davelee83 Posted March 20, 2012 Report Share Posted March 20, 2012 Hey guys, I was hoping to get some insight for anyone willing to comment. I'm 29 years old and I am employed by a municipality as a Property Standards Inspector. My salary is 70K with 100% benefits and defined pension plan. On my own time I've been taking HI courses at my local community college. My idea was to start part time home inspections where I live. This is a different jurisdiction then I work so I won't have the duty of care for the municipality. Do you remember your first year inspecting on your own? Was is it hard times getting business or did it take off? E & O insurance is a must for me but I'm worried about running a loss if I don't get enough business the first year. I do realize business is a risk but was hoping if someone could shed some light on starting part-time and the costs involved. I'm am also concerned about litigation my first year inspecting as I gain more experience. How often are inspectors actually sued? I'm sure even the most experienced inspectors get sued because of unhappy parties. Thanks in advance, Dave Quote Link to comment Share on other sites More sharing options...
gtblum Posted March 20, 2012 Report Share Posted March 20, 2012 My salary is 70K with 100% benefits and defined pension plan. Are you crazy? Don't do it, kid! Quote Link to comment Share on other sites More sharing options...
davelee83 Posted March 20, 2012 Author Report Share Posted March 20, 2012 Forgot to mention I live in Canada so 70K is taxed quite a bit. Inspecting would be above and beyond my salary. Quote Link to comment Share on other sites More sharing options...
kurt Posted March 20, 2012 Report Share Posted March 20, 2012 You will lose money your first year, probably the 2nd, maybe the 3rd. Sounds like you have a good gig. Why screw it up? Quote Link to comment Share on other sites More sharing options...
davelee83 Posted March 20, 2012 Author Report Share Posted March 20, 2012 Well I'm not leaving the current position I would like run my business part time. You guys make it sound like a crappy business to be in!? I also think the economy and housing market is quite different than the states right now. Im in a hot real estate market but that could change easily. Do you really think I would run a loss for two years and why? Quote Link to comment Share on other sites More sharing options...
Marc Posted March 20, 2012 Report Share Posted March 20, 2012 Well I'm not leaving the current position I would like run my business part time. You guys make it sound like a crappy business to be in!? I also think the economy and housing market is quite different than the states right now. Im in a hot real estate market but that could change easily. Do you really think I would run a loss for two years and why? No. I think you might run a loss for longer than that. Success depends first on getting skilled at what you do then getting people to know. That takes time. 9 years I've been inspecting and still I learn, lots. It's a journey and I love it. Marc Quote Link to comment Share on other sites More sharing options...
Tom Raymond Posted March 20, 2012 Report Share Posted March 20, 2012 I also think the economy and housing market is quite different than the states right now. If it weren't for the wife and kids I'd expatriate. I'd gladly swap your tax load for my insurance bill. Between taxes and insurance I get to keep 47% of my gross at the day job. Im in a hot real estate market but that could change easily. Do you really think I would run a loss for two years and why? It'll be 4 years part time in May for me. We'll see when the wife's books are done if I lost enough money to cover her tax bill, she skips the quarterly estimated with-holdings. Quote Link to comment Share on other sites More sharing options...
gtblum Posted March 20, 2012 Report Share Posted March 20, 2012 That's right, Tom. We're starting year five in May. Do we get a pin, a patch, a lobotomy, or something? Dave, it really is a fun job, but you've got the deck stacked against you right from the start. You will not be welcomed with open arms by the folks who stand to lose the most as a result of an inspection. The same people who control the referral system. If you're going to make it, you're going to have learn ways to side step your way around it. Do you have good people skills. Do you have any sales training? Do you have any home remodeling or building experience? If you do, that's a good start. Be prepared to be humbled by what you don't know and to learn what you need. Good luck. Quote Link to comment Share on other sites More sharing options...
MMustola Posted March 20, 2012 Report Share Posted March 20, 2012 70K, full benefits, retirement, no liability, clock out at the end of the day and not think about until the next day! I'd gladly take that job over my inspection business. Quote Link to comment Share on other sites More sharing options...
Ben H Posted March 21, 2012 Report Share Posted March 21, 2012 70K, full benefits, retirement, no liability, clock out at the end of the day and not think about until the next day! I'd gladly take that job over my inspection business. This. Quote Link to comment Share on other sites More sharing options...
Jim Katen Posted March 21, 2012 Report Share Posted March 21, 2012 Hey guys, I was hoping to get some insight for anyone willing to comment. I'm 29 years old and I am employed by a municipality as a Property Standards Inspector. My salary is 70K with 100% benefits and defined pension plan. On my own time I've been taking HI courses at my local community college. My idea was to start part time home inspections where I live. This is a different jurisdiction then I work so I won't have the duty of care for the municipality. Do you remember your first year inspecting on your own? Was is it hard times getting business or did it take off? E & O insurance is a must for me but I'm worried about running a loss if I don't get enough business the first year. I do realize business is a risk but was hoping if someone could shed some light on starting part-time and the costs involved. I'm am also concerned about litigation my first year inspecting as I gain more experience. How often are inspectors actually sued? I'm sure even the most experienced inspectors get sued because of unhappy parties. About 88% of new inspection businesses fail within their first two years. In my opinion, most of them fail because their owners view the enterprise as a job and not as a business. They look at the fees that they can charge for an inspection and they think, "Yeah! I can make a *bitchin* lot of money in this job." A home inspection business isn't a job and the fee isn't a salary. If you really understand this and if you have good business skills, it's possible that you can show a profit in your first year. I've known several people who did it. Most of them came from a business background and knew very little about the technical side things. They learned as they went and they did well. Approaching it as a part-time venture will only make it harder. Success in this business comes from providing a service to a client when the client needs it, not when you happen to have a free weekend or evening. Part timers have a handicap. As for liability, lawsuits happen. And they seem to happen to newer inspectors disproportionately. Get a good E&O policy and grow a tough hide. Quote Link to comment Share on other sites More sharing options...
Mark P Posted March 21, 2012 Report Share Posted March 21, 2012 I grossed $27,463 my first year of business working full time, after expenses (which are a lot to start up) my wife was ready to kill me... keep your day job. Quote Link to comment Share on other sites More sharing options...
Denray Posted March 21, 2012 Report Share Posted March 21, 2012 I'm starting my 6th year. I came into it all red, white, and blue. That is informing the client about everything. Most of the Realtor's just as soon I drop dead. They own our area. The public doesn't know the difference between an appraiser or home inspector. They ask their Realtor what to do. The good old boys here are 1hr inspectors. They tell me that the Realtor's just don't want to have to hang around more than 1hr. My clients really appreciate my reports, but I'm lucky if I get one a week. It may hit for me some day. I'm 58 and just as soon make peanuts at this very rewarding (other than the money) job than be a salesman at Sears. I used to make good money as a claims adjuster, but got downsized out of that in 05, which I thought would never happen. [:-paperba Don't do it and enjoy your time off. But you never know when you'll get axed from your job. Quote Link to comment Share on other sites More sharing options...
Phillip Posted March 21, 2012 Report Share Posted March 21, 2012 I when from part time to full time back to part time when the market crashed. I when back to full time running jobs( HVAC) and inspections in the afternoon and weekends. I don't get to spent time with my family. I do not make much more than you do and do not have the benefits. I like helping people with their homes. I suggest just do the day job and spent time with your family. Quote Link to comment Share on other sites More sharing options...
Scottpat Posted March 22, 2012 Report Share Posted March 22, 2012 Well I'm not leaving the current position I would like run my business part time. You guys make it sound like a crappy business to be in!? I also think the economy and housing market is quite different than the states right now. Im in a hot real estate market but that could change easily. Do you really think I would run a loss for two years and why? I think you should go for it! Don't forget to look into the license that I think might be required in your neck of the woods. I'm not sure but I know that many Provence's have started to license inspectors. You should be able to do 2-3 inspections a day in your spare time with no problems. [:-paperba Quote Link to comment Share on other sites More sharing options...
ericwlewis Posted March 22, 2012 Report Share Posted March 22, 2012 After 5 years of inspecting an average of 1 every other week with 18 years of remodeling and contracting experience on my side, I still love every inspection I complete. People texting me how much the seller dropped the price or that the deal was mutually "killed", makes me feel like my fee was worth it. I actually have a realtor that likes honest and thorough inspections, but he seems to be the only one. I have started to get customer referrals though. It's true, part time sucks and I occasionally wish I hadn't quit carrying the mail 18 years ago to work for with my brother in construction. If it wasn't for that mistake I'd be livin' the retired government work high life in 12 short years @ 60 years old. The moral to my story is; If you can wear blinders and do the job, keep the 70k and benefits. Quote Link to comment Share on other sites More sharing options...
hausdok Posted March 22, 2012 Report Share Posted March 22, 2012 Scott, That had to be tongue-in-cheek. If not, what the hell have you been smokin', Boy? ONE TEAM - ONE FIGHT!!! Mike Quote Link to comment Share on other sites More sharing options...
davelee83 Posted March 22, 2012 Author Report Share Posted March 22, 2012 Thanks for the input everyone. I will continue my courses at my local college because I love continuing education. I'm lucky because my employer provides training and courses for property standards and building code. Like I said earlier I'm not going to leave my job. I recently got a sh*tty cancer diagnosis. My treatment last year would've cost my over six figures if it wasn't for canadian health care and benefits. By now you think I'm probably more crazy for pursuing this but the courses are giving me something to do in my time off work. I'm not the type to sit around and dwell on being sick. What are you biggest expenses with your business? E & O? Quote Link to comment Share on other sites More sharing options...
emalernee Posted March 24, 2012 Report Share Posted March 24, 2012 Dave, I am interested in the college HI courses you are taking. Could you provide the name of the school so I can look up the course outline. Is this for a Degree or Certificate? How many hours? Quote Link to comment Share on other sites More sharing options...
davelee83 Posted May 4, 2012 Author Report Share Posted May 4, 2012 Dave, I am interested in the college HI courses you are taking. Could you provide the name of the school so I can look up the course outline. Is this for a Degree or Certificate? How many hours? http://xweb.algonquincollege.com/woodro ... 6402X02PWO Algonquin College - 10 courses totalling 420 hours. Certificate at the end. Dave Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.