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Updated over 4 years ago on . Most recent reply

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RIchard Lund
  • Bridgeport, OH
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Multifamily inspection questions

RIchard Lund
  • Bridgeport, OH
Posted

I have the opportunity to purchase a 1930's (4 unit) multi-family for around $30K. The building currently has a significant roof leak. I estimate the rehab costs to be around $100k and post-rehab price a little shy of $200k. I plan to refinance it after the rehab. 

Who can I hire to inspect it and ensure that there isn't some terminal problem that I am not seeing? Foundation, structural, termites etc? 

Is there a smart way to tie my initial inspection in with a bank, perhaps leaving me with a checklist of necessary repairs for financing?

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Marc Winter
  • Real Estate Broker
  • Northeast PA
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Marc Winter
  • Real Estate Broker
  • Northeast PA
Replied

For this type of situation, I hire licensed people:  roofer, electrician, plumber, hvac, mason, and if you really want to cover your asset, an engineer.  Then you will know from contractors who actually do that work what problems you might/will face, as well as getting estimates for the work.

Good luck.

PS:  Check with building/zoning/licensing/permits in the municipality the subject property is situated.

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