Profits in Foreclosure Inspections

Opportunity for Field Inspectors

Bad economic times can mean an increase in foreclosures as people are unable to pay off their mortgages. Right now, millions of homeowners are behind in their payments. Some have simply abandoned their homes and moved away. For someone wanting to make some extra money or start their own profitable business, performing inspections on foreclosed properties is an area full of opportunity. Many field inspector jobs are available. Some could be right in your own town, in fact.

Becoming an independent field inspector is quite easy and doesn’t require formal training or expensive start-up costs. Field inspectors visit properties, fill out some basic forms (often about the condition of the property or neighborhood), take a few simple photos, turn in their reports, and can make anywhere from $10 to $100, often in less than a half hour of work. It can be quick, easy profits with little cost to you. Plus, you make your own schedule and take the work that you’re interested in.

Delinquency inspections are done when a homeowner is behind in their payments. If the delinquent homeowner is still in the home, you’ll ask them when they expect to make a payment. You’ll also want to update their contact information to make it easy for lenders to contact them if necessary. These “face-to-face” inspections can get you about $40 to $100.

Sometimes a homeowner won’t be home or has simply abandoned the property. In this case you’ll generally be asked to leave something like a door hanger asking them to contact their lender as soon as they can. These easy drive-by inspections often pay about $10, but you can do several in an hour, so it can turn out to be a nice profit.

Often you might be asked to perform some other relatively easy tasks at these properties. Occasionally you might change the locks, drain a pool, board up windows that are broken, or cut the grass if necessary. These property preservations can add more money to your pocket as well.

In addition to these delinquent inspections, there are opportunities for those inspectors that can find troubled properties. Real estate investors are always interested in finding these properties and might be willing to pay a finder’s fee when one is found for them.

Foreclosed properties need their condition checked on a regular basis, checking for damages or other changes in the property’s condition. These take just a few minutes and can pay $6 to $15 per inspection.

Bad economic times can mean hardships for everyone. It can be a difficult time, especially for homeowners with mounting mortgage payments. On the other hand it can be a profitable time for drive-by inspectors, surveying, filling out reports, and taking photos of delinquent properties and talking with the homeowner if at all possible. Field inspector jobs might be in your own neighborhood and profits are awaiting you.To learn more, read Drive By Profits, which includes a list of over 60 national companies looking for help with field inspections.