Need Advice from experts on buying a 18 Unit Apartment building.

[Hameed Abdul]

Hello Folks,

I got a 18 unit apartment building under contract and going through the inspection process. I have purchased a lot of single family and duplex’s over the past 3 years but nothing this big.

Building Description: This building has a central gas boiler, water heater, Washer/dryer in the basement. Sits on a slab, flat roof, no parking garage, brick exterior and build in 1971.

My questions are:

-Is there anything specific I need to look for during the inspection? I am planning to inspect all the 18 units to make sure I am not missing anything.

-Insurance – What specifics I need to look for in the policy for a building this size?

Is there anything else I need to be looking here.. looking for feedback from the experts out there..

Thank you,

[Joe Fairless]

@Hameed Abdul here are some things that come to mind but this is not an exhaustive list:

- leaks - flush the toilet make sure it doesn't run, turn off and on every faucet, look at bath tub - water costs a lot of money

- foundation

- HVAC - get a professional to give you a quote

- make sure it's zoned for multifamily

- get a clear idea of the screening process and who is living there now

- get bank statements that show money in/money out