Starting a pre purchase inspection business

[ruffdog]

No, it is pretty simple. I paid you to give me advice on buying a machine that then fails. You don't think someone is going to come back to you???

Yeah....oil analysis and inspection with no accountability. If it all comes down to a buyer/seller warranty deal, why add a middleman?

 

[dragoneggs]

I think it is a tough gig. Most sellers/buyers are not going to pay much for your service. Home inspectors don't make very much and they are dealing with a sale that is 10 to 20+ times what you would likely be playing with. Probably gonna need to brand yourself and spend some money on marketing to quit your day job. That said... I wish you the best of luck!

 

[Diggin It]

Will your reports be legible or will the words all run together?

Charging for a service like you're proposing implies extreme attention to detail and clarity and accuracy in communications.

 

[dodge man]

My guess is people willing to pay for this kind of service would be buying expensive equipment, the kind that cost near 100k or more.

 

[skipperbrown]

I am a recovering CPA. Start with a written business plan and a pro forma income statement based on your expected sales. Take it to a CPA who handles a lot of business accounts. Give him $250-500 to read, critique it and discuss how you will conduct your business financially. It will save you thousands and lots of headaches. I have conducted numerous such meeting with prospective new business owners and they always go home wondering how they can make it work if the government is going to take about 40% of their income if they are moderately successful. After looking at taxes, commercial liability insurance, health insurance, travel/lodging costs, truck maintenance, website/internet costs, advertising costs, etc., you will have to gross a lot to make it work. On the other hand, if you are good and have a desire to make it work, this is America and you can be wonderfully successful if you are determined to be a success. BTW, about 80% of my startups failed in the first 2 years usually due to under-capitalization (e.g., it takes money to make money). Good luck.

 

[Gale Hawkins]

This is an interesting subject. Not interested in it as a business but have eyeballed a few things for others and others have done the same for me. It is helpful in many cases. Sometimes I will take a day and make a run in the car to look at stuff at a distance and take cash with me. One it helps me to not buy something "just because" I am there in the truck pulling a trailer. Two side trips are easier or just stopping to look at items parked near the road with a for sale sign on them. Third if I find something I will put down a good deposit and the location is already in my GPS. Often I figure out a different route for towing a long trailer for the pick up.

Doing it for a fee would stress me. Equipment insurance adjusters often have skills in this area.

 

[CADplans]

My nephew was in the heavy equipment inspection game over a dozen years ago,,
he made good money, but, not enough to pay for the travel that the company wanted him to do,,

He thought that being located between Richmond VA and Norfolk VA that there would be enough local inspections,
NOPE,, travel, travel, travel,, and buy LOTS of fuel,,,

He had a checklist,, a specific number of pics to take, oil samples, etc,,,

He is a graduate of a diesel engine school,, with 20 years work experience,,
He went back to working at a repair shop,, and is MUCH happier,,

 

[julietanannen]

I, too, was one of those people who didn't have a chance to familiarize themselves with the equipment before buying it. Deals with dealers were always done in an incomprehensible rush for me. Perhaps these people always think that the buyer will walk away from them. I want to start my own tractor parts business, which would be sold reasonably for both parties and could be reviewed before purchase. I want to set up a network of stores all over the country where people can find out the model and price and all the features of the model. Of course, I'll have to find a staff of honest employees for this. My friend has already sought help from https://ndandp.co.uk/insolvency-claims/misfeasance-claims/ because of the falsification of his company's documents by the accounting manager. I want to avoid this.

 

[jeff9366]

My nephew was in the heavy equipment inspection game over a dozen years ago.
He made good money, but, not enough to pay for the travel that the company wanted him to do.

I have been retired for sixteen years.

During my working years I manage 6-7 wine sales people, each covering 4-5-6 states. I expected them to be on the road about twenty weeks per year.
When away from home, their expense to the company averaged about $1,000 per day.

Pay, air travel (2-3 flight segments per week), rental cars, hotels, food, some business entertaining.

 

[PILOON]

Well I did 'pre inspections' for light aircraft 'back then'.
Often I found recalls or directives that would have seriously cost the buyer good $$'s.
Perhaps aviation is more efficient to determine snags and faults (called AWD's) but the same economic principals apply.
Since I practice what I preach, I hired a mechanic to inspect a 'dozer' pre purchase.
Well his fee saved me $$ ten fold as he found major issues that the seller made good.

INMHO any fee paid out for an independent inspection is the best $$ you'll ever spend.

That's my 2 cents!