Mandatory Inspections for rental properties
What are the mandatory inspections that an investor needs to get beofre purchasing a long term rental? I want to make sure I am doing my due diligence on each property.
Most Popular Reply
Perhaps you mean, what would it be wise to know about the property. If you are getting financing, the mortgage company will need to walk the property for an appraisal. Your insurance company might want to look at the property.
It would be wise for a buyer to feel confident that the building is in good structural condition, that it has a certificate of occupancy. That no additions or remodeling was completed without a permit. How are the utilities billed? Are there separate gas, electric and water meters for each apartment? Are there separate furnaces, AC, water heaters for each apartment. What's the life expectancy of the roof, paint, furnaces, water heaters, etc.? I do that inspection myself because I know a lot about small residential buildings. Many people hire an inspector.