Inspection and Appraisal

Wednesday we did the inspection and appraisal on the rental property. I also took the opportunity to have two contractors come out to give me a bid on the painting and counter tops. We could do the painting ourselves but I want to turn the place around as quickly as possible to get it on the rental market. Overall the bids came in about where we expected.

I spent most of the time running around getting measurements and drawing a floor plan so that we could plan the remodel and get decent sqft. for the flooring. The owner and the agent lives in Orange county and there is no lock-box on the unit.  So when we want to see the place he has to call his brother or father to come open it up.  Since it was never listed in San Diego's MLS there wasn't really any competition for this place. "A" found it on one of the real estate websites, even our agent didn't know about it.

Nothing too exciting came up on the home inspection. But I know what I will do if I want an easy job. Holy cow I could have done what he did. Since it is always a "visual inspection" how freaking hard can it be? Meanwhile 1.5 hours later and my wallet $350 lighter I pretty much knew where I stood 1.5 hours earlier.

And if I somehow fail as a home inspector then I could always be an appraiser. This guy walked in took some photos and spent all of 10 min. Now I know that they have to go and get other comparable units, but come on! Not sure how much he cost since it will be paid through escrow but probably around $400.

The appraisal came in on target so things are moving along. I am now waiting on the disclosures from the seller/HOA, hopefully next week.

 

I drew this in Excel and it's not to scale, but it will give you an idea of what it looks like.