When will you know that you need an inspector to look at a property?
Find out the answer from Jay Conner & Jerry Green by watching this short video now.
Jerry Green is a native of Ohio and currently lives in Germantown Ohio, with his wife of 17 years and their 4 children.
He started in the REI Business in 1994 after going through bankruptcy in Springfield Ohio. He began by wholesaling properties and then merged into Fix and Flips.
Since that time he has been involved with doing over 1,500 deals including fix and flips of single and multifamily rentals, and commercial properties.
He soon realized there was a big difference between just being in REI and actually running a real business. So after multiple failures, millions of dollars in mistakes, and through personal tragedy, he was able to build a true, scalable, REI Business.
Now he works as the CEO of his REI Business but is operationally removed from the business as a whole. He does a high volume of wholesale deals, which are all done Virtually.
Jerry now spends his time helping others learn the REI Business. He teaches them how to build and scale their businesses and show them how to master their Acquisition.
Click on this link to watch the complete episode: https://youtu.be/Kg7PfFcm_aQ – “ Virtual Wholesaling in Real Estate with Jay Conner & Jerry Green”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.
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Jay Conner:
What is your criteria? I don’t know, works in the sales process or in the process of acquiring this property or getting it under contract or whatever, what has to happen for it to now trigger and say, okay, we need our home inspector to go look at this house.
Jerry Green:
We actually do that on every single deal, Jay.
Jay Conner:
Whether the numbers look like they make sense or not.
Jerry Green:
Well, we have the acquisitions team has a built in what we call range calculator into our system. So all we do is they go in, they get a lead, comes in, they pull up the evaluation. So I’m talking to the state, you’re the seller on the phone. I’m talking to you right now. I’m pulling up evaluations. And all they do is plug in the number into our deal range calculator. And then it spits out a range. And along with that deal falls in with that range, they have a green light to lock it up. And then my COO never looks at anything until it’s under contract. And then if she approves it, then it goes to the next step in the production line and an inspection is dispatched out. And those inspections, Jay, typically our average we pay on those are $75.
Jay Conner:
Okay. Well, you read my mind. I was gonna ask, what is the how much are you paying the home inspectors to do this? This report? My guess is they’re probably not there at the property or the house more than 30 minutes, probably less than that, Right.
Jerry Green:
Typically it’s total time in and out. It’s typically about 40 minutes.
Jay Conner:
Yeah because I’ll say this, it’s pretty easy to determine once your home inspector understands what you’re looking for. It’s pretty quick to assess. Okay, does it need a roof. Does it need a HPHD, does it need flooring? Does it need interior paint? Doesn’t need exterior paint, right?
Jerry Green:
Absolutely. And then what happens day is once that comes back in, basically that lead or that now that’s a deal. It comes back in after an inspection and then it’s notified to my transaction coordinating. And then what Ashley does with the team is she does two or three deal reviews a week and whatever setting in the pipeline she does a review in each deal is reviewed within about 15 minutes then if it’s okay, then it’s pushed out to our buyers.
Jay Conner:
That’s awesome. Let’s see, here Dan asked a question that I think you just sort of answered. And his question is Jerry, are you using the same specifications, whether your inspector that he or she would have using with mortgage companies and you just answered that when you really have a different report that they fill out.
Jerry Green:
Yep. We keep it real simple on things.
Jay Conner:
And it won’t probably take nearly as long for them to fill that report out
Jerry Green:
And Jay this works, I always tell people too, it doesn’t really matter if you’re buying the whole, if you’re buying the fix and flip, the initial part of the process is all the same. Just your exit strategy on the other end is your decision.
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