$3 Mortgage Inspectors … The Math & Statistics Paint An Awful Picture
I talked to a Chicago mortgage inspector this morning making $2.50 for a mortgage drive-by inspection. The drive time adds up very quickly … don’t kid yourself. After expenses, the profit is about a buck … one whole dollar. This inspector is just wearing out his car with all of the stop and go driving .. the worst kind of driving. The going average hourly rate for a car mechanic ranges from $80 to $100 an hour. The odds are against you having any success with low-fee mortgage inspections. You probably have a $1,000 car insurance deductible or maybe no coverage when you are at fault in wrecking your own car.
In 2010, there were 5,419,000 car crashes. Over 33,000 people were killed and about 2,239,000 were injured. In 2013, the average trip to the emergency room (ER) costs $1,233. That is 40% more than the average cost of a month’s rent.
It will take the profit from 1,233 low-fee mortgage inspections to pay for an average trip to the ER if you have no insurance. That is a whopping 1,233 of the $2.50 mortgage inspections which yield a profit of maybe a buck.
The statistics tell an awful story. The odds say you will LOSE big time when it comes to $3 mortgage inspections. The house … the Mortgage Order Mills (MOMs) … always win.