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BlogArrowReal Estate Deal Analysis & AdviceArrow3 Pre-Inspection Red Flags That Make Me Run From a Deal
Real Estate Deal Analysis & Advice May 10, 2020

3 Pre-Inspection Red Flags That Make Me Run From a Deal

Engelo Rumora
Expertise: Real Estate Investing Basics, Personal Development, Landlording & Rental Properties, Real Estate News & Commentary, Business Management, Flipping Houses, Real Estate Deal Analysis & Advice, Personal Finance, Real Estate Marketing
247 Articles Written
blue sky background with some clouds and red flag in foreground waving in wind

One of the biggest mistakes I’ve made in the past was buying properties without setting eyes on them. I think it’s very important that you do a pre-purchase walkthrough. If you have a trusted contractor or even a project manager and you're doing multiple deals, you should also bring them along to view the property with you.

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Before scouting it out, you should have a scope of work checklist so you know what you’re getting yourself into before you buy the property.

I get it—there are some auction sites that don’t necessarily allow you to enter the property before you buy it—and that’s a big gamble, in my opinion. I’ve bought those properties, and those are the ones that cost me a lot of money because I wasn’t able to see what was going on in the basement.

The basement is going to lead me to my first point, and that’s the foundation…

3 Pre-Inspection Red Flags That Make Me Run From a Deal

  1. Damaged Foundation

Before you purchase, you need to make sure that the foundation is stable and that there aren’t any cracks. Look, I’m not a full-blown construction expert, but I’m smart enough to keep smarter people around me to do the things that I can’t do or don’t want to do.

Once again, a trusted contractor can go with you to that property walkthrough before you buy to make sure the foundation is good. Foundations are very expensive, and I’m not sure that once a foundation is repaired it will ever be the same.

A damaged foundation also likely indicates that something is going on with the ground surrounding the house. So, who knows the full scope of the issues.

The only way I think you could purchase a property with foundation issues is if you completely redo the entire foundation. This is something that I would leave to more experienced investors and investors who have no other choice but to buy properties with foundation issues.

A lot of you who are investors on the East and West coasts can’t really pick your deals anymore. But we in the Midwest still feel like kids in a candy store. If a property has foundation issues, we don’t even take another look at it. It’s a risky business.

Related: The Investor’s Mini-Guide to Scaling Up to a Real Estate Empire

  1. Major Plumbing and Electrical Issues

The next thing that’s a red flag are major plumbing and electrical issues. I say that because these items tend to be expensive, and it’s not easy finding good plumbers and electricians. They all kind of live in a world of wizardry, where everyone perceives a certain job or issue the way they want to perceive it. So it’s tough to find good folks who are going to do the right thing.

Sad businessman leaning on glass

On top of that, you’re going to have to go through the ringer with the city. You’re going to have to pull various permits, and you’ll have to get licensed electricians and plumbers. Once the work is done, you’ll have to get the city to inspect and approve it. Thousands of dollars later, hopefully the property will be certified by the city and you can move on.

Look, if I’m buying a property, I prefer it not to have major electric or plumbing issues. I don’t remember buying a property ever that didn’t have some plumbing and electrical work. But a full-blown re-plumb and rewiring of an entire house along with installing a new panel and external power is not something I want to get myself into.

Once again, I’m not the most sophisticated construction guy out there. I did work as a laborer for four years, but it’s not my bread and butter. Long story short, if it has major electrical or plumbing issues, forget about it. I don’t even want to touch it.

Related: How to Rent Your Property to the Right Tenants—Fast

  1. Roof That Requires Complete Teardown

Last but not least is the roof. Roofs are pretty straightforward and simple, but they tend to cost quite a bit of money. Personally, I like to buy a property that will have at least a 10-year life left on it. I just don’t want to touch properties where I need to completely tear off and re-shingle the roof.

Now, there is nothing wrong with any piece of real estate as long as the price is right. So if the property does need a new roof but the foundation is great, the electrical and plumbing are good, and the interior is not too bad, then you have to get a discount on that price based on what the roof will cost.

Ultimately, you’re buying a problem and you’re selling a solution. That is the name of the game. However, you don’t want to buy too big of a problem.

The Bottom Line

To recap, make sure you check out the foundation, plumbing and electrical, and the roof. I strongly encourage beginning investors to not buy a property that has any of these three repair items as larger issues. I prefer for you do a cosmetic rehab and make money when you buy, not when you sell. So make sure that you negotiate hard and you buy cheap.

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I’d love to hear from you. What do you look for in your pre-purchase inspection? 

Comment below.

By Engelo Rumora
Engelo Rumora, a.k.a."the Real Estate Dingo," quit school at the age of 14 and played professional soccer at the age of 18. From there, he began to invest in real estate. He now owns real estate all over the world and has bought, renovated, and sold over 500 properties. He runs runs Ohio Cashflow, a turnkey real estate investment company in the country (Inc 5000 2017 & 2018) and is currently in the process of launching a real estate brokerage called List’n Sell Realty. He is also known for giving houses away to people in need and his crazy videos on YouTube. His mission in life is to be remembered as someone that gave it his all and gave it all away.
Read more
45 Replies
    Kevin Sapp Lender from Cary, North Carolina
    Replied about 2 years ago
    A few more. Underground fuel tanks Mold, lots of it Asbestos tiles, insulation Old septic systems
    Dave Rav from Summerville, SC
    Replied about 2 years ago
    Hey Kevin. Definitely agree with fuel tanks, mold, and old problematic septics!

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    Rohan Pryce Real Estate Investor from Atlanta, GA
    Replied about 2 years ago
    It’s hard to avoid a lot of these major problems when looking at properties that require major renovation. The good thing is lost of these issues can be mitigated without losing your shirt as long as you buy right…
    Paul Hemming Flipper/Rehabber from Tacoma, WA
    Replied 8 months ago
    I agree. Hard to get really good deals, at least in my market, if you are not willing to take on the big ticket items. Also, oil tanks are cheap to decommission here but gas tanks, tens of thousands of dollars.

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    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Hi Rohan, I agree that there is nothing wrong with any property as long as the price is right lol We are at a stage tho where we also place a value on our time. Since we do between 5-10 deals per month, we want to be as efficient as possible so we sometimes pay more for a property that needs less work. Plus, there are deals falling of trees in Toledo where we can pick and choose. We don’t need to take on the worst of worst deals just to turn a profit. Thanks
    Joann Julius from Baltimore, Maryland
    Replied almost 2 years ago
    Hi Engelo, Good post. I live on the east coast. Is it because of the 2008 recession that the pickings are so good in Ohio or other reasons? Thanks

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    Eddie Memphis Investor from Englewood, Colorado
    Replied about 2 years ago
    It is well worth the expense to hire a certified home inspector. He will spend several hours looking for defects in, on and around the dwelling. Most investors do not have the time or knowledge to perform this properly. An unbiased opinion helps open the eyes of an investor to things he would have otherwise missed.
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Thanks Eddie, Only issue there is that the good deals don’t last. Home inspectors work on their own time. I prefer getting our in-house project manager to check out the properties we are buying. Other investors can use a trusted contractor. Time is of essence if you want to “get the deal” Thanks again
    Paul Wiseman from Saint Louis, Missouri
    Replied 8 months ago
    What's wrong with getting a deal under contract to save it, contingent on your approval of a top notch inspector's report? I do it quite frequently.

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    Sonja Sevcik
    Replied 9 months ago
    The #1 thing I've learned in real estate is there is always another deal. Find a very detailed inspector. He can help save you a lot of headaches.

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    Jay Harris Developer from Wesley Chapel, FL
    Replied about 2 years ago
    I LOVE THOSE TYPES OF PROPERTIES! And exactly for the reasons you’ve stated. Most investors are scared to touch them, and/or don’t have the right team in place to bring a property back to life. The only thing I do steer clear of generally, would be major foundation issues, unless I can just tear the entire structure down and build a completely new home. 95% of my projects this year will be new builds. You just have to have the right team in place.
    Jim Genis Investor from Olathe, KS
    Replied 8 months ago
    I'm in the same boat as Jay Harris: My best deals had foundation or major mold issues. This allowed me to buy at a much larger discount; I just needed to make sure my numbers included the work. And most importantly, the RIGHT work. For example, when I repair foundations, I do it with 50 years in mind. Some may say I'm "over-fixing" it, but I'm a long-term investor and I never want to worry about it again. I make sure my numbers include doing the full extent of the work which gives me peace of mind -- and a great long-term ROI -- as a result.
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Thanks Jim, Experience has lead me to believe that there are easier deals to be had for profit. If you're passionate about large scale rehab jobs, then that's a preference. Most folks do real estate for profit. So in my opinion the goal is to make the most profit in the shortest timeframe and with the lowest risk. Much success

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    Daren D Wagner Rental Property Investor from Salt Lake City, UT
    Replied about 2 years ago
    Agreed, for me in 2 of our 3 areas where we invest, new roofs run between 5-8k for a complete tear down. Although these things eat into your ROI they do have a positive effect on your CapX. But of course you need a solid pricing quote before you jump in and the deal has to be solid right out of the gate because unlike new paint, adding a bed room or updating a kitchen, roofs don’t tend to bring in higher rents 🙂

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    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Thanks Jay, There are so many deals in Ohio that we never do new builds and we just walk from homes that need major work. We are fortunate to be in the market we are in 🙂 Much success

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    Amy Pfaffman
    Replied about 2 years ago
    I’ve bought new roofs for almost all my properties, and they were worth every penny. I buy bargain-basement properties that previous investors have neglected and let rot away over the years. I come in and bring them up to snuff so I can collect consistent rent for years. So far, so good.

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    Bill Wilson from Longview, Texas
    Replied about 2 years ago
    A good home inspector or even an remodeling contractor can determine quite a bit by just inspecting a home’s exterior. Bad foundations , rot and termites will cause sagging roof lines, decking and walls. Roofing can be checked for number of layers and age. The size and condition of the electrical cables coming out of the weatherhead will indicate if the service had been updated with disconnected drop lines meaning it has problems inside that weren’t corrected. Aerobic systems can be checked out. The water service behind the meter can be checked to see if it’s been replaced and then how new it appears to be. If the house is old enough to have galvanize iron water pipes then there’s a chance that the new service supplied more pressure that blew out joints that flooded the house and the last owner couldn’t afford to have the entire house replumbed.
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Agreed Bill, We send project management on site to check out every home before we buy it. It’s vital in making sure the property is to our standard. As I mentioned in a comment above if it needs too much work, we just walk from the deal. Thanks and much success

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    Jay Harris Developer from Wesley Chapel, FL
    Replied about 2 years ago
    ?

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    Dave Rav from Summerville, SC
    Replied about 2 years ago
    Another good one. I would place these 3 items in there too. Though, I must admit I wouldn’t necessarily RUN from a property needing a roof. I would rework my numbers and this would play into my offer, but I wouldn’t necessarily run. One I would add (and saw someone else beat me to it – pardon me I was watching the Eagles-Saints playoff game!!) – septics. I would definitely run from a problematic septic!!

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    Greg Parker Realtor from Montgomery, AL
    Replied about 2 years ago
    I agree with Jay. When there is a bad foundation, septic system, termites(my personal favorite)(easy to kill), the other investors steer clear. No problem is too big to fix if the numbers work. Flood zone or underground springs…..might want to steer clear of that.
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Thanks Greg, It also depends on your market. “Time is money”. We are based in Toledo, Ohio and any rehab that takes us more than 2 weeks we tend to stay away from. We have a high investor demand that we have to meet so we need to turn deals around much quicker. Much success
    James Jeffery Real Estate Consultant from Reston, VA
    Replied 8 months ago
    Your investors are all buy and hold ? If you are doing 5-10 deals a month with a two week turn how do you not run out of investors ?

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    Charles Connolley
    Replied about 2 years ago
    Concrete raising of foundation issues isn’t nearly as big of a deal anymore as you might think. They drill holes and pump a limestone mix or a polythene foam into it to raise it up. Pretty neat stuff. Lots of video on youtube to explain further.

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    Roderick Mills Jr. from Cincinnati, OH
    Replied about 2 years ago
    Great read! How does this affect your decision to buy if the seller is willing to pay for some of the major fixes like new roof, fixing foundation, or fixing plumbing and electrical?
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 years ago
    Thanks Roderick and great question. We have bought quite a few properties lately where the seller was willing to go out of their way to do the repairs. Keep in mind tho that most of them won’t want to do the repairs properly so it’s better just getting a further discount on the price in the amount of the repairs rather then getting the seller do them. Thanks again

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    David Des Real Estate Investor from Wheeling, IL
    Replied almost 2 years ago
    Once you remove all of these , even a roof tear off , come on , then what shoudl we buy ? Ofcourse if you are established in the industry and have multiple sources of leads/connections , then thats a different story . I somehow feel that this article is written just for the sake of “writing an article ” . Though I have enjoyed the authors other articles . The simple thing to know is – you get paid for solving problems . The more scary , the more myths surrounding a specific type of issue , the better it is . I am not saying it is easy , but for an highly analytical person with good education , he might enjoy learning about the foundation issues and talking to experts. Also typically an area has similar types of issues , so there wont be 300 different types of foundation issues in a city , they will repeat, so you will be able to assess fast and get a deal. Properties with cosmetic issues , in hotter areas , have no margins whatsoever . If you are willing to work for 10k margin , someone is willing to work on these for 5k margin .
    Engelo Rumora Specialist from Toledo, OH
    Replied almost 2 years ago
    Thanks David, I disagree. Get established well enough so you don’t rely on buying turds. Time is money Just my opinion Thanks again

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    Amanda Williams from Asheville, North Carolina
    Replied 9 months ago
    So I really think it depends on your market and your goals. About 50% of my business has been flips in the past 2 years in Asheville, NC. If I am going to make a profit, I have to deal with these issues. Of the 5 flips, I have fixed 3 foundations and replaced 2 roofs. As long as you know what you are getting into and the numbers work then you have to be willing to take the risk. I have been able to consistently profit 25K-45K on these properties in 2-3 months from buying to selling. Now, for buy and hold properties I look for something different. I am not interested in this scale of a renovation, but would rather do some quick cosmetic work and get it rented ASAP. I have been getting those properties renovated and rented within 4 weeks. I think it just depends on your strategy, experience, and team you have in place to deal with issues. I would not necessarily say that foundations and roofs should make you run for the hills. Just a different perspective, but I really enjoy hearing how everyone thinks and approaches investing. I learn so much from every article and everyone's commments!
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Thanks Amanda, There are easier deals to be found. The best ones are when you just shuffle paper and make a quick buck. Ramp up your acquisitions and you will find deals. Much success

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    Linda Storhoff from Danbury, Connecticut
    Replied 9 months ago
    You hit it just right! Before looking at anything else in the home, I head for the basement, which tells you lots about the home -- not just the foundation, but the state of the heating system, drainage problems if any, etc.
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Thanks Linda, Much success

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    Dominique Nolen
    Replied 8 months ago
    Hi Engelo, This article is straightforward and easy for a beginner like me to understand. I loved this quote; "you’re buying a problem and you’re selling a solution." Thanks!
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Thanks Dominique, Super glad you found it useful. Much success

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    Jessica Hughes
    Replied 8 months ago
    Unless you're in Texas. Every house here has foundation problems with our clay soil, and if it hasn't had a repair, it needs one. But the cost of labor is so unbelievably cheap it's usually no big deal to fix here. A house with no foundation issues is like a dang unicorn here. And as for roofs, get insurance and patch em up good enough to last 4 or 5 years. Then pray for a hailstorm! Electrical and plumbing though, yeah, I dont get into that. Or meth houses. I'd say meth mitigation is my number one deal breaker.
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Thanks Jessica, Maybe look in other markers. There will always be good deals out there that don't need major work. You just need to double down on the search. All the best

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    Heather B. Homeowner from Atlanta/Jacksonville Beach
    Replied 8 months ago
    At the risk of asking a dumb question (newbie here) how do you know what to look for with plumbing/electrical? Inspector? After we purchased our second home, we realized that you can't use the kitchen sink and run the sprinklers or flush the toilet at the same time until after we spent some time in it. Never heard of that and would have never guessed.
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    Hi Heather, The dumbest question is the one not asked :) It's important to have a trusted contractor to walk the property before you buy. We usually do 2 walkthrough's before we close to make sure we didn't miss something. Keep the dream alive

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    Tanyal Bricthorn
    Replied 8 months ago
    I agree about the foundation, but I actually prefer deals with obvious plumbing, electrical, and roof issues. Everyone knows those are expensive, but they're often fairly easy to fix and usually not as expensive as most people think. So... those kinds of issues often help me negotiate a better purchase price. Also, if it's a choice of hiring my own contractors or buying a home somebody else just fixed, I strongly prefer to do it myself so I know it's done right.

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    Gary E Jones
    Replied 8 months ago
    We look for problems like these. Problems equal opportunity, unless the problem is a surprise. We have solutions for problems. If your selection of good deals without these issues are giving you all you need, then hurray for you. Congratulations. You do need competent eyes and evaluations on those problems before you commit. Thanks for the dialogue.

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    EMMANNUEL CHRISTOPHER from MERRILLVILLE, IN
    Replied 8 months ago
    In urban cities like Gary Indiana, Detroit Michigan, or south side Chicago, most of the older average homes for sale require mechanical update or redo. In an ideal world your recommendations should be standard. In these cities, you settle for "Cream of the crap." Also don't forget Brick work. My last 1929 3,000 SF house in Gary was a $10,000 brick job, and a whole house Plaster wall demo with rock sheet replacement of about $9K. Electrical & plumbing were one of the lower end costs both costing less than $5K each.
    Ray J. from Gary, IN
    Replied 8 months ago
    I only invest in Gary. You bought the wrong house. I would have stayed away from a property like that.

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    Crystal Smith Real Estate Broker from Chicago, IL
    Replied 8 months ago
    When we first got started one of the markets we invested in was DFW. We quickly learned that every home required foundation work. Yes, I say every home. Then we started investing in Chicago and almost every home we could make good money on required electrical and plumbing updates. So from our perspective, the only reason we would ever run from a deal is if we can't make our hurdle rate (Return on Invest Rate). Regarding making offers sight unseen, we'll make offers sight unseen, but we won't commit EMD for off-market deals until we've seen it. If it's listed on the MLS we'll use the inspection period to keep or kill a deal.

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    Mike B. Developer from Chicago, IL
    Replied 8 months ago
    Roof issues can typically be replaced new in 3 days with one phone call. Why would that kill a deal for you?
    Engelo Rumora Specialist from Toledo, OH
    Replied 8 months ago
    I disagree. For most folks it would take much longer and they run a big risk in getting ripped off. Plus, in our market there are many great deals to choose from so we don't need to buy any property that needs large ticket items repaired. Much success.

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