Newbie questions

[Kyle Meadows]

Hello all,
I'm considering going into the HI business part-time to supplement my music career, which is variable and seasonal. I have about 20 years experience renovating my 160 year old house from (below) the ground up, and building a few sheds and shops. (I say this not to imply any expertise, just to give some background. I would attend HI school before launching a business).
Local inspectors say that the start up costs are too high to do it just part-time.
Anyone have any experience/opinions on that idea? Would clients shy away from a part-time inspector?
Also, I have heard conflicting opinions on the necessity of E&O insurance, with one person calling it a scam (filled with loopholes for the insurance company to avoid paying a claim, and then if they ever do they'll drop you) and another claiming he couldn't sleep at night without it.
Finally, I would like to know the percentage of inspectors who have been sued by a client, as that is probably the scariest aspect of the business to me, at this point.
I appreciate any and all advice on these matters.
Cheers!
Kyle Meadows

[John Kogel]

Hello Kyle.
Do some research, and talk to inspectors in your area.
Northern Kentucky Home Inspectors (http://www.kreia.org/InspectorLocator/NorthernKentucky/tabid/46364/Default.aspx)
Check the real estate stats. If houses ain't sellin', inspectors ain't inspectin'.

You could do some ride-alongs, and get a feel for the job first. Maybe a multi-inspector company needs a part-time guy.

[Kyle Meadows]

Hi John,
Thanks for the reply, and the link. I've checked it out previously and it was helpful. That's where I found the local sources I've spoken to, two of whom have offered ride-alongs.
The market is way down now, so I wouldn't expect much work, but hopefully this is something I could do for a couple of decades and the market would improve during that time. Working for a larger company is an interesting option, although I prefer to be my own boss ultimately.
What are your thoughts on E&O insurance, and % of inspectors that have been sued?
Thanks for your time!

[John Kogel]

I have always carried the E&O and it is now mandatory where I operate.
When I ran bald, biased tires on my vehicles, the odds of getting flats were pretty high.
Now that I run fairly good radials, I haven't had a flat in a decade or more.
Just make sure you know your stuff, and keep your eyes peeled for anything that might lead to trouble for your client. Don't sweat the minor details till you've made sure there are no majors. Maybe you know old houses, but what about new construction? You will learn as you go, but that learning curve time is not a time to take anything for granted.

[Kyle Meadows]

Sounds like good advice. Thanks!