I am a big fan of using the standardized forms in your business. It not only makes your job easier, but it ensures that you get all of the information you need each and every time you inspect a house. It is so easy to get “caught up” talking to the seller, that you forget to note something important.
For instance, one of the things on my form is the number of windows in the house. I cannot tell you how many times I forgot to note this prior to putting this on my form. If you are a wholesaler, you will need to know the exact number of windows that need to be replaced to figure the cost. This number can get to be pretty big if you have a lot of windows.
It can also be pretty easy to walk past the panel box. Sometimes they are on the exterior of the property and other times they are on the interior. Having to put in another panel box and update the electrical in a house is another costly repair you don’t want to overlook.
What doesn’t need to be on this form?
Your Property Inspection Form is for the major repairs. You don’t need to note every receptacle cover and light fixture that needs to be replaced. I put these types of things in my fudge fund. A “fudge fund” is an amount that you include in your repair estimates for these minor things as well as for those “unexpected” expenses that inevitably crop up.