I have an inspection scheduled today for a potential rental property. It's a concrete MFH that was built in 1950. I'm meeting with the inspector and will be asking several questions on standard items such as foundation, HVAC, electrical, etc...
Does anyone have any recommendation or advice on *other* items to check? The water heater is shared between the 2 units and they also share the same water meter
You will want to get an effective age of the roof. It's actual age is not always its effective age.
Windows are important to look at, from a safety standpoint as well as a cost. Poor, leaky windows drastically changes a home's energy efficiency.
Sprinkler systems cant be overlooked either. I'm not sure of your strategy with this property but curb appeal means a lot to prospective renters.
A good inspector will know what to look for, but it cant hurt for you to have your own checklist!
Thanks @Luke McCann ! Great point on the effective age of the roof. Is this something the inspector can do or do I need to extrapolate this value from the inspection report?
The inspector checked for termites and wasn't able able to give me a conclusive answer. He was *able* to find termite waste but was not able to determine if there were active termites or the waste was from previous termites. Is this a common conclusion with inspections?
The seller claims they have a termite bond on the property. But even if that is true, what type of issues would arise because of termites? Would the property need to be vacant so a termite company can treat it?
Thanks @Jeremy Marek . The structure looks good (based on initial conversations). The property frame is poured concrete and it will cashflow ~$400/mo. My concern is with repairs for possible termites. For example, (maybe worst case) I might need to fumigate and get the property tented.
The inspector should be able to give you an effective age, or at least an estimate on how much life it has left.
I am not too familiar with termites, as I am yet to run into them on any of my or my clients properties. I would consider getting the pest control out to the property before closing.
We had some termite trails during inspection of our primary home. Since the inspector is not a pest expert they just cover themselves and say 'there's evidence of termites'. To get a pro out was about $1100 and we have 5000 sq ft. No tenting required. And you would know if there was significant damage because wood would turn to saw dust at the touch.
If they have a termite bond, and it is transferable, insist that they provide that at closing and if there are termite issues, that is what the bond is for. You can also get a WDO inspection done for a couple hundred that will reveal those kind of issues.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing