|
During many years of investing outside my immediate area, I have come to realize it is critical to have people in place that have no interest in anything but the facts and my interests. One of these people is my On-Site Rehab Inspector. This person in many cases is a licensed inspector, doing pre-purchase inspections fulltime and doing over 300-500 inspections a year. I want someone who walks into a project I am doing, and who can verify that the electrical work my contractor stated was done is in fact done — or not done — and verify it is done to code and completed as agreed. You see, even if I have a project happening in my backyard, I would have this person in play, because the inspector would make sure what I am being told was done is indeed done.
Why do we care about this as investors?
For one thing, we gain knowledge. And with knowledge comes power. These inspectors have years of experience, and thousands of inspections under their belts. As investors, we now have power over the contractors who might otherwise take advantage of our blind spots. Secondly, the inspectors work for us, the investors. So the inspectors have the investors’ interest at heart, not the contractors’. This is important when it comes to the project being done correctly, and to the contractor being paid for their services. You see, my on-site inspectors go by the project twice a week, take pictures and write up reports. This is all sent to my construction manager, who in turn sends it to you as the investor. They are not supervising the job; their role is only to report back with the facts to the construction manager. Anytime the report is not satisfactory, the construction manager will contact the contractor and make sure things get back on track.
The on-site rehab inspector reports directly to the construction manager, and then the construction manager reports to you, the investor.
This translates as a time-savings for you. When we have 10+ projects going at once, and the contractor knows this volume is generated by Top Ten Investments, Inc., they work extra hard to keep us happy. This means bringing the job in on time and within budget (or sometimes even early and under budget!) They no longer treat your property as an individual project, but rather as one that represents a large volume of business to them.
The duties of the on-site rehab inspector include:
- Inspect the project 2 times a week and follow up with photos
- Send report and photos to the construction manager
- Coordinate with construction manager regarding utilities setup
- Inspect and verify contractor’s work before payment of draws
- At completion of project the inspector will make sure the project is in rent-ready condition before final payment is made to contractor
With this person in play, along with the Construction Manager the risks of investing outside your area are greatly reduced. Quite frankly, if you invest anywhere, you should have these two people in place to ensure your investing success!
When dealing with Top Ten Investments, Inc., neither the Construction Manager nor the Inspector are an option. We want to see your succeed!
|
 |
