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Thread: New in TN

  1. #1
    Todd Thomas's Avatar
    Todd Thomas Guest

    Default New in TN

    Greetings
    I'm just getting my feet wet in the inspection business. Passed the test, LLC, collecting tools of the trade, and working on the insurance end of things now. I have been the in construction field for some time doing mostly from the ground up remodels.

    My biggest concern is I and passed the test BUT that does not make me a home inspector. Concerned about what I don't know. Have learned allot on this site and am looking forward to learning more

    Todd

    F.I.R.E. Services

  2. #2
    Join Date
    Aug 2007
    Location
    Memphis TN.
    Posts
    4,311

    Default Re: New in TN

    Todd,

    Welcome to the board.

    If your ever on this end of the state stop in We'll go for some Que.

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  3. #3
    Steve Burk's Avatar
    Steve Burk Guest

    Default Re: New in TN

    Well, I'm about to jump into the profession here in Nashville. Finished the training and passed the individual tests for those classes and now planning on taking the state test next week. I plan on doing this part time for about a year until I can get some good experience. I have a lot of friends in the RE and mortgage business to I'm hoping those contacts will work out, but can't quit the day job just yet. Can you let us know if you find any good deals on E&O insurance for here in TN. Now that it is required, I guess I can't just do a good job an hope for the best.

    Steve Burk
    HK Services LLC
    hkhomeservices@gmail.com


  4. #4
    Join Date
    Aug 2007
    Location
    Memphis TN.
    Posts
    4,311

    Default Re: New in TN

    Steve,
    Welcome to the board.

    The National Home Inspectors Exam isn't too tough.

    Don't forget your Pre Inspection Agreement my E&O carrier requires it before issuing
    a policy.(FREA)

    Might want to take a look at General liability locally FREA general liability is only good
    when you are on the inspection site after you have pre inspection agreement signed.

    IE park next door unload ladder not on inspection site,on prospects property ect no GL
    coverage.

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  5. #5
    Tom Munds's Avatar
    Tom Munds Guest

    Default Re: New in TN

    Welcome! When shopping for Insurance be careful. I was looking at several policies and they were way cheaper. As farr as I can tell I got the best deal with FREA even though on paper it looks expensive their coverage appears to be more solid!

    Don't feel like the lone stranger! I am new to the HI industryb as well. I was a office equipment repair guy for 15 years-What a shock. I haven't passed the test yet and havent taken a cloed book test in 30 years...I'm pretty scared because I have heard it's not that hard from people that grew up in the construction industry. Any words of wisdom? I'll take prayer and advise if anyone is willing!


  6. #6
    Tom Munds's Avatar
    Tom Munds Guest

    Default Re: New in TN

    I guess I don't type very well either. Mavis Beacon a whopping 10wpm...Look out world! Woo-hoo!


  7. #7
    Join Date
    Mar 2007
    Location
    Knoxville, TN
    Posts
    2,332

    Default Re: New in TN

    Reading threads on trying to find the CHEAPEST insurance makes me think about the clients that call and are looking for the cheapest home inspection.

    There are many things a lot more important than the lowest premium. Do some homework and forget about only looking for the lowest price.

    Not to pick on you Steve, but I have to ask. Did you take a look at how many home inspectors there are in the Nashville area? Did you compare that number with how many were there last year? How about the year before (before licensing)? I'm just guessing that there is probably three times the number of inspectors there were before licensing.

    Your comment about friends in the RE and mortgage industry also hit a nerve. I probably get at least two calls or e-mails each week from someone asking: 1. if I am hiring, 2. if I will mentor them, 3. if they can just do a few ride alongs to learn how I do things, or 4. they are thinking about getting into the HI business.

    Almost every one of them has the same story: 1. used to be in construction, or fixed up several houses, or think of themselves as a Bob Villa., 2. have a friend thats in RE or ......... and they suggested they get into home inspection, and they will give them a bunch of business, etc., then some of them go a little further and say: 1. I'm tired of working hard in construction and I need some easy money, 2. it doesn't look that hard, and I already know pretty much all of it anyway, 3. I'm only going to do it part time to make a few hundred bucks a month, 4. I'm not in your area anyway, I live in ........ which is actually IN MY SERVICE area, since it is only a few miles away.

    I have to think, what kind of Realtor , who is already using a home inspector, and I assume is happy with, switch teams and give all of their business to someone that is brand new and never inspected a home before? MY first thought is, someone that only cares about the sale, and not their clients best interest, or someone that only sells 3 houses a year.

    While there might be some that think my post is to keep new people out and protect my turf, and discourage free enterprise. I can assure you it's not. Obviously, I would like to have less inspectors in my area, since every inspection a part timer does, is one less that I could do (or another full time inspector that makes their living doing this). And I do know that no matter what I say, there are going to be people that either think I'm crazy, or just making stuff up.

    I've watched several inspectors in the Knoxville area go out of business, and expect many more will before the end of the year. I't s a big investment to start this business up, and to only do it part time makes very little sense.

    One simple math problem: E&O insurance costs $3,000/year. I do 450 inspections, so my cost per inspection is $6.67. If you only do 100 inspections (probably not likely 1st year), your cost for insurance will be $30.00. If you take the $$$ it takes to get your license (exams/fees/school) and do the same division, you will get a much higher $$/inspection. When you add the required continuing education cost, and do the same division...well you get the point. Given the fact that most new inspectors try to undercut everyone's price (to get the work), and their per inspection costs are much higher, they end up working for a lot less money. AND, if they do a true cost of business calculation, they will find they will go broke in .........x/months.

    Sorry for coming on so strong, but I had one phone message and two e-mails today from wanna-bees, and I just outlined what they had to say. You need to take a long hard look at your business plan AND do Brians Cost of Business.

    Good luck
    JF


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