Having my inspection on a 3-unit multi family house tomorrow in NYC. Would love any advice on what to look out for from experienced investors! Anything that inspectors sometimes miss and to ask about?
Before the checkup, look into the history of the building – check for past problems, any fines, or big fixes. Confirm with the inspector if they'll check all the important stuff like pipes and electricity, and ask if they'll test for things like lead paint or asbestos, especially if the building is old. Bring a notebook and camera to document potential issues.During the checkup, stick close to the inspector, ask questions, and keep an eye out for details like cracks, leaks, or signs of damage. Find out about the age and condition of big systems, and don't be afraid to explore hidden spots like basements and rooftops. Be really careful, checking for roof flashing, foundation cracks, chimney condition, water pressure, drainage, and electrical capacity. Lastly, ask the seller or their helper about any ongoing problems, recent fixes, tenant complaints, and details about HOA fees and rules if there are any.
Before the checkup, look into the history of the building – check for past problems, any fines, or big fixes. Confirm with the inspector if they'll check all the important stuff like pipes and electricity, and ask if they'll test for things like lead paint or asbestos, especially if the building is old. Bring a notebook and camera to document potential issues.During the checkup, stick close to the inspector, ask questions, and keep an eye out for details like cracks, leaks, or signs of damage. Find out about the age and condition of big systems, and don't be afraid to explore hidden spots like basements and rooftops. Be really careful, checking for roof flashing, foundation cracks, chimney condition, water pressure, drainage, and electrical capacity. Lastly, ask the seller or their helper about any ongoing problems, recent fixes, tenant complaints, and details about HOA fees and rules if there are any.
During the inspection, I would look closely for major items such as water damage on the ceilings & basement.
Depending on where in NYC the property is located, the building can be old enough so that it has no official CO on file (this happens when building had original paper documentation but the city lost/misplaced in moves, fires, damages, etc.) - this is something that the title company will dig out.
I bring it up because any home will have issues with it, and older homes will have more issues. It's up to you and the inspector (and potentially your broker as well) to decide how you want to navigate the process after the inspection.
Often times, if the seller is open to it, you can work in a price reduction or seller credits post-inspection.
I can go on and on about how to gameplan this, feel free to DM me or Text me at the number below for my $0.02 if you're curious thanks. I'm an investor & broker in NYC.
@Erica K. - Here are two books that will give you all the information you need:
1. You should hire a good inspector(s) to inspect your target properties - it's worth the money (and you might need multiple of them, as they are specialized and a regular one might not be doing roof inspection or pest/termite inspection due to different license). Regardless, since you still need to understand how big of an issue (if it's urgent or not, risky or not, expensive or not, difficult or not, etc.) in what the inspector finds and lists in his report, you need to have a good understanding yourself on inspections - thus get this book: https://www.tauntonstore.com/complete-guide-to-home-inspection-071491