What trade is best for REO's?

Foreclosures, Short Sales, Tax Foreclosures
1

I purchased my first REO while I am on workmans comp. I find out that workmans comp will offer vocational rehab to me. My question, in dealing with REO’s and other investment properties, which trade would be the best to know? I have my choice of any trade (RE inspector, Apprasisal, carpet installer, landscape design, etc.). My wife is a realtor, so I won’t be doint that. Which would benefit an investor most, or if this were you, what would you pick?

2

crickets

Anyone? If you could be trained for any vocation, which one would help you the most in your investment endeavors?

3

I would say inspector. The more you are able to evaluate what needs to be fixed in a property, the better your calculations will be when making an offer.

4

Hi MW,

I would opt for the inspector or the appraisor training because they both will benefit you in this business .

Good Luck,
Tony

5

Since your wife is an RE agent I would go for Appraiser! If she was not I would say RE agent. But at the same time your wife should be able to do an accurate analysis on a property. Tough call.

6

I would have to agree with Tony. The way home inspections work in the state of NC is that 1) you have to be a general contractor to become and inspector or 2) you have to attend 100 inspections. Talking to an inspector at one time he told me that he would charge a fee for this. Of course I chuckled to myself. But his statement to me that it would only create one more competitor for him mad sense. Now I am not sure if appraisers have to cover errors and ommissions insurance but I do know that inspectors do to the tune of about $4,800 a year. Also there is a bond one pays to the state for being in the business. This is about $5,000. So in the end there are many more hurdles to pass through and for the most part an inspectors job is demanding physically. Having been on about a hundred of these I do not always go where the inspector goes as far as the attic and crawl spaces. Knowing the inspectors job helps you to know the mechanics of the home however it is the appraisers job. especially if you do not have that construction background that will teach you the costs of systems within the home. Good luck my friend.
David Graham, Broker
Charlotte, NC