We constantly need to make decisions about many things, every day during the course of business. One major factor that influences decisions is cost, and although that isn't anything new to anyone, managing those costs relative to reward is an important point.
When finding a potential deal, we must be very comfortable with the property and the upside as this is the reason we're considering the purchase, but when we're not quite sure, or need confirmation, or have a potential problem, hiring a professional estimator, appraiser, legal professional, engineer etc., is not really a cost, but is a necessary aspect of doing business. Some people try to avoid these professional costs and end up paying substantially in the price of experience. As many of us already know all too well, experience is sometimes a costly teacher.
My point is that if you're not sure about something, hire a professional to make things sure. If you're presented with a property that you have reviewed comps and things don't seem right, why take a gamble in buying the property when for a couple hundred dollars, an appraiser can help you determine value. You may be out two or three hundred dollars, but that could save you from getting into a bad deal and losing tens of thousands!
If you have a potential structural issue or you're dealing with load bearing walls etc., make sure you have a very experienced contractor or structural engineer to help you along the way.
If a probate related or other legal issue arise, don't play around and waste time and money. Bite the bullet and pay an experienced attorney. These folks can be expensive, but their knowledge is what they get paid for and they can save you substantial money and grief and get the job done right the first time.
I have an engineering degree, but this doesn't make me an expert in many things. I am humble and I know my limitations, so when I have a problem that I don't have the answer for, I hire a professional who does know the answer. If you don't have this same philosophy and try to cut corners in areas that you're not experienced in, sooner or later, it will bite you. This can be substantially more costly to you than simply paying a professional to make sure you are steering your business in the right direction, rather than the painful and costly approach that happens when we don't consult with pros.
Don't worry about that money you're paying your hired professionals. The correct view is that paying them is like an insurance policy for big mistakes. These folks are there to help us, so when we need help, it's best to ask for it.
Until next time.....