Multi Family Contingencies

3 Replies

Hi all. I am close to pulling the trigger on my 1st multi-family. We currently own one that was inherited but have never purchased one before. What are some, if any, contingencies you can ask for? I am very green on this and could really use your help. Much thanks.

This may seem obvious, but I would make sure it is a legal multifamily. For example, not an illegal 4 plex when it should really only be 2. Lots of old properties have been chopped up to accommodate more units than are allowable by code. 

Agreed. The most obvious to start is with separate electrical meters.

Originally posted by @Jon A. :

This may seem obvious, but I would make sure it is a legal multifamily. For example, not an illegal 4 plex when it should really only be 2. Lots of old properties have been chopped up to accommodate more units than are allowable by code.