing it.
There are several skills and people that every potential investor/flipper should have in place before even considering entering into a real estate transaction of this nature. In this article we’ll look at the top five “must-haves” you’ll need to succeed in this endeavor.
Ronn James, ‘Real Estate’s Most Wanted’ and Darren St Jacques of Nook ‘n’ Cranny Home Inspections lead us on a tour of a seller’s house, where the seller has asked Darren to inspect the electrical panel. I would imagine this house is somewhere in Hamilton, ON, Canada. Darren goes over several items:
Ronn James, ‘Real Estate’s Most Wanted’ and Darren St Jacques of Nook ‘n’ Cranny Home Inspections lead us on a tour of a seller’s house, where the seller has asked Darren to inspect the roof. I would imagine this house is somewhere in Hamilton, ON, Canada. Darren goes over several items:
Your inspector is only human. That being said, as meticulous as he/she might be, something might still get overlooked. Often what can happen is your contractor might decide that they’re smarter than the inspector, and so they might try to take some shortcuts in such a way that your inspector is much less likely to find them. One such thing is wiring the ground plug on some outlets into the return prong. If your inspector is astute, he/she might realize something is amiss, when they look into the electrical panel, but they might not, too.
I’ve come across a site today that was pointed out by @Dirtfinder on Twitter. It’s a good resource to see building inspectors sharing information about what they’ve learned in the trenches. You might want to give it a gander as well…you might learn something that your inspector might not know. You can also suggest it to your inspector so that he/she can increase their knowledge.
