7 Ways to Profit With a Field Inspection Business

Drive By Profits

It sounds like you’re interested in being your own boss and starting your own business. By becoming an independent field inspector you’ll find it’s pretty easy to turn a profit. And get this, there is no formal training or huge start-up costs. Chances are you have most of the supplies you need. You’ll need a computer with internet access, an inexpensive digital camera (a simple point and shoot will do), a car to get you to and from your jobs, a cell phone (preferably with email capabilities), a tape measure, and a clipboard.

Okay, so you’ve got your supplies? Great. Now you’re ready you start profiting! That’s the best part, right? Here are seven ways (and trust me, there are many more) you can profit with a field inspection business:

1. Construction Progress Inspections

A lender often pays a loan to a builder in progress payments as the building is completed. For example, after the foundation is completed there might be a progress payment. Then after the framing, another payment. And so on. The field inspector’s job is to ensure the work has actually been completed. Pay: $25 to $40

2. Insurance Inspections

A field inspector is needed when an insurance company writes a new policy. The inspector surveys the property, looking for any hazards such as cracks in the sidewalk. The other time is after a claim has been filed, for instance, after a fire. In that case, usually three inspections are done as repairs get made. Pay: $25 to $60 (for a new policy), $20 to $80 (per report, after a claim has been filed)

3. Delinquency Inspections

A bad economy can mean people being behind in their home payments. This is where a field inspector comes in. Their job is to visit the delinquent homeowner and inquire about payment. If the homeowner is not there, an inspector might leave a door hanger asking the homeowner to contact their lender. Pay: $10 (drive-by inspections), $40 to $100 (face-to-face inspections with the homeowner)

4. Occupancy Inspections

After a mortgage company loans money to a homeowner, they want to verify the occupant is actually living in the home. This can be done by talking to the homeowner or having a neighbor verify occupancy. Pay: $15 to $25

5. Rush Inspections

Sometimes inspections need to be done quickly, often ones involving a mortgage closing for instance. You’ll usually have about 48 hours or less to complete the inspection, but they can be well worth the rush. Just be sure to keep on top of things! Pay: Often twice as much as a standard inspection

6. Collateral Inspections

Companies often lease equipment and an inspector’s job is to verify that equipment is where it needs to be and that it’s being used and maintained properly. Types of equipment typically include construction equipment, vending machines, or medical items. Pay: $20 to $100

7. Commercial Inspections

Business properties often need an inspection, as typically asked for by an insurance company. You might be inspecting the property itself or the equipment the building has leased. Or you might be doing a preventative maintenance inspection, which is often done once or twice a year, to ensure that equipment is in good, working condition and that regular maintenance is being performed. Pay: $50 to $300

These are just some of the inspector jobs available to you. Most of them take under an hour and can pay quite a lot. Plus your costs are quite minimal. Do several jobs and you could be netting quite an impressive profit. Now we’re in business! To learn more, read Drive By Profits.