Friday, November 4, 2011

Getting into the REO & Preservation Game!

I would never have thought I could own a business for under $1100 (a new camera drove the price up), the fact of the matter is most of the tools required to be a field inspector I already owned.

Lets list the equipment and tools needed and you can check off those you already have and the price those that you will need. 

1.     Transportation

2.     Computer

3.     Camera

4.     Cell Phone

5.     GPS

6.     Internet

7.     Ladder

8.     Binoculars

9.     Flash Light

10.  Hand tools i.e. screw driver, pliers etc.

11.  Training and Certification   ( Be careful here…there are several companies that offer complete training and this is what can drive your cost up.  Take your time, do your homework before you make any decision concerning who you are going to  go with for certification. 
a.   NAARPI ( )  offers  both online certification and classroom settings for around $300.00, this price includes the training manual, certification and photo id. Students can find other valuable  resources in the NAARPI online store, students can purchase all the essentials for under $200.00.  NAARPI takes it a step further and promotes your new business and makes sure all the hiring companies have your contact information. 
b.  AFTI ( ) offers a similar type course for around $1400.00 , they offer other services and classes that you can purchase, such as placement assessment  for $99.00  etc.  AFTI is also not a member of the North American Association of Rental Property Inspectors)

12.  The essential list 250+ companies that hire field inspectors and guide lines for Freddie and Fanny, HUD, FEMA can be purchased at the NAARPI online store for a fraction of what others are charging.

13.  You will need to update your resume to reflect that you are a certified inspector as well as list your other related experience.  You should also list all the services that you and your company offers.  NAARPI will walk you through this an actually make some of the contacts for you, but you will need the list to follow up with each company.

14.  Some companies may require you to provide E&O insurance however the vast majority do not because they already have a blanket policy in place.

How much did it cost you?
Make sure you get the right property preservation training; attend NAARPI Internationals Property Preservation University.